FAFSA worksheet can be deceiving

For those who will be completing the 2010-2011 FAFSA soon after 1/1/10, you can use the FAFSA worksheet to prepare yourself for the form online. However, in the Department of Education's attempt to respond to the request of the Obama administration to simplify the FAFSA process, the questions on the FAFSA worksheet have been reduced to about 37 questions from last year's 53. However, once you answer a question on the FAFSA, you may be required to complete additional questions that don't appear on the paper worksheet. For example, if you completed or will complete a 1040 tax form for 2009 and are required to do so by the nature of your income (self-employment income or you itemize your deductions, among others), the form will then ask about assets held by the student and the parents. Again, there is no asset question on the FAFSA worksheet, but that doesn't mean you won't be asked once applying online!!! Make sure you complete the FAFSA worksheet as accurately as possible as incomplete data will delay the processing of the FAFSA.