Household is Important
The student’s household is important because it decides whose income and assets are reported on the FAFSA, and if the student really qualifies as a dependent or independent student.
If the parents are married, their income and asset both need to be listed on FAFSA application. If the student has a stepparent, the stepparent’s income and asset will also need to be included. If the parents are divorced or separated, the income and asset of the parent with whom the student lived with the most during the last year must be listed. If the student live with both parents equal time (joint custody), the income and asset of the parent who provided the majority of financial support during last year must be listed. If the parent is widowed or single, only that parent’s income and asset is listed. The surviving parent must list only his/her income and assets. If both parents passed away when student signs the application, the student is considered “independent student.” Adoptive parents are treated the same as biological parents. Foster Parents‘ income and assets are not report.
Number of Household Members: 1) Student 2) Parents 3) Siblings 4) Student’s children, if any 5) Parent’s unborn children.
Number of Household Members in College: If you have additional Household Members currently enrolled in college, it will reduce EFC greatly.