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livelaughlove21's avatar

Scared I won't get any financial aid?

Asked by livelaughlove21 (15116 points ) May 3rd, 2012

I completed my taxes in January. I couldn’t submit my FAFSA until my father filed his, which he finally did in April. I submitted my FAFSA on April 1, but the school needs proof of the income taxes for both of my parents. My mom gets social security and doesn’t file, so the school said I could just fax that form, and I did. The IRS retrieval tool isn’t working for my dad, and the school no longer accepts personal copies of the income taxes. They say I need to have the return transcript and account transcript in order to complete the processing of my FAFSA.

We called the IRS to find out why those forms were unavailable and they said the latest it would be available is today, May 3, because he paid his taxes late. It’s still not available. I’ll be on my honeymoon next week and I really don’t want to be stressing out about this. I just don’t know what to do anymore. Even if the forms are available when I get back from my honeymoon, it’ll take 2 weeks to receive them.

I’m so scared that we won’t get these forms until too late and I won’t get enough aid to attend my classes. I usually get federal loans and the pell grant. Without those, I can’t go to school. I can’t extend my graduation date because I’m not set to graduate until 2014, and I’ll have been in school for 6 years (I changed majors). After that, they’ll probably stop giving me aid.

I’m so stressed and worried about this, and no one at the school or the IRS will help me. I just don’t know what else I can do. School is very important to be and just the thought of pushing my graduation date back is worrying me.

ETA: I’m getting married Sunday, so I suppose I could technically use my husband’s income as soon as Monday…is that right? The issue with that is that he makes more money than my parents combined (around $50K last year) so the school said to use my parents’ income this year and his next year, since I haven’t been able to complete the application until late. He may make $50K, but I don’t work and we definitely don’t have enough money to pay my tuition in full, or even a portion of it right now. Would they still give me loans?

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9 Answers

Adirondackwannabe's avatar

You can request a transcript on line at the IRS website and it will be sent to your father in 5 to 10 days. If you want it sent to a different address than what he filed it will take longer. Did your father prepare his taxes or did he use a preparer? A preparer would have copies.

livelaughlove21's avatar

@Adirondackwannabe No. I guess I was unclear in my question. The IRS won’t give me those forms. They are “not available” because my dad paid his taxes late. However, the IRS said they’d be available by toady, and yet they’re not. That’s the whole issue. Also, as I stated in the question, my school no longer accepts personal copies of the income taxes.

livelaughlove21's avatar

Oh, and I just found out I can’t file under my husband’s income this year because I’ve already submitted the FAFSA. So I’m screwed again.

nikipedia's avatar

They’ll still give you money, even if you miss the deadlines. You’ll just have a higher proportion of loans to grants/scholarships.

Adirondackwannabe's avatar

@livelaughlove21 I’ll do some more digging to see what I can find.

livelaughlove21's avatar

@nikipedia I just spoke to a friend of mine and she says her mom gets tax extensions every year and she’s not able to submit her FAFSA until June, but she still gets money. That’s a huge relief. I’m okay with taking out a little more in loans as long as I don’t have to skip a year of school. Thank you.

One more question. I was told that I had to file as a dependent until I was either 25 or 28 (I’ve heard both) even if I’m married unless we file joint taxes. Is that true? That makes no sense to me.

nikipedia's avatar

Not true. The FAFSA instructions are pretty clear on that. You are now an independent student.

AngryWhiteMale's avatar

Whatever you do, avoid private loans like the plague. Student loans are bad enough, but the private for-profit student loan companies will make your life hell and they have much fewer options for repayment.

livelaughlove21's avatar

@nikipedia I thought so too. Thanks.

@AngryWhiteMale Oh no, I’ve seen the damage those can do.

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