Learning Library Quick Answers Financial Aid Planning

If a client qualifies for 1040A, do they qualify for a Simplified EFC?

Answer: Just because you qualify to file 1040A does not mean you qualify for simplified needs. Income must be less than $50,000 an....

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If a client was selected for verification, where do they report a "529 Qualified Tuition Plan" asset?

Answer: If the asset is a 529 plan owned by the parent report it as a parent asset. Do not include itas an asset if the student (o....

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If a parent defers the PLUS loan payments and dies or becomes disabled, is the deferred interest forgiven as well as the loan balance?

Answer: Under loan discharge or cancellation it states "a discharge or cancellation releases you from all obligation to repay the ....

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If a parent enters college the same time as their child, will this count as 2 students in the household on the FAFSA?

Answer: The child's FAFSA will allow you to only count 1 in college. FAFSA specifically excludes parents from the members of house....

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If a parent is only able to qualify for loans, do they still need to fill out the college financial aid form?

Answer: Yes, in order to get a Stafford loan the FAFSA must be filed. For private loans the FAFSA would not have to be filed in mo....

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