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Yes you need to accurate provide this information. Its actually the entire point of the FAFSA - how much money do you and your parents make, and how much in assets do you both have. If you have a lot, you dont get much aid. If you have none, you get more aid.
How is expected family contribution determined?
The EFC for a dependent student is calculated using the FAFSA data for the student and his parents. The CPS calculates the parents contribution (which includes their assets), the students contribution from income, and the students contribution from assets; the EFC is the sum of these three.
How is the sai calculated for FAFSA?
The SAI formula calculates the total financial resources of you and your parents (or spouse in some cases) then deducts the minimum amount needed for your familys normal annual living expenses. The remaining amount may, in part, be allocated for college expenses.
How is sai determined?
Assets considered for the FAFSA include: Money, which includes current balances of any cash, savings, and checking accounts. Non-retirement investments, like brokerage accounts, real estate (other than your primary residence), CDs, and stock options. Trust funds.
Do parents who make $120000 still qualify for FAFSA?
Yes, you can still apply for FAFSA (Free Application for Federal Student Aid) even if your parents have a high income. However, the amount of financial aid you receive may be limited because FAFSA primarily considers your familys financial situation when determining your eligibility for need-based aid.
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Aid Amount: Who Decides and How This is how they do it: The financial aid staff starts by determining your cost of attendance (COA) at that school. They then review your SAI. They subtract your SAI from your COA to determine the amount of your financial need and how much need-based aid you can get.
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