![]() ![]() The financial information on the FAFSA for independent students would consist of their financial information, as well as their spouse's information (if applicable). One thing to note is that independent students do not need to include their parents' or guardians' information on the FAFSA. Make sure to follow the instructions on the FAFSA and include your family size and the number of family members who will be attending college or career school during the application year. However, the FAFSA has made recent improvements that should make it easier for students to complete their applications. Many people are confused when completing information related to their family on the FAFSA. In addition, you need to make sure you have records for your untaxed income, assets, and benefits to complete the FAFSA. ![]() Virgin Islands, the Marshall Islands, the Federated States of Micronesia, and Palau. Eligible tax returns include the IRS 1040 the foreign tax return or IRS 1040NR and the tax returns for Puerto Rico, Guam, American Samoa, the U.S. Financial DocumentationĮnsure you provide relevant federal tax information or tax returns, including IRS W-2 information. Assets may include cash checking and savings balances investments such as stocks, bonds, and real estate (do not include the home you live in) and business and farm assets. Untaxed income includes child support received, interest income, and veteran's noneducation benefits. Taxed income can consist of self-employment income or W-2 income. Therefore, your family's taxed and untaxed income, assets, and benefits (such as funds collected through unemployment or Social Security) should be entered into the FAFSA. If you're a dependent student, the FAFSA will attempt to measure your family's financial strength to determine your expected family contribution. What else might you need? Let's see what information is required to fill out the FAFSA. Question: Is the FAFSA based on your parents' or guardians' income?Īnswer: Although your parents' or guardians' income can influence your financial aid offer when filling out the Free Application for Federal Student Aid (FAFSA), the application also factors in a lot of other information. The Public Ivies, Little Ivies, and Other Ivy League Equivalents.Student Resources show submenu for Student Resources ![]()
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