I got hit with a $3,000 decrease in my Pell Grant for my 3rd year of university. My parents combined income went up from around 57k to 69k and my income was around 10k vs 6k sfrom a spring/summer job. My parents were still unable to contribute anything to my college expenses, only give me a place to sleep and eat. I figured out that anything the student makes over $6500 is counted towards EFC (as if $6500 a year is enough to survive). This system incentivizes students to just not work or work jobs that do cash payments under the table. I’d have more money by just sitting home and playing video games all day racking in my full pell grant. The FAFSA system needs to change. It disincentivizes saving money, investing money, and working. Financial aid should be for students whose families can’t pay for their college. Not for students whose families can’t pay for college and who don’t wanna work and be frugal.
I am the assigned college and career counselor for my school and I am just trying to learn as much as I can so I can help my students and their families. They are not able to hire anyone to help them, so I'm it and your videos are helpful. Thank you.
I'm so glad you find these videos helpful.. I have a private FB group called Financial Aid 101 you might want to join also... I also work with high schools in offering my programs at a significantly reduced rate to districts if they are interested...
As a first-time FAFSA applicant, I found that your video is very helpful. I have a question for you. I am not sure how to calculate the net worth of the real estate investment. What is the formula? There will be some costs (such as the agent commission, the escort fee, and etc.) if we really sell the property, and will these cost be included when I calculate the net worth of the property? Thank you!
Great job Tina! Not many people do this for free helping others. I am 74 years old living in Florida and I have a high school senior son. So far he is a great student with a 4.65 GPA and 1520 SAT, always A's, and you name it! We chose Florida because of their great Bright Future scholarship program, but I was informed that FAFSA will cover a lot more (housing, some board, and others). I am retired with SS, but my wife is making little over 40K a year, we have paid off the house, one car and the second car is still financed. Because we have around 40 k in our bank account, in order to avoid financial stress, can we pay off the second car and reduce the amount of our saving account. Do you think that will be good for us, or you can give us a better idea!? Any help will be appreciated. Thanks!
if a CSS profile is required that won't help... but if only a FAFSA it does help to reduce assets... but the EFC is largely driven by income and can be up to 1/3 of your annual income, so depending on what that is, reducing saving's account money may not help
You mentioned IRS Transfer can be problematic. We just encountered an EFC that is more than 1/3 our total income. What can we do if we believe there is an error? FAFSA report does not show IRS numbers just that the info was received from IRS. Thank You! Such great info.
EFCs are typically about a third or more of a family‘s annual income so it’s likely accurate. Awful I know. The only errors being encountered when using this tool is when somebody had a retirement rollover for the year 2020 on their taxes. If that doesn’t apply to you then the figures are likely accurate.
Hi my parents 2020 income tax had adjustable gross income of 140k. However the income my parents buinsess is making now is lower. My parents havent filed their 2021 tax. So now my efc is 29k based on the 2020 tax income. Do i have any chances for filing special needs.
yes if 2021 income is lower you need to report that to each financial aid office, they will have you fill out a form and provide whatever income proof you can and they can recalculate your EFC based on 2021 income
I already filled out the FAFSA for next year. There was a difference this year compared to last year of what I paid in income tax. FAFSA is flagging it as an error on my part. They want me to use the IRS retrieval tool to upload my info. I filed jointly with my husband. Do you think I should go ahead and use the tool? Thanks so much
The total taxes you paid when you filed your taxes. The FAFSA tells you exactly what line number of your tax form to look at, if you did not file taxes then you would put 0
I got hit with a $3,000 decrease in my Pell Grant for my 3rd year of university. My parents combined income went up from around 57k to 69k and my income was around 10k vs 6k sfrom a spring/summer job. My parents were still unable to contribute anything to my college expenses, only give me a place to sleep and eat. I figured out that anything the student makes over $6500 is counted towards EFC (as if $6500 a year is enough to survive). This system incentivizes students to just not work or work jobs that do cash payments under the table. I’d have more money by just sitting home and playing video games all day racking in my full pell grant. The FAFSA system needs to change. It disincentivizes saving money, investing money, and working. Financial aid should be for students whose families can’t pay for their college. Not for students whose families can’t pay for college and who don’t wanna work and be frugal.
