<p>I have a question, I am filling out the FAFSA application. I had a few questions.
<p>1) The FAFSA will use the 2011 taxes. If they have not been filed, you will estimate or use the correct numbers and check the “will file” box. Once the taxes are filed with the IRS you will go back in and check that the taxes have been filed and/or make any changes needed and submit again. </p>
<p>2) The value of the house you live in that is your residence is not included in the FAFSA. The house that you are not living in is an asset and the value of the house (amount it could be sold for minus what is owed on it) is reported, the mortgage payment doesn’t get reported anywhere. If they are renting that house the income does get reported…just follow the instructions. Since the value of the house you live in is not reported the amount of the mortgage payments doesn’t get reported anywhere.</p>
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<p>Your parents MUST file taxes for 2011 if required to do so…or you may find yourself ineligible for any federally funded need based aid.</p>
<p>I can’t even comment about their taxes for 2010. Were they required to file and just didn’t? If so, they might want to get their status with the IRS straightened out. Just saying.</p>
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<p>The value of your primary residence (the house you live in) is NOT even mentioned on the FAFSA…nothing about it. The mortgage on that property doesn’t factor into financial aid at all.</p>
<p>Re: your family’s second home…that will need to be listed as an ASSET on the FAFSA. The value of this asset (depending on how much it is) could reduce your need based aid.</p>
<p>In any event. the amount you are PAYING on these mortgages will not make you MORE eligible for need based aid. </p>
<p>With an income in the $100,000 range, you will not be eligible for any federally funded aid except the Stafford loan…and maybe work study at your college if you have financial need.</p>
<p>*I have a question, I am filling out the FAFSA application. I had a few questions.
<p>??? Why didn’t your parents file their taxes last April (for 2010 income)?</p>
<p>Anyway…you’ll be filing FAFSA based on 2011 income (that tax return gets filed by April 15, 2012) </p>
<p>However, if your parents have past tax issues, I don’t know how that will affect things.</p>
<p>*2. My father’s income is relatively high, around $120,000. Now we pay mortgage for two houses totaling about $6000 a month leaving around $48,000. I do have bank statements to prove it. Can that be a contributing factor as to how much aid I can receive?
Thanks.
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<p>FAFSA doesn’t care that you have a high mortgage…that’s a personal choice.</p>
<p>You also won’t get more aid because you have a mortgage on a second home - that’s a personal choice. That second home is an asset. Do you rent it out? If so, the rental income is also counted as income.</p>
<p>Schools aren’t going to give you more aid just because your family has made the decision to own 2 homes that require them to pay $6k per month. </p>
<p>With your dad’s income and the second home, it doesn’t sound like you’ll qualify for much or any aid. </p>
<p>You need to make sure that you’re applying to schools that you can afford. If your family can’t pay much, then be sure to apply to schools that will give you HUGE scholarships. Otherwise, you’ll end up commuting to a CC or local state school.</p>
<p>From your past posts, it looks like you live in NYC??? If so, apply to some CUNYs that you can commute to. They may end up being your only affordable schools. </p>
<p>Your stats are modest and won’t likely get merit. you mention NYU. NYU is going to expect you to pay full freight, so don’t bother with that.</p>