What information do I need about my parents for FAFSA®?
Senior Associate, JPMorgan Chase
If you’re filing your Free Application for Federal Student Aid (FAFSA®) as a dependent student, you’ll generally need to include some information about at least one of your parents for the office of Federal Student Aid (FSA) to process your application.
In this article, we’ll cover why at least one of your parents or both need to supply information if you’re a dependent on your FAFSA®, the information that at least one of your parents will need to provide, and how they need to go about it.
Why do I have to report my parents’ information on the FAFSA®?
In simple terms, a dependent student is considered financially dependent on their parents, while an independent student is considered financially independent.
Dependent students must include their parents’ financial details on the FAFSA®, because the FAFSA®’s objective is to determine a family’s financial strength. Of note, whether you’re actually financially reliant on your parents doesn’t get considered by the FAFSA®. Your parents might not be helping you financially at all, for instance, and as a dependent student you’ll be required to supply at least one of your parents’ financial details.
If you’re dependent, and at least one of your parents will be required to provide consent for tax information to be accessed through a secure method, too. This information will be used to calculate your Student Aid Index (SAI), which colleges use to determine your financial aid eligibility.
It’s important to note that if you’re independent as defined by the FAFSA® you won’t be required to supply your parent’s financial information. To best determine your dependency status, you should utilize the FSA’s dependency guidelines available on StudentAid.gov.
Which parent is a contributor on my FAFSA® if I’m a dependent student?
Dependent students should use the information below to determine which parents need to be included as a contributor on their application, basing it on the last 12 months or the most recent year that they received financial support. A contributor is anyone including you, your parent, or your parent’s spouse who’s required to provide information on the FAFSA®.
As you determine this, you’ll need to indicate whether your parent or parents are married, remarried, separated/divorced, unmarried but living together, or widowed. Based on that answer, the FAFSA® will ask for the date of their marriage, divorce, or spouse’s death.
If your parents are married and filed their taxes jointly, only one parent will need to be a FAFSA® contributor, but if your parents are married and didn’t file taxes jointly, then both parents will be contributors on your FAFSA®.
If your legal parent is remarried, and you’re reporting that legal parent’s information, you’ll need to include your stepparent’s information in your application. Both your parent and stepparent will be contributors on your FAFSA® if they didn’t file their taxes jointly
In the case of divorce or separation, the parent who provided more financial support over the last year will be the contributor on your FAFSA®.
If your parents are not married and both provided an exact equal amount of financial support, or if they didn’t support you financially, the parent who has the greater income and assets will be the contributor on your FAFSA®.
What information will you and your parents need to provide on the FAFSA®?
As a dependent, you’ll need you and your parents’ basic personal information, including names, dates of birth, Social Security numbers, contact information, and some financial information. In addition, you will also be asked about the following:
Family size
You’ll need to report your family size on the FAFSA®. For dependent students, family size includes:
- You
- Your parent or parents (and spouse, if applicable)
- Any other children your parent or parents will be financially supporting during the school year
- Any other dependents who live with you and who your parent or parents will be financially supporting during the school year
- Unborn children that will be born during the award year shouldn’t be included in your family size.
Tax information
Due to the Fostering Undergraduate Talent by Unlocking Resources for Education Act (FUTURE Act), the FAFSA® will now be authorized to conduct a direct data exchange between the Department of Education and the IRS. With the 2024-25 FAFSA®, there will be a requirement to provide consent for tax information to be accessed through a secure method, including any required spousal or parental information.
Bank statements, investments, and untaxed income
In addition to your parents’ tax information, the FAFSA®, will ask for an accounting of their holdings in cash, checking and savings accounts, and investments.
Stocks, bonds, and second homes are all considered investments for the purposes of the FAFSA®, but primary residences don’t need to be reported. Records of untaxed income will also need to be reported.
An FSA ID
Starting with the 2024-25 FAFSA®, students and their parents (if they’re a dependent) won’t be able to access the online FAFSA® without having an FSA ID and password set up. It’s recommended that you and your parent set up your FSA ID on the FSA website before starting the FAFSA® because it can take up to three days for your information to be confirmed.
Only one legal parent needs to create an FSA ID. In the case of separated or divorced parents, students should have the parent who is considered a contributor create an FSA ID.
Final thoughts
If you’re considered a dependent student, you’ll need to involve at least one parent in the FAFSA® process, except under a few circumstances. Familiarize yourself with what’s needed from them, and hopefully, you can help make the FAFSA® process go as smoothly as possible.
