FAFSA and not filing taxes...? Forum

[lawduder]

I identified myself as an independent for the first time filling out my FAFSA for law school in the fall and was not required to provide parent information. However, I'm still in undergrad and I haven't had a job in over a year and thus will not be filing taxes. My question is, what does this actually do for your consideration for need aid? Will schools just look at my undergraduate debt, see I have no income, and go from there? Or will it hurt me to not actually have any sort of tax documentation?

[NYVA311]

Same situation. I can't imagine it being bad. It means we're ridiculously poor and need serious help. Who knows for sure though.

[goblue1646]

Same situation. I was wondering the same thing.

[Anonymous Loser]

I don't understand why you folks aren't simply filing a 1040EZ stating you have no reportable earnings. This should take roughly 30 seconds.

[NYVA311]

I was also wondering if schools figure out your aid-package before you're admitted? I sent my FAFSA in already and my top choice hasn't accepted me but I wanted to be considered for aid ASAP to get the best possible package. Do I have to wait until I'm accepted to be considered? This would screw me and defeat the purpose of submitting it so early....

[09042014]

Same situation. I can't imagine it being bad. It means we're ridiculously poor and need serious help. Who knows for sure though.

Why do you need help more than everyone else in full time law school? Nobody has a job then.

You'll get loans just like everyone else.

[NYVA311]

Ah, let me clarify, I did make money over the summer, but only slightly over 1K. Not filing taxes though. Basically the same situation as making no money.

[02082010]

.

[09042014]

Ah, let me clarify, I did make money over the summer, but only slightly over 1K. Not filing taxes though. Basically the same situation as making no money.

You'll probably get a refund if you paid any withholding on that 1000 dollars. Might as well file a 1040EZ and claim it. Like AL said it takes several minutes.

[NYVA311]

Same situation. I can't imagine it being bad. It means we're ridiculously poor and need serious help. Who knows for sure though.

Why do you need help more than everyone else in full time law school? Nobody has a job then.

You'll get loans just like everyone else.

Because some people have relatives paying for some/most/any portion of law school, and others have worked and saved up money to pay. Isn't the whole point of need-based aid to determine who has the least money and needs the most aid compared to others with more money (for whatever reason) and need less aid? I'm not trying to argue, just thought that was the point of all of this. I could be terribly wrong.

[James Bond]

Ah, let me clarify, I did make money over the summer, but only slightly over 1K. Not filing taxes though. Basically the same situation as making no money.

So let me get this straight...you made money...yet you're not claiming it and filing taxes.

This is a good habit to get into. keep it up

[NYVA311]

Ah, let me clarify, I did make money over the summer, but only slightly over 1K. Not filing taxes though. Basically the same situation as making no money.

You'll probably get a refund if you paid any withholding on that 1000 dollars. Might as well file a 1040EZ and claim it. Like AL said it takes several minutes.

True, I should. Would only take a few minutes and any money is better than none.

[Georgiana]

FAFSA generally isnt used to determine need based aid. Schools will generally have another form for you to fill out that will ask for parent information in order to determine need.

Edit: FAFSA is primarily for determining federal loan eligibility.

[02082010]

.

[09042014]

Same situation. I can't imagine it being bad. It means we're ridiculously poor and need serious help. Who knows for sure though.

Why do you need help more than everyone else in full time law school? Nobody has a job then.

You'll get loans just like everyone else.

Because some people have relatives paying for some/most/any portion of law school, and others have worked and saved up money to pay. Isn't the whole point of need-based aid to determine who has the least money and needs the most aid compared to others with more money (for whatever reason) and need less aid? I'm not trying to argue, just thought that was the point of all of this. I could be terribly wrong.

Not terribly wrong, but pretty wrong. Most law schools will still ask for your parents tax info, and may give out some limited aid to really impoverished students with impoverished families. You probably won't qualify. The government doesn't give anyone anything, except for loans to cover the entire cost of law school.

Most law schools don't even give any need aid. Unless its HYS don't expect much.

[NYVA311]

Same situation. I can't imagine it being bad. It means we're ridiculously poor and need serious help. Who knows for sure though.

Why do you need help more than everyone else in full time law school? Nobody has a job then.

You'll get loans just like everyone else.

Because some people have relatives paying for some/most/any portion of law school, and others have worked and saved up money to pay. Isn't the whole point of need-based aid to determine who has the least money and needs the most aid compared to others with more money (for whatever reason) and need less aid? I'm not trying to argue, just thought that was the point of all of this. I could be terribly wrong.

Not terribly wrong, but pretty wrong. Most law schools will still ask for your parents tax info, and may give out some limited aid to really impoverished students with impoverished families. You probably won't qualify. The government doesn't give anyone anything, except for loans to cover the entire cost of law school.

Most law schools don't even give any need aid. Unless its HYS don't expect much.

Hm....so you're saying that even if they don't have a supplemental form or anything asking for your parents' info, they'll ask later on before determining your package? And yes, I hear most schools don't give grants besides HYS, but some others do I'm pretty sure. Just not many.

[09042014]

Why do you need help more than everyone else in full time law school? Nobody has a job then.

You'll get loans just like everyone else.

Because some people have relatives paying for some/most/any portion of law school, and others have worked and saved up money to pay. Isn't the whole point of need-based aid to determine who has the least money and needs the most aid compared to others with more money (for whatever reason) and need less aid? I'm not trying to argue, just thought that was the point of all of this. I could be terribly wrong.

