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Mom is getting remarried FAFSA question...

lion227lion227 Posts: 10Registered User New Member
My mom is getting remaired soon. She was making about 28g and we had three people living in the house. Now she is remarriing a man who ownes his own business. On a good year for him my mom and his w/o taxes would make around 93,000 but when taxes taken out make 60,000(remember good year) with i think 4 exemptions with now 6 people living together and 2 of the 6 including myself are in college. I have received pell grant myentire college career and am very worried.With these numbers/people living together/people in college will i still be able to get pell grant. I know they have a calculator for EFC it SAYS that its accurate and says that i should qualify for pell grant but what do yall think?
Post edited by lion227 on

Replies to: Mom is getting remarried FAFSA question...

  • ChedvaChedva Posts: 19,460Super Moderator Senior Member
    Your stepfather's income and assets will "count" for FAFSA and apply towards your EFC. Unless his business employs 100 people or more, the value of the business itself will not count, but the income he gets from it will.
  • swimcatsmomswimcatsmom Posts: 14,996Registered User Senior Member
    I doubt you will still qualify for the Pell grant if the income is $93,000 even with 6 people and 2 in college. According to the finaid EFC calculator a $93k income with $33,000 in taxes deducted (sounds very high to me???) with 6 in household and 2 in college would give an EFC of $3886. That is if there are no parent assets and the student has no income or assets. With an EFC of 3886 you would be eligible for some Pell grant of @ $890 (based on 2008-2009 tables). However the taxes taken out do not sound accurate (remember on FAFSA you only show actual federal taxes - and State or fica taxes are based on estimates within the formula).

    FinAid | Calculators | Expected Family Contribution (EFC) and Financial Aid
  • lion227lion227 Posts: 10Registered User New Member
    Well i was taking to my mom and she said about, so you know how that goes. But do they base your EFC on the untaxed money or the taxed money? He doesnt have any employees at all. But on a good year after he pays his taxes he really earns 30g along w/ my mom who makes 28 g.
  • franglishfranglish Posts: 2,308Registered User Senior Member
    That's why you have to file the FAFSA each year. It is precisely for the reason that you are pointing out-- finances change from year to year, and it sounds like your family's finances will change. So, this up-and-down will be reflected. Just be sure to do ask your folks to do all the paperwork well before the deadlines so that there will be time for all the proper filing and processing.
  • kelsmomkelsmom Posts: 12,527Super Moderator Senior Member
    Franglish, you said that you've received a Pell your "entire college career." What year are you in school? Remember, you base your FAFSA on your family situation at the time you file. If you file for the coming year before your mom gets remarried, next year's aid is based on just her info.
  • franglishfranglish Posts: 2,308Registered User Senior Member
    Franglish, you said that you've received a Pell your "entire college career."
    Sorry-- that is not me-- that is the OP, in the first post! I am a Mom!
  • kelsmomkelsmom Posts: 12,527Super Moderator Senior Member
    Oops ... sorry! That's what I get for talking to my family while I type a response!! I definitely was talking to the OP!! :)
  • lion227lion227 Posts: 10Registered User New Member
    well i have already filed for 08-09 w/ a EFC of i think 1400. So next year when i file for 09-10,even though they are getting married in the middle of the year, i will have to use his too?
  • ChedvaChedva Posts: 19,460Super Moderator Senior Member
    Yes, you will have to use his too. FAFSA does ask for the date of marriage, so college will see it wasn't for the full year.
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