<p>I am a transfer student from a cc and depend fully on aid which is why I started at a cc. I want to be in less debt as possible. FGCU, which is not a good ranked school or well known.</p>
<p>I did call them and they said they cannot make an evaluation until my parents assets are listed! Which is a terrible risk for them and I am not going to put them through that.</p>
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Actually that is exactly what I heard. Their house was paid off in full so the IRS went after it. Another of the accountant’s victims still had a mortgage on their home which was the reason the IRS said they did not go after it.</p>
<p>I always remember an interview with Oprah where she said she has people that do a lot for her, but no one signs her checks but her. Wise words.</p>
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As mentioned before, if the IRS were to decide to go after your parents assets they would easily find out about the house. Their owning the house is a matter of public record that would take the IRS no time at all to discover.</p>
<p>Only in New York will my parents assets matter because that’s where we’re originally from and have a record there. They owe from previous things which forced them to move out of state. Cornell is in NY, and I did not know that I was in this financial mess.</p>
<p>Lavender, can you explain this ^ ?
If your parents are worried about the IRS it doesn’t matter what state you live in – they will find you! Or do your parents owe the NYS Dept of Revenue (the tax department) and not the federal IRS?</p>
<p>Can you ask Cornell directly about this? I mean ask them if you submit the asset information they are asking for, will it put your parents’ home at risk based on their nonpayment of taxes in NY?</p>
<p>Cornell isn’t the same thing as the NY taxing authority. There may be no mechanism by which Cornell would report such a thing to NY state at all. At any rate, it couldn’t hurt to ask. You wouldn’t even have to say who you are, although they may be able to figure it out based on past conversations with them. Still, I doubt they are inclined to act as agents of the NY Dept. of Rev.</p>
<p>A financial aid office must operate within certain regulations, but they are not in the business of reporting people to the IRS. </p>
<p>The school is requesting verification of assets. Your parents would need to provide that information to the school in order for you to receive aid from them. They won’t be reporting that to the IRS, because that is not something that a financial aid office does. If you want to make sure of this, contact the school and ask them whether or not they communicate this kind of info to the IRS.</p>
<p>The school will need copies of federal tax returns for the year or years they request (most ask for the “base year,” which for 2011-12 is 2010). If your parents were required to file taxes for that year, they must do so & submit a signed copy of the tax return. If they were required to file but did not, you will not get aid from the school. If they filed but filed incorrectly (that is, if the filing status is wrong or if something else is wrong based on other info you have provided), they also will not give you aid. If your parents were not required to file, they will complete a parent non tax filer statement for the school.</p>
<p>Obviously, the advice that your parents get things squared away with the IRS is important. But the financial aid office doesn’t care about anything other than gathering the information required for you to get aid. If your parents will not provide what is needed, you cannot receive aid.</p>
<p>^ Kelsmom, I hope what you’re saying is correct. I’m going to call the school tomorrow and find out whether or not the school reports information to the IRS. Either way, my parents are extremely distrusting and will probably still refuse to give out their information. It’s rude and selfish, but I guess I will just have to “live.”</p>
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I’m confused about this statement. Is it just New York taxes they owe? (Because the IRS is the federal tax system and will matter wherever you are in the country - no getting away from the IRS).</p>
<p>They think cornell will put a lean on the house if there’s a negative consequence on my part. So, all because of my parents I will have to lose out on opportunity like this, which makes me angry.</p>
<p>Cornell is a private school. I don’t think they can put a lien on your parents house. </p>
<p>But it sounds like there are some major issues going on here.</p>
<p>Lavendar…</p>
<p>You and your parents need to provide full financial disclosure.
You cannot expect a school to help you if you aren’t being straight with them. </p>
<p>As the student you have to provide the FAFSA, and perhaps PROFILE and full tax documents, 1099s etc from any accounts…thats part of YOUR responsibility as the student/applicant.
If you were to take loans, YOU would be responsible for paying them.</p>
<p>If your folks owe back taxes, it is already an issue, as the taxing authorities will lien the property…</p>
<p>You cannot ask a school to give you funds when they don’t know what your parents financial situation is presently—and they don’t know what kind of financial picture you have right now.</p>
<p>Have you parents filed current taxes for 2010???</p>
<p>You may find yourself staying at that cc. I am sorry your parents have not been honest and financially reposnsible to pay their debts.</p>
<p>I provided the income tax returns. It has nothing to do with that. They just refuse to provide asset information. So how is that my responsibility if I tried everything and they won’t help me? If I want to go to a good school that cost a lot I’ll be 24 which is a long time for me then I’ll be an independent (Thank god!).</p>
<p>Not providing asset information implies they are hiding something or from some one…</p>
<p>I am sorry. Hope they will be reasonable and provide what you need.</p>
<p>Institutional method allows the financial aid office to ask for anything they want to…</p>
<p>It’s not just IM that allows the aid officer to ask for asset info. Federal regs require the resolution of any conflicting info. If there is any question, it must be resolved. I work at a FAFSA only school & often request asset info. There is no reason for me to ever contact the IRS about any assets. I just need to document the info. If the assets are below the asset threshold, they don’t count against the family for the EFC - but they may still need to be verified due to questions that arise from other info in the file. OR, as is the case this year due to the way the FAFSA allows people to skip reporting assets under the threshold amount, they are needed to be able to come up with an official EFC in the school’s computer software (this was discussed earlier in the year). Some programs (like state programs) require asset info even if the family was allowed by the FAFSA to skip reporting it. There are reasons it may be required, and I cannot imagine that a school has any interest in doing anything with what they collect other than using it in determining aid eligibility.</p>
<p>Well, they aren’t going to provide me with the information due to fear. They just don’t care about my circumstance. I am fed up on this topic and hate this situation that I’m in. I want to claim myself as an independent but I can’t. This country needs to change things up. I already know that I will not be attending Cornell because of this.</p>