<p>Single parent, one child, reported income on taxes 58K, no home owned, no retirement or savings or other personal assets. But I own my own business—and get paid in large chunks, but also have large business debt and expenses. What do I do? Haven’t done FAFSA yet and am afraid I will do oe report the wrong thing.</p>
<p>Have you completed your 2005 taxes yet? If yes, then it is fairly easy to fill out the FAFSA.</p>
<p>I’m sorry if I misunderstood your question.</p>
<p>Yeah, the FAFSA is pretty specific on questions so i suggest filling it out then seeing what questions you have… </p>
<p>remember, FAFSA does have live help (chat 24/7) on its website, so don’t worry.</p>
<p>The first thing you do is start.</p>
<p>Go to the FAFSA website and get a PIN for yourself and a PIN for your student… then start the form.</p>
<p>Going forward at this point, take only as much income out of the business as you need. Assets in your business will be discounted compared to assets in your own name. PLUS… you assets will hurt you far less than your income.</p>
<p>Don’t overvalue your business. This is the biggest problem that business owners have. They automatically put down what they wish their business is worth, or what they may show a bank to try and get a loan. This is not necessary. Determine (with your accountant if you have one) what is the lowest reasonable valuation for your business and list that number. I have seen business owners overvalue their business by as much as 900%.</p>
<p>I thought this sounded familiar.</p>
<p>See <a href=“http://talk.collegeconfidential.com/showthread.php?t=136927[/url]”>http://talk.collegeconfidential.com/showthread.php?t=136927</a></p>
<p>well since at many schools finaid is first come first served or at least that what it has been our experience, the longer you dilly dally, the more likely that that aid package will have loans instead of grants
just sayin…
when my daughter was first applying- we filed FAFSA first week of Jan.
It made the difference :)</p>