Not terribly wrong, but pretty wrong. Most law schools will still ask for your parents tax info, and may give out some limited aid to really impoverished students with impoverished families. You probably won't qualify. The government doesn't give anyone anything, except for loans to cover the entire cost of law school.

Most law schools don't even give any need aid. Unless its HYS don't expect much.

Hm....so you're saying that even if they don't have a supplemental form or anything asking for your parents' info, they'll ask later on before determining your package? And yes, I hear most schools don't give grants besides HYS, but some others do I'm pretty sure. Just not many.

The supplemental forms should already be out. If they don't have one maybe not. Not all schools consider parents for aid, Northwestern doesn't, but they really don't give out need aid.

Most schools give out merit and need mixed into one scholarship, but its pretty much entirely merit based.

[lawschooliseasy]

I don't understand why you folks aren't simply filing a 1040EZ stating you have no reportable earnings. This should take roughly 30 seconds.

Because it is not necessarily in your financial interest to do so. My earnings were very low (such that I am not legally required to file), but if I filed I would owe about a hundred bucks in taxes. In my case, this is because I have capital gains. Of course, because I have capital gains to declare, I am not eligible for the 1040EZ and would have to complete a 1040 instead.

[Nom Sawyer]

Lots of confusion in this thread, lets clear several things up:

ANSWERS to Everyone's Tax & FAFSA Questions

1) Taxes DO NOT need to be filed if you earned less than $5300 dollars during the year AND you do not have substantial income from your assets or other sources (i.e. trusts). Thus if you earned $2000 during your summer job and $1000 during the year, plus $100 in interest, then yes you're fine without filing taxes.

2) FAFSA considers ALL law school applicants (age 21+) to be independent of their parents when filling out the FAFSA form. Thus you don't choose to do this, everyone is an independent and you are not required to place your parents information on the FAFSA form.

3) However, Law Schools (almost all of them) do not consider students to be independent from their parents until ages 25~29. Thus filling out the FAFSA is only the first step to applying for need-based aid. Almost all colleges have supplementary information you MUST fill out that include parental income & assets (like http://www.needaccess.org which is for Harvard, Chicago, UPenn, and others). So you will almost still be certainly considered for need based on your parent's assets no matter if they actually give you money for law school or not.

[NYVA311]

Lots of confusion in this thread, lets clear several things up:

ANSWERS to Everyone's Tax & FAFSA Questions

1) Taxes DO NOT need to be filed if you earned less than $5300 dollars during the year AND you do not have substantial income from your assets or other sources (i.e. trusts). Thus if you earned $2000 during your summer job and $1000 during the year, plus $100 in interest, then yes you're fine without filing taxes.

2) FAFSA considers ALL law school applicants (age 21+) to be independent of their parents when filling out the FAFSA form. Thus you don't choose to do this, everyone is an independent and you are not required to place your parents information on the FAFSA form.

3) However, Law Schools (almost all of them) do not consider students to be independent from their parents until ages 25~29. Thus filling out the FAFSA is only the first step to applying for need-based aid. Almost all colleges have supplementary information you MUST fill out that include parental income & assets (like http://www.needaccess.org which is for Harvard, Chicago, UPenn, and others). So you will almost still be certainly considered for need based on your parent's assets no matter if they actually give you money for law school or not.

Thanks for your help. If I specifically asked certain schools if FAFSA was the only form I had to fill out for financial aid and they said yes, do you still think they're going to ask for my parents' information at some point? Through e-mail or something?

[Anonymous Loser]

I don't understand why you folks aren't simply filing a 1040EZ stating you have no reportable earnings. This should take roughly 30 seconds.

Because it is not necessarily in your financial interest to do so. My earnings were very low (such that I am not legally required to file), but if I filed I would owe about a hundred bucks in taxes. In my case, this is because I have capital gains.

The posters I addressed that comment to were not seeking to avoid tax liability by defrauding the federal government: the scenario you are presenting is completely different.

[Nom Sawyer]

Lots of confusion in this thread, lets clear several things up:

ANSWERS to Everyone's Tax & FAFSA Questions

1) Taxes DO NOT need to be filed if you earned less than $5300 dollars during the year AND you do not have substantial income from your assets or other sources (i.e. trusts). Thus if you earned $2000 during your summer job and $1000 during the year, plus $100 in interest, then yes you're fine without filing taxes.

2) FAFSA considers ALL law school applicants (age 21+) to be independent of their parents when filling out the FAFSA form. Thus you don't choose to do this, everyone is an independent and you are not required to place your parents information on the FAFSA form.

3) However, Law Schools (almost all of them) do not consider students to be independent from their parents until ages 25~29. Thus filling out the FAFSA is only the first step to applying for need-based aid. Almost all colleges have supplementary information you MUST fill out that include parental income & assets (like http://www.needaccess.org which is for Harvard, Chicago, UPenn, and others). So you will almost still be certainly considered for need based on your parent's assets no matter if they actually give you money for law school or not.

Thanks for your help. If I specifically asked certain schools if FAFSA was the only form I had to fill out for financial aid and they said yes, do you still think they're going to ask for my parents' information at some point? Through e-mail or something?

They might at some point in the process, or they could ask you to fill out the FAFSA section with parents information. It's not required by the Federal Government but the schools might still want you to do it.

Keep in mind, though, that many schools don't give much aid, so some schools might not even look at parent's assets because they will just give out the basic aid of Federally Subsidized loans.