Potential Magazine College and Career Organizer 2020

Sponsored by: STEP 04 STEP 05 PARENT DEMOGRAPHICS If you have a legal guardian, you are not obligated to report their financial information, but you need to report any financial support provided to you in the “Student Untaxed Income” section. If your biological parents are divorced, you only need to report the financial information of the parent who has legal custody of you. • Parent marital status and marriage date • Parents’ SSN and birthdates • Parent email address • Size of household • Number of students attending college • Number of dependents or relatives your parent(s) pay 50% or more of their financial support PARENT FINANCIAL INFORMATION Parents will need to submit their income tax return information. to the FAFSA’s IRS retrieval tool— TIP: L it ink automatically fills in most fields. Investments to exclude: • The home in which your parents live • Cash, savings, and checking accounts • V alue of life insurance and retirement plans • Pension funds • Annuities • Non-education IRAs STUDENT FINANCIAL INFORMATION STEP Here’s the financial info you will need to report: 06 • Filing status (single, head of household, etc) • Income earnings • Cash, savings, and checking accounts SIGN AND STEP SUBMIT 07 Here’s what you’ll need for this section: ments, combat pay, etc. easier. TIP: things STEP 08 Both you and your parents must sign in to confirm signature. WHAT IS A DISLOCATED WORKER? Your parent/parents are considered dislocated workers if they: • H ave been laid off. • R eceive unemployment benefits as a result of being laid off. • A re a stay-at-home parent who had to relocate due to factors beyond their control. 42 | College Organizer 2020 • A dditional earnings like child support, invest- Link to the IRS retrieval tool to make CONFIRMATION You should receive a confirmation email from FAFSA. You will receive a report that tells you your estimated EFC (expected fam- ily contribution) based on the answers you provided. Then, your college should send you a financial aid package in the spring! • O wned their own business and lost it due to factors out of their control. • A re a spouse of an active duty member of the military, and have been unsuccessful in finding a job as a result of having to relocate. www.potentialmagazine.com

Potential Magazine College and Career Organizer 2020 | Page 42