What counts as income on the FAFSA?
If college is in your near future, chances are you’re familiar with the Free Application for Federal Student Aid, or FAFSA. The FAFSA is the form you have to fill out to be eligible for most student financial aid.
Experts recommend filing as soon as possible after Jan. 1, since many colleges award aid on a first-come, first-served basis. There is some confusion as to whether one’s income tax forms have to be completed before submitting a FAFSA. According to student loan provider SallieMae, it’s OK to use estimates of your income.
Another common question surrounding the FAFSA is whether veterans’ education benefits affect requests for federal student financial aid.
Take the mystery out of the process by visiting this section of VA’s GI Bill Web site. In a nutshell, DO NOT include your VA education benefits on the income portion of the FAFSA. Doing so may reduce your need-based financial aid amount.
One final warning, this one from the Education Department: Be wary of any organization that wants to charge you for submitting your FAFSA or finding money for school.
Such information is almost always available for free, either from your school or the Education Department. Don’t be intimidated by the FAFSA. The Education Department has greatly simplified the process and provides a great walk-through.
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