Potential Magazine College Organizer 2019 | Page 44

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STEP
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STEP
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PARENT DEMOGRAPHICS
If you have a legal guardian, you are not obligated
to report their financial information, but you need
to report any financial support provided to you in
the “Student Untaxed Income” section.
If your biological parents are divorced, you only
need to report the financial information of the
parent who has legal custody of you.
• Parent marital status and marriage date
• Parents’ SSN and birthdates
• Parent email address
• Size of household
• Number of students attending college
• Number of dependents or relatives your parent(s)
pay 50% or more of their financial support
PARENT FINANCIAL INFORMATION
Parents will need to submit their income
tax return information.
to the FAFSA’s IRS retrieval tool—
TIP: L it  ink
automatically fill in most fields.
Investments to exclude:
• The home in which your parents live
• Cash, savings, and checking accounts
• V  alue of life insurance and retirement plans
• Pension funds
• Annuities
• Non-education IRAs
What is a dislocated worker? Your parent/parents
are considered dislocated workers if they:
• H  ave been laid off.
• R  eceive unemployment benefits as a result of
being laid off.
• A  re a stay-at-home parent who had to relocate
due to factors beyond their control.
• O  wned their own business and lost it due to
factors out of their control.
• A  re a spouse of an active duty member of the
military, and have been unsuccessful in finding a
job as a result of having to relocate.
STUDENT FINANCIAL INFORMATION
STEP
Here’s the financial info you will need
to report:
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• Filing status (single, head of household, etc)
• Income earnings
• Cash, savings, and checking accounts
SIGN AND
STEP SUBMIT
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Here’s what you’ll need for this section:
Both you and your parents
must sign in to confirm
signature.
44 | College Organizer 2019
•  Additional earnings like child support, invest-
ments, combat pay, etc.
TIP:  things easier.
STEP
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Link to the IRS retrieval tool to make
CONFIRMATION
You should receive a confirmation email
from FAFSA. You will receive a report that
tells you your estimated EFC (expected fam-
ily contribution) based on the answers you
provided. Then, your college should send
you a financial aid package in the spring!