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Thread: Financial Aid

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    Default Financial Aid

    I am hiding my job from my parents. I am currently going to a private catholic school and play volleyball on grants and financial aids. I worked at a regular restaurant from Nov to March so I should be getting a W2 form from them. Should I just file that W2 form onto my schools Financial Aid or do I have to file my independent contractor form also? What do you suggest?

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    God/dess Zofia's Avatar
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    Default Re: Financial Aid

    You should report all your income on your financial aid forms. If the aid is need based, and you don't have the need, you should not get it. If you are on an athletic scholarship, then there are NCAA rules about outside income. In that case, you need to talk to your school's NCAA compliance department about what to report. If you are on an academic scholarship, then you need to review whatever reporting requirements that scholarship and the school impose and comply with them. Unless you are earning more than the scholarships, it would be the height of folly to trade them for a lesser paying job.

    HTH
    Z

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    God/dess Deogol's Avatar
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    Default Re: Financial Aid

    Especially since women have been kicked off college sports teams for dancing.

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    Banned Melonie's Avatar
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    Default Re: Financial Aid

    I would also add that virttually all need-based student aid grant applications involve 'family income' not just the student's income. This means that the student loan / grant application filing made by you and by your parents amounts to a de-facto certification by your parents that both their own incomes and the student's income as stated on the application forms is correct.

    These days both the college bursar's office and Sallie Mae / 'public funded' student loan and grant agencies are going to make automatic reports to the IRS of the amount of money being spent on college tuition and the amount being paid in student grants / loans. The IRS computers will, in turn, start cross checking for tax returns which list the student's Social Security number. This will obviously include the student herself but will also include the parents if they list the student as a 'dependent'. The IRS computers will then attempt to evaluate the parent's income level + the student's income level versus the amount of money being spent on college tuition versus the amount of money being paid out for student loans / grants. IRS computers will also attempt to compare the parents income to the student's income to find out whether the parents claim of 'dependent' status for their student child is plausible.

    If a dancer chose not to report the bulk of her dancing income and was, for whatever reason, subjected to an audit that identified such deliberate under-reporting of income, it wouldn't only be the student dancer who would face tax consequences. If the IRS disallows 'dependent' status, the parents could face major tax consequences as well. And if student aid applications were need-based, and if the approval for grant / loan money would not have been approved if the student's true income had been reported, at the very least Sallie Mae / student grand and loan agencies are going to seek immediate repayment of all previous grant and loan money.

    Also, from a legal standpoint, both the parents and student who signed a 'family income' based loan / grant application based on an incorrect amount of total family income could be charged with fraud. I have never heard of this happening, but I HAVE heard of it being used for leverage by the IRS / Sallie Mae when attempting to quickly get paid the additional tax money due + restitution of ineligible student grant / loan amounts already paid to the ineligible student as the result of a fraudulent student grant / loan application.

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    Default Re: Financial Aid

    So what do you suggest I do? I am going to file my taxes at the end of the year, so should I take the Financial Aid to my accountant (the same person who is doing my taxes) and ask him to assist me also?

  6. #6
    AudreyLeigh
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    Default Re: Financial Aid

    Your financial aid for this year is based on last years income. So, you just file your FAFSA with your 2008 tax info. If you are under 24 your financial aid will be based on your parents income also. Just something to be aware of. If they make good money youre SOL for grants... but you can get loans no matter how much you make.

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    Default Re: Financial Aid

    I already filed my Financial aid for this year, but I am going to start dancing in two weeks and I have one more year of school (after this year) so I will have to file for financial aid next year also so I just want to get everything in order before I start dancing.

  8. #8
    AudreyLeigh
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    Default Re: Financial Aid

    oh, then yea, you need to file taxes for all money made and then your financial aid will reflect that.

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