I am filling out my FAFSA and when I am given the option to skip my parents asset info and I select yes , the application does not ask me for my income. If I hit no, and I fill out my parents asset information which is al 0’s anyways, it does require me to fill out my student income. I did not make much working only 16,000. Should I just skip my parents assets questions and not include my income since it does not ask for it, or should I just answer all questions and include my 2016 taxes?
Are you under 24?
If yes, you are a dependent student.
Have you completed a bachelors degree? Are you a graduate/professional school student? Are you married? Are you currently or have served in the military? Do you have a child that you provide more than 51% of his/her support?
If your answer is no to any of these questions, you are a dependent student.
As a dependent student, you will eventually have to supply your parent’s income/assets for federal aid.
No matter which option you choose, you must still include your income.
only 16000 for a student? that sounds pretty good…
skip the asset questions if you have a $0 EFC.
Some states asks questions about assets even if the EFC is $0. The answers won’t change your aid, but if there is a way you can get around answering those questions, why not?
If you are eligible for auto $0 EFC or simplified needs, you are not required to provide asset info OR your income.
So…skip those questions if you are allowed to.
As noted, some state awarding agencies require that info…but if yours doesn’t…skip it.
Simplified needs only skips asset questions, but parent and student income is reported.
For auto zero EFC, if parent income is under $25,000 and another qualifier is met like reduced lunch or parent filing 1040A, then assets and student income can be skipped.
So…to @Shelly
Did you qualify for an auto $0 EFC?