Your Questions About Fafsa

Thomas asks…

How long does it take to receive fafsa money?

I sent in my fafsa over a month and a half ago and i haven't received anything in the mail. How long does it take for the money to come. My school has contacted me and i turened in all the extra paperwork they needed; but i need this money now! how long will it be?

andre1 answers:

Wow I doubt you will get any soon this process is supposed to be done as early february to get money this school year. I applied for fafsa in March and didnt get the money to my school until one day before classes started

Sharon asks…

What is the absolute latest time I can apply for financial aid from FAFSA?

I'm a senior in high school, and I desperately need money for college. I'm planning on applying for financial aid from FAFSA, but I'm worried it may be too late. Does anyone know when the absolute latest time to apply is?

andre1 answers:

The March 2nd deadline is for really so you can get ALL the available aid to you, it is referred to as the "priority deadline". You can apply for financial aid through out the school year but the amount of aid available is limited and if you wait until after March 2nd you aren't in the running for all of the grants. I HIGHLY recommend you apply soon before the March 2nd deadline since you are graduating, new college freshmen have Cal-Grants that you may qualify for through the FAFSA application. Once you're in college and the school year end approaches and you still haven't applied then you may not get all the paper work in on time to qualify for that year and you're out of luck so don't wait. Good luck, hope this helped!

James asks…

How much fafsa grant will be deducted corresponding to my investment asset??

I am a 20 year old dependent.
I have 2000dollars to invest in stocks.
However, I do not have any jobs. Therefore I have no income.
So, the only possible income for me right now is investment income.
I want to ask. For having 1000usd or 2000usd with scottrade, how much money will be affected for my fafsa grant?

andre1 answers:

Your grant will not be affected by the purchase of stock. The only possible scenario that could affect your grant is if you purchase $2000 of stock, the stock goes up and you sell the stock. At that point, your capital gains become income. If your stock goes up and you do not sell, it is not income. Just hold onto your stock until you are finished borrowing money and you will be fine.

Nancy asks…

How does missing the state FAFSA deadline affect my federal aid chances?

My state FAFSA deadline was April 1 but I'll definately be able to get the federal application done in time. I start grad school in a month. If I filled out the FAFSA now am I in danger of not getting the funds in time?

andre1 answers:

State deadlines don't do anything to federal funds (that are all through the government) but specific state funds you probably will not receive because money will have already been given out. Those funds are decided based upon your EFC that FAFSA gives out.

Carol asks…

How can I complete my fafsa without parents tax returns?

On my fafsa I put that my parents will file but have not yet and now my school is asking for a Copy of my parents tax returns to verify the information. I do remember last year fafsa let me use the tax information from the previOus tax year. But I'm not sure what to do this time.

andre1 answers:

You can estimate with the previous year, but your FAFSA will always be considered incomplete until corrected with their 2010 tax return. Your parents will need to file their 2010 tax return before you can get any financial aid. I am assuming that your parents filed for an extension this year since the tax deadline was April 15th. Note that your parents do not need to actually pay what they owe to the IRS (if that is their issue) but that they just need to have their completed paperwork.