Dependent
This can be completed if student is receiving no financial support from parents and is under the age of 24
What is dependency override
This indicates that the student is in a standard verification group.
What is a V1?
Even though they weren't married in the FAFSA tax year you still need to collect the spouse's tax return.
What if my student is married today, but wasn't married in the tax year.
If you forgot a family member and you changed this answer, you might be selected for verification on a subsequent ISIR.
What is household size?
Retirement income that is verified with a tax return transcript. (4a-c on 1040)
What is a Pension?
Scenario: Jane Doe is 21 and will be married in December. If she fills out the FAFSA today, what will be her dependency status.
What is dependent at the time of the signature?
In this case, the student is still a Dependent, even though they have a bachelors, and they cannot receive Pell
What if the student is under 24, but working on a second bachelors?
These benefits use to be the only data point verified for V2.
What is SNAP (Supplemental Nutrition Assistance Program)?
You can only file this way if you meet all of the following conditions:
-unmarried/considered unmarried
-you paid more than half household expenses
-qualifying dependent
What is head of household?
Since the student earned more than $400 dollars in income for the tax year, this is how student should file.
Why does my student have to file self-employed if they only mowed lawns, barbering, childcare, etc.
When a student is dependent this number does not include their parent even if parent is taking courses.
What is number in college?
Filing status:
The difference between head of household and single.
What is a qualifying dependent?
Scenario: The student's spouse pays $2000 a month in child support for a child that does not live with them. Is the child part of the household?
Depends if $24,000 a year is more than 50% of the child's support, they can be listed in the household but it is students choice.
These two requirements are the only difference between a V1 and V5.
What is a high school completion, ID/drivers license and SOEP (Statement of Educational Purpose)?
When used to cover qualified medical expenses, these are not considered untaxed income.
What is an HSA/FSA distribution?
Even though they were married, since they aren't now, they would be dependent
What is a student dependency status if they are under 24 and divorced?
This verification group requires you to verify high school completion, SOEP(Statement of Educational Purpose), SNAP (Supplemental Nutrition Assistance Program) benefits and child support paid.
What is V4/Custom group?
-Student or spouse started pension
-Reduction in household size
-Student now married and total income increases
-Student no longer receives federal benefits
What are some reasons students would lose Pell in the following year?
This is an IRS status when your spouse did not live in your home in the last 6 months of the tax year unless for a temporary absence.
What is considered unmarried?
Scenario:
My parents own stock in Sallie Mae and purchased some Dogecoin. They have no intention on selling their stocks. Do they need to report this on the FAFSA?
Yes, this would be included in the asset questions.
-Ran away from home
-no contact/communication with parent(s)/guardian(s)
-Lives with a roommate
-Parent(s)/guardian(s) live in another country
What are things that do not make students independent?
Students can go through this process if their income today is significantly different than two years ago.
What is professional judgement?
When you or your spouse is unemployed or displaced due to economic conditions, natural disaster, or military relocation you can indicate this on the FAFSA and it will impact your need analysis.
What is a dislocated worker?
When a spouse is away for business, illness, travel, or military deployment.
what is a temporary absence?
Scenario:
If my parents worked on an avocado farm in Mexico, are Mexican citizens, and are not U.S. citizens, would they put their income earned from work under other untaxed income?
No, they would fill out the tax questions on the FAFSA using their Mexican tax return and converting the amounts to the U.S. dollar.