If your parents are divorced, separated, or were never married and DON'T live together, you fill out the FAFSA based on your custodial parent. That's the parent you physically live with more than the other. Note that having "legal custody" does not automatically equal custodial-parent status.
Does fafsa check parents marital status?
If your parents are separated but living together, select "Married or Remarried," not "Divorced or Separated." Note: When two married persons live as a married couple but are separated by physical distance (or have separate households), they are considered married for FAFSA purposes.
How should divorced parents split college costs?
“There are tax credits for paying college tuition, but you must claim the student to receive them,” Orsolini said. Only one parent in a divorce can claim a child. Additionally, the parent who claims the college student as a dependent doesn't have to be the same person listed as the custodial parent on the FAFSA.
What is the income limit for fafsa 2020?
$26,000
Why is my EFC so high with low income?
If your family has accumulated wealth and investments, your EFC can be high, even if your family's income is low. Parents that withdraw from their 401k to pay for a student's education are in fact increasing their EFC, because that withdrawal is counted as untaxed income on the FAFSA.
What happens if I don't use all my financial aid money?
If there is money left over, the school will pay it to you. In some cases, with your permission, the school may give the leftover money to your child. If you take out a loan as a student or parent, your school (or your child's school) will notify you in writing each time they give you any part of your loan money.
Can you use fafsa money to buy a car?
Since aid packages cover the full cost of attendance (including living expenses, books, etc.) you may have money left over after your tuition and fees are paid. If you do, that money will be refunded to you. You can then use it for whatever you'd like, including buying a car.
Do you get a refund check every semester?
But once financial aid has covered those bills, students may receive a check for whatever awarded money is left over. Since colleges don't cut financial aid refund checks until after all expenses are paid, they're generally dispersed a few days after the beginning of each semester [source: Indiana University].
Do you have to return financial aid money?
Students have to pay back financial aid if it is in the form of a loan, but they do not have to pay back grants, scholarships or money awarded through a work-study program. Students eligible for grants or scholarships should exhaust those options before taking out any loans, experts say.
Do I have to pay back fafsa if I drop out?
Therefore, when a student drops out of college, they have to pay back a certain amount of their financial aid, which is determined by a refund-calculation formula. Depending on when the student drops out of college, he or she must pay back 50% of a percentage of aid not used for classes.
Do I have to pay back financial aid if I withdraw?
If you're receiving financial aid grants or loans, you must begin attendance in classes. Federal regulations require you to repay a portion of financial aid funds if you withdraw from all classes before satisfying the 60 percent completion rule for the enrollment term.
What will an F do to my GPA?
*If you receive an 'F' for a course that is being taken on a P/F or S/F grading method, the F will be calculated into your GPA. However, grades of P or S will not be included in your GPA. To calculate your anticipated semester GPA: Enter the course, number of credits, and grade.
How many classes can I drop before losing financial aid?
If you drop below half-time (less than 6 credits as an undergraduate and 5 credits as a graduate) enrollment, you may be ineligible for aid, including loans. Depending on the time during the semester that you drop a course(s), your aid may be adjusted.
What happens if I drop below half time?
When you drop below half-time enrollment, the waiting period on your loans starts to run and as a consequence, you start using up your grace period. When you return to half-time or greater enrollment, your loans return to an in-school deferment.
