As a newcomer to this community, I just want to say thank you all for this incredibly detailed discussion! I'm facing the exact same situation with mixed business structures and was completely lost on how to handle the valuation differences. What I'm gathering from everyone's experiences is that the most important things are: 1) Use current values as of submission date, 2) Be consistent and well-documented in your approach, 3) Check if the small business exclusion applies (which could eliminate reporting entirely for qualifying S Corps), and 4) Don't overthink it - reasonable estimates are acceptable. For those mentioning verification - approximately what percentage of FAFSA applications get selected for this? I'm wondering if I should prepare extra documentation upfront or if it's something to worry about only if selected. This thread has been a lifesaver for understanding these complex business reporting requirements!

As someone who just completed my FAFSA with multiple business entities, I wanted to share what ended up working for me! I had a Schedule C business and an LLC that elected S Corp status, so very similar to your situation. Here's what I learned through the process: 1. **Current values are key** - Don't use your 2023 tax return figures. Use the actual values as of when you submit your FAFSA. 2. **Small business exclusion is huge** - My S Corp qualified for the exclusion (under 100 employees, family-owned >50%, actively conducting business) so I didn't have to report it at all! Definitely check if yours qualifies. 3. **Keep it simple for Schedule C** - I used current assets (equipment, inventory, business bank account) minus any business debts. Don't overcomplicate it. One tip that really helped: I created a simple one-page summary showing my calculation method for each business with supporting documentation. Even though I wasn't selected for verification, it gave me confidence that my numbers were defensible. The conversion from Schedule C to S Corp in 2024 actually might work in your favor if the S Corp qualifies for the small business exclusion - you'd only need to report the Schedule C business! Good luck with your submission!

Just want to echo what everyone else has said about this actually being a blessing in disguise! I'm a financial aid counselor at a different school, and I see PLUS denials regularly. The additional unsubsidized loan amounts really do help, and that interest rate difference is significant over the life of the loan. One thing I haven't seen mentioned yet - if you're still short on funds after the additional unsubsidized loans, ask your financial aid office about "professional judgment" reviews. Sometimes they can adjust your aid package based on special circumstances like recent job loss, medical expenses, or other financial hardships that might not be reflected in your FAFSA. It's not guaranteed, but it's worth asking about if you're still facing a gap. Also, don't forget to check if your state has any need-based grant programs with rolling deadlines - some students miss these opportunities. Hang in there, Charlotte - sounds like you're handling this really well!

I'm a transfer student who just went through this exact situation last semester! My dad's PLUS loan got denied (credit score around 580 due to business closure during COVID), and I was panicking because I thought it meant I wouldn't be able to afford school. Turns out the additional unsubsidized loan amount was a lifesaver - I got the extra $5,000 since I'm a junior, and like everyone mentioned, the 5.50% interest rate is so much better than what the PLUS loan would have been at 8.05%. One thing I want to add that I haven't seen mentioned - if you're at a community college like Charlotte, some have emergency grant funds specifically for students facing unexpected financial gaps. My CC had a "student success fund" that provided up to $1,500 in emergency aid per semester for situations exactly like this. I only found out about it because my advisor mentioned it during our meeting about the PLUS denial. Definitely worth asking about! Also, consider reaching out to local organizations, churches, or community foundations - sometimes they have small scholarship funds for students in crisis that don't get a lot of applications because people don't know about them. The whole process is stressful but you'll get through it!

Thank you all SO much for these helpful responses! I feel much more confident now. To summarize what I've learned: 1. I need the 2025-26 FAFSA for Fall 2025 enrollment 2. It opens October 1, 2024 3. We'll use our 2023 tax information 4. I should create FSA IDs for myself and my daughter now 5. Check for both school AND state priority deadlines 6. Also check if any schools require the CSS Profile 7. Apply early in case of technical issues I'm going to start gathering all our documents now and will mark October 1st on my calendar. This community has been incredibly helpful - thank you again!

Welcome to the FAFSA journey! As someone who just went through this with my oldest last year, I can tell you that you're asking all the right questions early, which puts you ahead of the game. One thing I wish I had known earlier is to also check if your daughter's potential schools have any institutional financial aid forms beyond FAFSA and CSS Profile. Some schools have their own supplemental forms that can unlock additional aid opportunities. Also, if your family has any unusual financial circumstances (job loss, medical expenses, etc.), document those now as you may need to submit a "special circumstances" appeal later. The learning curve is steep but manageable - you're going to do great! And don't hesitate to reach out to the financial aid offices at your daughter's prospective schools directly. They're usually very helpful and can give you school-specific guidance.

Anyone else notice that schools seem SUPER behind on sending award letters this year? I got my SAI like 3 weeks ago but none of my schools have sent me any award packages yet. When I called one school they said they're still catching up because of all the FAFSA delays.

UPDATE: I finally got through to someone at FSA! Turns out my application has an "unresolved comment code" that wasn't visible to me on the website. They said I need to submit additional verification of my parents' tax information even though we used the IRS Data Retrieval Tool. They're sending me an email with instructions. The agent said this is why my SAI isn't showing up yet - the calculation is basically on hold until this verification is completed. Just wanted to update in case anyone else has the same issue!

I think you're missing the important part of the equation - with parent plus loans, the debt is ENTIRELY in your name. With private parent loans, some lenders allow cosigning with the student, which lets them take over payments after graduation. That's what we did, and my son is now making the payments while building his credit.

One thing I haven't seen mentioned yet is tax implications - the interest on both Parent PLUS and private parent loans may be tax deductible up to $2,500 per year (subject to income limits), so that could help offset some of the cost difference. Also, some private lenders offer interest rate reductions for autopay (usually 0.25%) which can add up over time. I'm leaning toward doing a mix like Sean suggested - maybe taking a smaller Parent PLUS loan to keep some federal protections while using private loans for the bulk to save on interest. Has anyone here actually done that split approach? I'm curious how complicated it makes the paperwork and repayment process.