What is fafsa4caster used for

The FAFSA4Caster can help you make smart financial choices

You can also use the tool to get the most financial aid possible. For instance, your parents could lower their asset amounts by paying off bills or debt before applying for the FAFSA on Oct.1, when the form becomes available for the following school year.

To fill out the FAFSA4Caster, you will need the following information: Your personal information (date of birth, marital status, dependency status)If dependent, your parent’s information (age, marital status, family size) An estimate of your income and financial assets.

The FAFSA4caster is a tool for families not yet ready to submit a FAFSA form, such as high school juniors and sophomores. However, starting Sept. 27, 2020, FAFSA4caster will no longer be available.

How Accurate Is the FAFSA4caster? Overall, the FAFSA4caster is generally an accurate predictor of the amount of federal aid you’re eligible for based on your EFC such as Pell Grants.

Once you graduate, drop below half-time enrollment, or leave school, your federal student loan goes into repayment. However, if you have a Direct Subsidized, Direct Unsubsidized, or Federal Family Education Loan, you have a six-month grace period before you are required to start making regular payments.

Basic Pell Grant Eligibility

You must: Be a U.S. citizen or eligible noncitizen with a valid Social Security number. Have a high school diploma or equivalent. Be enrolled in an eligible and participating degree-granting program as an undergraduate student.

To check the status of your Pell Grant eligibility, you can check the status of your FAFSA by logging in to your account on FAFSA.gov.

Asset net worth means current value of the assets minus what is owed on those assets.

In general, you must maintain enrollment in an undergraduate course of study at a nonforeign school to receive a Federal Pell Grant. … Once you have earned a baccalaureate degree or your first professional degree or have used up all 12 terms of your eligibility, you are no longer eligible to receive a Federal Pell Grant.

Although you are not required to maintain an excellent GPA, you need to make the minimum to qualify for financial aid. At most institutions, the minimum is a 2.0 (the equivalent of a C grade). Maintaining this GPA is enough to show that you are making satisfactory academic progress.

Income Limit

To be eligible for the Pell Grant for the 2021-2022 academic year, your EFC needs to be at or below $5,846. Because of this, there is no set income cutoff for Pell Grant eligibility.

The type of savings account you have will affect the amount of money you are expected to pay for college. A traditional savings account or money in a brokerage account will decrease the amount of financial aid you are eligible for the most. … Retirement savings accounts, however, have no effect on the FAFSA.

Here’s how: under the formula, the EFC is for the total family contribution, not per child. Even with an EFC as high as $100,000 (from income of about $200,000), after a 50/50 split the EFC is $50,000 for each child, less than the average cost of many elite schools.

Currently, the FAFSA protects dependent student income up to $6,660. For parents, the allowance depends on the number of people in the household and the number of students in college. For 2019-2020, the income protection allowance for a married couple with two children in college is $25,400.

You may apply for federal financial aid by filling out the Free Application for Student Aid, otherwise known as the FAFSA. … The financial information is from tax returns, which may be verified with the IRS before student aid is provided.

Empty Your Accounts

If you have college cash stashed in a checking or savings account in your name, get it out—immediately. For every dollar stored in an account held in a student’s name (excluding 529 accounts), the government will subtract 50 cents from your financial aid package.

Does FAFSA Check Your Bank Accounts? FAFSA doesn’t check anything, because it’s a form. However, the form does require you to complete some information about your assets, including checking and savings accounts.

A person who lies on the FAFSA® commits fraud. This serious crime is one that the government may punish with fines up to $20,000, up to five years in jail, or both. The student may also be forced to repay any financial aid received.

Owning more than one House affects the Free Application For Federal Student Aid (FAFSA) thereby, elevating the worth of net assets of the family.