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| *Loan,banking and credit>>>income tax |
How can a person fill out FAFSA if his parents have not filled out income taxes for years and in a mess? |
No one wants to co-sign a loan for him. It seems that all loans available require a co-signer. Can anyone advise? I'm assuming he is still a dependent student (meaning under 24 years of age, unmarried, not a ward of the court, not in the military.) His parents will have to fill out the FAFSA with estimated income and, likely, fill out a tax return. He should probably start the FAFSA process himself with his own information, then fill in his parents information later. His parent's refusal to file taxes and fill out the form will only COST him money - it will NOT get him more money. He should contact the college's financial aid office to get them to assist him with this problem - maybe they can explain to his parents that their actions (lack of action, actually) is hurting their son, not helping. If his parents continue to refuse, and the reasons are valid, the college MIGHT be able to grant a "dependency override" but it is unlikely - colleges are loath to issue dependency overrides, they are very difficult to get. Standard student loans through the state's program or other non-profit organization generally do NOT require cosigners; usually it is only private lenders that require cosigners. He should check with the school's list of preferred lenders to find loans that do not require cosigners (Stafford loans, etc), however, his parents refusal to file the FAFSA can hinder even that process. People are smart to refuse to cosign a loan - NEVER do it! If he and the financial aid office cannot change his parent's mind, and he finds himself out of options, he might just want to delay school until his 24th birthday and then go as an independent student. Not a great option, but as a last resort. If his parents haven't done their taxes in years and he is dependent, they are going to have to file in order for him to receive federal aid. (They'd have to file for tax year 2005 for the 2006-2007 school year and tax year 2006 [the ones due this month] for the 2007-2008 school year.) In the event that his parents weren't actually required to file, that's fine. They'll have to list how they supported themselves (welfare or money from family or social security, whatever) on the FAFSA. He's not going to be able to get a dependency override just because his parents are in deep with the IRS. The government is pretty omnicient when it comes to you owing them money and trying to get some from them somewhere else! My mother hasn't filed taxes in almost ever. But its not because she didn't want to is because she doesn't have a job and we have pretty much no money. If this is the case then the person doesn't need to have filed taxes. If its because they just didn't want to I have no clue! Sorry if this doesn't help but good luck anyways! |
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