Navigating the FAFSA Parent Section

I'm in the process of filling out my FAFSA and could use some guidance on the parent section. My family situation is a bit complicated because my parents are divorced, so I'm not entirely clear on whose information needs to be included.

Can someone break down what exactly is needed for this section? Also, are there any pitfalls I need to avoid when inputting parent info? I don't want to make mistakes that could potentially affect my financial aid eligibility.

Sure, I can help you understand the parent section on the FAFSA.

Firstly, it's important to note that you only need to include information for one parent if your parents are divorced or separated. If your parents don't live together, the FAFSA requires information from the custodial parent, the one you've lived with the most in the past 12 months. And if you've spent equal amount of time with both, use the information from the parent who provided more financial support in the last 12 months.

A pitfall to avoid is not considering the remarriage of your custodial parent. If the parent you're reporting for has remarried, you do need to include your stepparent's information as well, regardless of any prenuptial agreements or whether your stepparent is contributing to your education.

The FAFSA will ask you for relatively detailed financial information. This includes your parents' adjusted gross income, their exemptions, and other financial assets. It might be helpful to have a copy of your parent's most recent tax return to ensure all the information entered is accurate.

One important detail to remember with the FAFSA is the switch from EFC (Expected Family Contribution) to SAI (Student Aid Index). The SAI can be as low as negative $1,500, allowing students to qualify for more aid, and it is not divided based on the number of students from the family in college.

Remember to be as accurate as possible when inputting financial information. Any significant discrepancies between the information on your FAFSA and your parent's tax return could trigger a verification process, which can delay the processing of your financial aid.

Navigating the financial aid process can be tricky, but being proactive and asking questions when you're not sure is a great way to ensure you're filling everything out correctly!