Teacher's Manual
Page 21
Overhead 10
FAFSA Basics
The following information is necessary for your FAFSA application.
1. Your name...It must match the name on your Social Security card.
2. Mailing address...Use your home, not your new college address.
3. Alien registration number...for students who are not U.S. citizens, but
are legal residents.
4. Marital status...This is the student's not the parents' status.
5. Grade level...Report how far you are toward a degree in terms of years'
credits, not years you have attended.
6. Drug conviction...If you are caught lying, you may be fined up to
$20,000.
7. Income and assets...Students should report their earnings and asset
(not their parents' assets).
8. Age...This determines if you are a dependent or independent.
9. Parents' adjusted gross income...This comes from the income tax
information.
10. U.S. income tax paid...This comes from income tax Information.
11. Income earned from work...Wages, salaries, tips, etc. from a W-2 or tax
form. Does not include untaxed contributions to 401(k) plans or individual
retirement accounts.
12. Investments...Include the net worth of one's business. Consumer debt
such as car loans and credit cards are not included.
12. Cash, savings, and checking accounts...Approximately 35 percent of a
student's own money is considered available to pay for college.
Approximately 6% of parents' money is available to pay for college.
