FAFSA Questions

Paying for College
1

<p>I’ve been reading around the forums and running a bunch of Google Searches on how to really get what you need with FAFSA. Help is appreciated!</p>

<p>I’m now on my third year of college and I just got married. My first year I was given around $300 a semester and last year I stupidly never applied. I managed to earn a good chunk of cash throughout high school, but that amount of cash is starting to really disappear. Soooo I’m hoping I can get as much aid as I can. I pay about $1600 for tuition per semester, $200 for books per semester, $300 for insurance per semester and $575 per month with rent. I attend a private university that’s offers cheaper tuition from my church.</p>

<p>I’ve heard from many people that I can get grants and extra aid now that I’m married. Both my wife and I are enrolled full time in school. She has a job that makes a few thousand a year and I still don’t have one.</p>

<p>I have a few things that I’d imagine will really drop my aid. I have about $11,000 cash, $35,000 401k, $30,000 truck (Really dumb on my part to spend the money on it) and $5,000 with etrade.</p>

<p>Since I’m married I assume I no longer need to input my parents income right? Simply everything my wife and I have? Do I report my 401k and my truck? How about investments with etrade? I used an efc calculator and it asked about any stocks or bonds I have. Also in the calculator it asked about room and board. My apartment is not through the school. Do I still add what I pay into the calculator? Last year I made about 5k profit with etrade and lost around $15k with my 401k. Do I post the 5k as income or as stocks and bonds? Now would both my wife and I report our apartment in the application since we both complete our own application or just one of us? And lastly the insurance is around $1,000 per year per person through the school. Do grants and aid actually cover this too? It seemed like the calculator added it in. Does this mean I should go with the schools insurance over another company?</p>

<p>All of these costs for both my wife and I are really adding up. Not to mention auto insurance in there too. Thank you so much for reading and taking the time to help. I want to do this right!</p>

<p>Randy</p>

2

<p>You need to file FAFSA. You will have to report your joint incomes (you and spouse) for 2009. This will include any earned income and any unearned income (such as the money *earned *from e trade). You will also have to report any reportable assets. That would include your savings and etrade account balance. Not your 401k (that is protected) and not your truck. If you are attending a school that uses CSS then it will ask about your truck.</p>

<p>FAFSA does not ask about your apartment.</p>

<p>Your spouse will also have to file FAFSA and report your joint income and assets.</p>

3

<p>Thank you. I’m glad to hear your response!</p>

4

<p>Quick question. If I go with the insurance will my school will the grants help pay it or is it strictly for tuition?</p>