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Must student see FAFSA?
carlsen
16 replies20 threads Junior Member
Based on either our income our assets, we will not get need-based financial aid, but some schools that offer merit scholarships also require the FAFSA. We do not wish to disclose our financial status to our children. We will pay for the college costs not covered by merit scholarships, and that's all they need to know.
I have never filed a FAFSA. Once you file a FAFSA for your child, can he or she access it?
49 replies I have never filed a FAFSA. Once you file a FAFSA for your child, can he or she access it?
Replies to: Must student see FAFSA?
Do any schools on your kid's list require FAFSA for merit scholarships? There aren't all that many that do....go to each school's website and/or call admissions to understand the requirements.
Technically FAFSA is in your kid's name, and if so motivated they can look at the information. If the college your kid ends up attending has questions on the FAFSA, they will talk to your kid, not you (unless your kid gives them permission to talk to you). Also, based on the fact that you won't qualify for need based aid, it is relatively easy for your kid (again if so motivated) to estimate minimum income/asset levels based on the FAFSA EFC or even reverse engineer the results with FAFSA4caster.
Yes. The FAFSA belongs to the student, not a parent, and the online FAFSA account is designed to be established by and accessible by the student. The Student Aid Report (SAR) that is generated after the FAFSA is processed is normally available electronically to the student, either by logging in to the student's FAFSA account or through email delivery to the student. The SAR contains all the information that was reported during the FAFSA completion process.
Bottom line: if for whatever reason you don't want your child to know your personal financial information that FAFSA and Profile require, don't apply for any need-based or merit financial aid that requires the completion of either of those forms.
Will your child do the work to research this? Mine didn't. I did the FAFSAs for both kids each year and they just weren't that interested in it. I know they didn't look because they would have needed the passwords which I had. It wasn't to keep the info from them but the FAFSA were due while they were away at school (first in Jan, later years in Oct) and it was just easier for me to do them. I also did their taxes and for one she was taxed on her scholarships so needed my tax info to complete hers. I just did them all.
If you aren't applying for financial aid but might need to file the FAFSA for merit aid, make sure to watch the deadlines. My kids' schools both waited for the FAFSA to be filed before awarding any merit aid. If I wasn't going to file, I just had to let them know so they'd release the merit aid.
The last time I was actually involved in completing a FAFSA, several years ago, it was done online using the DRT. The data that had been transferred from the IRS was visible on the Student Aid Report. Is this no longer the case?
I understand and agree, but that doesn't mean that the student doesn't have a right to see the completed FAFSA/SAR, and without much effort could get access to the information that they have a right to see. Because technically and legally, it is the student, not a parent, who is providing the information and submitting the form.
The IRS imported info is blocked out. It drives me nuts because there's no way to verify it's correct. You just have to trust DRT.
Ok; that's a change from my last experience. Probably because of security concerns. However, as ClassicMom98 points out above, pertinent parent financial information that has not been transferred by DRT will still be visible: individual parent income, asset information, etc.
As @ClassicMom98 stated, the information retrieved using the IRS DRT tool is encrypted, but one has to manually input the W2 wages from each parent in the FAFSA form (I assume because the 1040 form aggregates wages from both parents), as well as parental assets. So the student can see the wages from each parent and the combined parental assets. The only thing the student cannot directly see is unearned income.
I found it a bit awkward to have to share all that information with him, but I guess it helped him understand why going after merit was important to us.
And once the form is submitted, only the student gets to see the SAR. I had to ask my son to send me a copy.
The FAFSA form will also include the wages from each parent which are not imported by the DRT (because they cannot currently be imported from the IRS) but entered manually.
I just looked at DS's SAR and for questions 86 (Father's/Mother's/Stepparent's) 2018 Income Earned from Work), it Just says "Transferred from IRS"
@BelknapPoint as noted, the info transferred using the DRT is not visible when one reviews the form. But it should be correct assuming the info on the tax return is correct!
IIRC, the same log in information is also used for the Direct Loan promissory note as well as exit counseling when the student graduates. And for accessing account info for repayment purposes. Do you plan to keep your kid’s log in information a secret forever?
The easiest way to avoid having your kid see your FAFSA information is to NOT file a FAFSA. Have your kid look at colleges that award merit aid without having to file financial aid forms. There are way more of those than ones that do require the financial aid forms be filed. That way your student won’t ever need to see your income.
That's probably it. I don't file a joint return.
Yes, not married. I file HOH.
Yes, I know that and I am not questioning that. I mentioned that in years past, the DRT transferred numbers did appear on the SAR, but that is apparently no longer the case. In any event, there is still FAFSA-required parent financial information that is not masked through use of DRT, the type of which perhaps depends on the parent filing status.
well, it depends on the kid and the family situation.
If a family has a lot in unprotected assets (instead of retirement acct)or has a high income but lots of expenses, then the child might think, “hey, you have all this money, so you should pay for my college pick.”
sure if a family has a modest income, modest/low assets, it’s probably not a big deal. but I’m sure my dad wouldn’t have wanted us to see the value of my parents’ stock portfolio because of how we kids may have perceived it. That money was their future retirement.