<p>I have a question about the FAFSA.</p>
<p>So I am living with my Grandmother here in the states while both my parents are living abroad in Europe with my two younger sisters. When you convert their income to dollars they make less than 20,000$ a year.</p>
<p>Basically, my question is, in such a situation do I write my grandmother’s income in or my parents? And if I write my parents income in, do you think I would get a decent amount of financial aid if I decide to go to a private school with a tuition cost of around 35,000$ a year or will it most likely still not cover most of it and I’ll be forced to take out student loans?</p>
<p>I know this question might be kind of dumb considering every situation is different but I just wanted a “broad strokes” answer to better understand whether I should spend my time researching some private schools that I am looking at and out of state options</p>
<p>Kind Regards
Henry</p>
<p>You use your parent’s income.</p>
<p>You’ll be eligible for considerable need-based aid, including federal and perhaps state and institutional. How much aid depends on the college. If you can get into a college that meets full need, you’ll likely get nearly all costs paid, with some loans and perhaps a small student contribution.</p>
<p>College board is a good place to start comparing schools. Look for schools that meet nearly all need.</p>
<p>Thank you very much for the quick reply! :)</p>
<p>I’ll start researching that right away</p>
<p>carefully read the fine print on the FAFSA application concerning whose income to include. It may be linked to the person who provide a majority of support. Is your grandmother housing you, feeding you, paying your school fees?</p>
<p>Please check the details.</p>
<p>[note: poster did not mention grandmother’s income; one might think that someone is shopping an justification to use the non-supporting parent instead of the real income contributor, who has verifiable IRS documents]</p>
<p>You use the parents’ income. The exceptions to this rule are few and extreme.</p>
<p>If your parents are US citizens or legal permanent residents (green card) they should be filing US federal tax returns every year. Chances are that they don’t owe any tax to the US, as the cut off for foreign earned income is well over the income that you report. If they haven’t been filing US federal tax returns lately, encourage them to get up-to-date with this. All of the information that they need is at [Internal</a> Revenue Service](<a href=“http://www.irs.gov%5DInternal”>http://www.irs.gov) The basic form for reporting foreign earned income is Form 2555.</p>
<p>Good luck!</p>
<p>"carefully read the fine print on the FAFSA application concerning whose income to include. It may be linked to the person who provide a majority of support. Is your grandmother housing you, feeding you, paying your school fees?</p>
<p>Please check the details.</p>
<p>[note: poster did not mention grandmother’s income; one might think that someone is shopping an justification to use the non-supporting parent instead of the real income contributor, who has verifiable IRS documents]"</p>
<p>…im not shopping for justification of anything. I just wanted to know who I am supposed to include. My grandmother does make a bit more yes but she is also about to lose her house. I’m just trying to find out all I can about whether I’ll be able to pay for college.</p>
<p>"If your parents are US citizens or legal permanent residents (green card) they should be filing US federal tax returns every year. Chances are that they don’t owe any tax to the US, as the cut off for foreign earned income is well over the income that you report. If they haven’t been filing US federal tax returns lately, encourage them to get up-to-date with this. All of the information that they need is at Internal Revenue Service The basic form for reporting foreign earned income is Form 2555.</p>
<p>Good luck! "</p>
<p>They are neither US Citizens or Legal Permanent Residents. I am a citizen but both my parents are not.</p>
<p>Right- so you list your parents as your parents (funny how that works!) and include their incomes and assets, along with your income and assets. Convert to US dollars. Might be a bit tricky without tax returns to document, but this isn’t the first time this has happened.</p>
<p>Yeah, even though I’ll only have to do this next year I already looked over the forms and I am already getting a headache trying to figure out how it’s all gonna go lol.</p>
<p>I guess I just can hope that the financial aid offices at the colleges I apply to are going to be helpful ^^</p>
<p>And thanks for the info :)</p>
<p>You absolutely do NOT use your grandparent. That is not allowed. You do use your parents. I assume they are not U.S. citizens. You will use their income less any taxes they pay in their country - then convert it into U.S. dollars & report it as other untaxed income. If you are selected for verification & are asked to submit their 1040’s, you will submit a detailed explanation of how you came up with the income figure - both you & your parents will need to sign that explanation.</p>
<p>It will probably be less crazy-making if you file the paper FAFSA. That way you can attach paper copies of everything that you use to documents their income and taxes, and the exchange rate you used to convert the figures.</p>
<p>No - the FAFSA goes to a central processor - do not send any documents in with a FAFSA. Online is always best for FAFSA. If a school wants your supporting documentation, they will ask for it. Never send anything unless asked for it.</p>
<p>Can your guidance counselor at school help you?</p>
<p>Thanks for the correction kelsmom! I was under the impression that foreign taxes automatically required paper copies of the original documents. This makes life much easier for the applicant! Wow!</p>
<p>I work at a school that has TONS of students whose parents are living in other countries & earning foreign income. We have to look up the tax situation in each country to get a feel for how things work there - so that we can have a clue as to whether or not the info we are getting seems kosher. While some schools may require more supporting info, they will request it if they do.</p>
<p>Hello… I am a new immigrant and the income of my parents are not in USA. Now what should I do while felling up the income tax section of my parents ? I know that I have to convert the income into US dollar and mention it… is it right ? Do I have to show any proof of income tax paid to the foreign government ? Please I need urgent reply…</p>
<p>Foreign income </p>
<p>Income earned in a foreign country is treated the same as income earned in the U.S. Convert all figures to U.S. dollars, using the exchange rate in effect on the day you fill out the FAFSA. You can find information on current exchange rates at [FRB:</a> H.10–Foreign Exchange Rates, Web-Only Daily Update – December 31, 2008](<a href=“http://www.federalreserve.gov/releases/h10/update]FRB:”>FRB: H.10--Foreign Exchange Rates, Web-Only Daily Update -- December 31, 2008). </p>
<p>Include the value of any taxes paid to the foreign government in the “U.S. income tax paid” line item. If income earned in the foreign country was not taxed by the central government of that country, the income must be reported as untaxed income on Worksheet B of the FAFSA and totaled in Question 41. </p>
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<p>This is from the fafsa website for 08-09, so the question numbers may be different but the information is correct. You should go to the website for the exchane rate and use the most current release (you will see “release date” - click on that & pick the most current).</p>