Question about Financial Aid Form (should i put this?)

Paying for College
1

<p>I am a dependent student. </p>

<p>I’m wondering something…I’m a junior and have to fill out financial aid forms for the first time and take out student loans because my dad just lost his job of 18 years. </p>

<p>Here’s my question.</p>

<p>My dad work(ed) and filed his taxes for that job…
My mom owns a Christian bookstore that is a “not-for-profit” business. Everything that store makes goes directly back into the business. It doesn’t pay her anything, she has 1 person on staff that does the work and pays that person a wage.<br>
It looks like on my parent’s tax return sheet that she had a profit of 47,000 for her bookstore, which makes it look like my parent’s earned much more than they actually did, because she just put everything back into the store to help print more books and to pay the person that runs the store.<br>
Do I report this since it’s not for profit? Or do you report everything? I think I’ll get less financial aid/grants because it looks like my parents made a bunch more money than they did…and they can’t even see that my dad lost his job since it’s based off of last years tax return. Is how much aid/grants you get based on how much your parents make? My parents really can’t help me out much anymore based upon the circumstances. Is it based on GPA (3.33, might not help much, but eh), grade level (junior in college, 69 credits), and things like that that might help boost my aid/grants?
Thanks very much for any and all help.</p>

2

<p>Is the bookstore legally recognized as non-profit? It does not sound like a charity and since you mention her tax liability it does not sound like it is tax exempt. There are many people who own businesses who put all their money back into the business but that does not make them non-profit…</p>

3

<p>Your mom’s business sounds like your typical business to me. It may not make a big profit, but it is probably not a resgistered 501C3 or other registered not-for-profit. The self-employment forms will tell you what numbers need to be put on them. </p>

<p>Make sure you put a note on there about your dad’s employment problem, or if there is no place to make a note, write it and send it to the schools you are applying to.</p>