This is exactly right! And it was well worth it for both my children!!
just submitted the FAFSA last night!
I am the assigned college and career counselor for my school and I am just trying to learn as much as I can so I can help my students and their families. They are not able to hire anyone to help them, so I'm it and your videos are helpful. Thank you.
I'm so glad you find these videos helpful.. I have a private FB group called Financial Aid 101 you might want to join also... I also work with high schools in offering my programs at a significantly reduced rate to districts if they are interested...
Beyond grateful with the information you share!
My pleasure!
As a first-time FAFSA applicant, I found that your video is very helpful. I have a question for you. I am not sure how to calculate the net worth of the real estate investment. What is the formula? There will be some costs (such as the agent commission, the escort fee, and etc.) if we really sell the property, and will these cost be included when I calculate the net worth of the property? Thank you!
Hello from Ohio! Good Information you answered my question
Hi there! And thank you!
Hi 👋🏾 welcome 🤗 @@TheFAFSAGuru
You are very nice and helpful.Thank you very much for your help.God bless you and your family.
Happy to help
Great info. Thank you!
Great job Tina! Not many people do this for free helping others. I am 74 years old living in Florida and I have a high school senior son. So far he is a great student with a 4.65 GPA and 1520 SAT, always A's, and you name it! We chose Florida because of their great Bright Future scholarship program, but I was informed that FAFSA will cover a lot more (housing, some board, and others). I am retired with SS, but my wife is making little over 40K a year, we have paid off the house, one car and the second car is still financed. Because we have around 40 k in our bank account, in order to avoid financial stress, can we pay off the second car and reduce the amount of our saving account. Do you think that will be good for us, or you can give us a better idea!? Any help will be appreciated. Thanks!
if a CSS profile is required that won't help... but if only a FAFSA it does help to reduce assets... but the EFC is largely driven by income and can be up to 1/3 of your annual income, so depending on what that is, reducing saving's account money may not help
how do i file for my fasfa when both my parents live out of state & im financially on my own ? i don’t know how to fill out the parent section
hopefully my federal pell grants goes up when i complete this process. two more months until school stats
You mentioned IRS Transfer can be problematic. We just encountered an EFC that is more than 1/3 our total income. What can we do if we believe there is an error? FAFSA report does not show IRS numbers just that the info was received from IRS. Thank You! Such great info.
EFCs are typically about a third or more of a family‘s annual income so it’s likely accurate. Awful I know. The only errors being encountered when using this tool is when somebody had a retirement rollover for the year 2020 on their taxes. If that doesn’t apply to you then the figures are likely accurate.
I am thinking of attending college starting 2023-2024. If me and my son are both going to college, how will this affect his fasfa?
Hi ! can you tell me what reduced financial aid means ? like will this mess with the amount i’ll get for my refund
Hi my parents 2020 income tax had adjustable gross income of 140k. However the income my parents buinsess is making now is lower. My parents havent filed their 2021 tax. So now my efc is 29k based on the 2020 tax income. Do i have any chances for filing special needs.
yes if 2021 income is lower you need to report that to each financial aid office, they will have you fill out a form and provide whatever income proof you can and they can recalculate your EFC based on 2021 income
Hi Tina. My daughter received an academic scholarship from one school. Will that affect her ability to get pell grants or fin aid through Fafsa?
no it won't
Also should we wait for a financial offer from the school or write a letter of appeal as soon as we are admitted? Thanks
You can let the financial aid office know about the special circumstances once the student is admitted prior to the award letter.
I already filled out the FAFSA for next year. There was a difference this year compared to last year of what I paid in income tax. FAFSA is flagging it as an error on my part. They want me to use the IRS retrieval tool to upload my info. I filed jointly with my husband. Do you think I should go ahead and use the tool? Thanks so much
It's ok to use the tool if you did not have a retirement distribution/rollover in 2020.
@@TheFAFSAGuru Thank you
What does income taxes mean
And where can find the total
The total taxes you paid when you filed your taxes. The FAFSA tells you exactly what line number of your tax form to look at, if you did not file taxes then you would put 0
please change the intro music
1:15 read my name for mw2 m ods
The intro music is very anoi and horrible