<p>YOU fill out the FAFSA. You only need your mother's authorization to file the form with the school, student loan people (sallie mae-??), and the lender. If I remember correctly, after you fill the form out, there is an automatic calculation that determines the amount of aid (not the "eligibility").
The FAFSA also excludes the amount of $$ that is held in quaified retirement accounts and the some of the equity of the home. It is looking for the ability to pay... for instance if your family has an expensive, brandnew car, paid off in cash, and the family's income is moderate- the FAFSA would see that there is money to be found in the budget for your education-FAFSA will guess that if a new car is more important than your education and future, then why should a lender/government extend credit to you. </p>
<p>It is very important the YOU fill out the FAFSA, even if you put in fake #'s. The FAFSA needs only be correct on the LAST filling. Do trial FAFSA's as you would do trial 1040's for your tax planning. You should use your SS number and not a fake #. </p>
<p>A completed FAFSA will at the very minimum, qualifies you for unsubsidized Stafford loan; currently at 2.77% apr, variable, defferred until 6 months after leaving school. Quite a deal- In fact you could theoretically buy a taxfree bond yielding 3%, let the interest from the bond pay the interest on the Unsubsidized/subsidized STAFFORD while you are in school,; and when you are out of school, then cash the bond to payoff the loan.- Or if the student/parents are really prepared, you take out a student loan, deduct the interest of the loan until you want to pay the loan off. That's what the rich people do. Student loan interest is probably the cheapest loan that you will ever get-It could also be the most expensive loan if you ever default!</p>
<p>Do the 2004 FAFSA. If you are not going to post HS until 2005, then fill out the 2004 FAFSA using any numbers that you want. Tell Mom that the 2004 FAFSA does not count for 2005. In 2005 the FAFSA needs to be updated, filed, and then sent to the schools you are applying. The schools will say that they want the FAFSA no later than Jan 15, or Feb nn. - Don't believe it. Schools are too busy to do the current Winter term enrollment and financial to worry about some kid you may not even be accepted in April. Besides they also know that EVERYONE does NOT have their taxes done in January. DO THE FAFSA. Everything to gain and nothing to lose.</p>
<p>chidimma- I'm applying EA to Chicago, and I sent my completed PROFILE to all of the other schools that required it. After all, you can't change your information (income, taxes, etc.) once you submit the form. I'd say send it to all your schools at one time; it's just easier that way.</p>
<p>thanks for all your help everybody ... it was invaluable! i have sent the PROFILE out to a few schools, having finally convinced my parents to fill it out! yay. it took a few hours to fill it all out, including reading all those directions, gathering up all of the pay stubs and copies of tax returns and then finally registering, but hopefully it will all be worth it. thanks again all. good luck to everybody else with their forms.</p>
<p>What happens if you don't fill out the CSS profile for the schools that "require" it? Is just filling out the FAFSA okay? My impression is thatyoud don't get as much aid. Anybody know? thanks.</p>
<p>Twofme, you are likely to get NO aid. FAFSA only positions your for government aid, and the income limits are quite low for that, even for the subsidized loans. Some states may give some aid as well. But for any college money which is where most of it comes from, you need the Profile.</p>
<p>You may have already heard this, but the money your mother has put away for retirement DOES NOT COUNT when you list assets on the FAFSA and CSS Profile forms. Make sure she has put the money into legitimate retirement vehicles (401Ks, IRA accounts, etc.). At only $13K a year, how much money can she have saved that is not earmarked "retirement"?</p>