FAFSA® Financial Questions
Common financial questions students have about the FAFSA®
[FAFSA®] Do I still need to report financial information if I never filed taxes?
[FAFSA®] What happens if I (or my parents) are married but filed taxes separately? Do I still report both incomes?
[FAFSA®] What if my parents' marital status is different today than the status reported on the 2023 tax return? (What if my parents were recently married, divorced, or one passed away?)
[FAFSA®] What is “workers’ compensation”?
[FAFSA®] What is a “need-based employment program”?
[FAFSA®] What does “cash balance” mean? What does “cash on hand” mean?
[FAFSA®] Does the FAFSA® include assets like the value of my home?
[FAFSA®] Does the FAFSA® ask about any debt like mortgages, car loans, or credit card debt?
[FAFSA®] What is a UGMA/UTMA custodial account? Whose “net worth” does the balance form part of-- the parent’s or the student’s?
[FAFSA®] What if I have a 1099 freelancer/contractor form instead of a W-2 employee form?
[FAFSA®] What are 529 / college savings account types? Should they be reported as parent or student income?
[FAFSA®] How much is my real estate worth? What is the market value of the property?
[FAFSA®] My tax forms include dollars and cents for the amounts, but I can't seem to enter decimal points. Should I round to the nearest dollar?
[FAFSA®] What counts as "child support"? Should child support payments be reported under Student Finances or Parent Finances?
[FAFSA®] What's the maximum amount I can put for financial figures like Adjusted Gross Income, Investment Net Worth, or Cash Balance?
[FAFSA®] What if my parents filed taxes incorrectly using "Head of Household"?
[FAFSA®] What kind of disability benefits should be reported on the FAFSA®?
[FAFSA®] How do I report foreign income, or the value of my foreign bank accounts?
[FAFSA®] Do I report cryptocurrency on my FAFSA®?
[FAFSA®] What does it mean to provide the majority (over 50%) of financial support for someone?