Best Humidifier Fafsa?
Charles asks…
I am filling out my FAFSA and was wondering how to calculate income tax?
When i get to the point in my FAFSA where it asks to enter the income tax, I entered the amount of income I made in 2007 but it says that that’s wrong. How do I calculate income tax without doing my taxes? I won’t receive my W2′s for another few weeks and I want to get my FAFSA done now. Help?
answers:
It’s better if you wait until you receive your W-2 but if not, just look at your last pay stub it will be there. Your total wages for the year, it must be your LAST paystub of 2007. If more then one job just add them together.
Make sure you use whole dollar amounts, FAFSA won’t accept cents, so round it up if needed!
Donna asks…
How does FAFSA figure the financial aid you should receive?
I just completed my FAFSA. I’ve lived on my own for two years but I still need my parents tax information, which I think is ridiculous. Does anybody know how they figure what you are able to receive in financial aid?
Well, I’ve already done all this. I’ve done my parents tax information, and mine. I just don’t understand how they assume that if you’re under 25, you still need your parents tax information.
answers:
The dependency requirements were decided on by Congress when they originally built the financial aid model. They believe that parents have a responsibility toward helping their children attain their first degree. That is why it is ridiculous. Ridiculous to think that your parents should help! I agree it does hurt a small faction of students though where the parents are ridiculous and refuse to cooperate with the FAFSA information.
Anyhow. The FAFSA collects information about your family size, number of people attending college, income earned and investment values and spits out a number called the EFC (Estimated Family Contribution). This is the number that decides whether you are Pell grant eligible, and is used by the Aid office to determine your overall need and awards. I’m not going to get into the formula… It makes my head hurt and its been a long week.
Give your Aid office a week after you have filed your FAFSA then talk to them about when you can expect an awards letter. If you have already been accepted, or deposited with admissions, the award letter should come pretty soon after they have a chance to process it.
Linda asks…
How can the FAFSA form for the 2010-2011 school year have a priority deadline of February 1st?
Some parents don’t even get their W2 forms until after February 1st, so they don’t know what their gross income is, let alone their adjusted gross income. If somebody that is filling out the FAFSA 2010-2011 school year form or somebody else who knows can help me clear this up, that would be great. Thank you.
answers:
When filling it out choose “WILL FILE” then enter the information from 2008, if it’s about the same. Later you can update it with “HAS FILED” and the correct information. 
