Parents assets fafsa reddit.

• Parents assets fafsa reddit Moreover, my guess is, Medicaid recipients households generally fall below 100%-133% FPL income limits, and FAFSA income limits are 175%-225% FPL for an automatic SAI=0 eligibility. At this point in your life, it is even more important than understanding the tax consequences. I am completely financially dependent on my dad. In fact, step-parent assets are also included as well. But if it’s a ton of money they have saved, they are sorta screwed. The federal financial aid formula will assess 5% per year per student of parental assets. I know they have access to IRS tax forms to check her income and what I’m eligible for, but it asked for her total assets (like cash/bank savings) how would they verify that? OSAP Q&A subreddit The Ontario Student Assistance Program ( OSAP ) is a financial aid program that can help you pay for college or university. Intent of that explicit hint above that field is perhaps to allow the students to exclude, from assets, any educational aid (grants, scholarships, loans) that they may have received (based on prior year FAFSAs, or otherwise). Contributors may provide general information and advice to students seeking help with applying for financial aid, but all students must understand that the best resource they can seek is the financial aid office at the school they are attending. 64% is 56,400. The FAFSA considers students’ assets and parents’ assets differently. On the FAFSA home page (fafsa. I just finished and submitted my FAFSA application for 2024-2025, and I was surprised to see that the application didn’t ask for my mom’s tax information or any type of information from her tax files of 2022. It asks for assets at the time you filed the form, so for the 2023-24 FAFSA, you’re fine and don’t need to make corrections. org Sep 30, 2024 · Inheritance isn’t reported on the FAFSA but if the money was deposited into a savings it has to be reported as an asset. Even if you haven’t seen or heard from a parent in years and they are married to millionaires, it counts as an asset to you. All… Well, the FAFSA decides how much your kids qualify for in loans. Student income Student assets Parent income Parent assets Aside from home equity, retirement accounts are also not looked at in FAFSA. Everything I’ve read said I needed my 2022 tax return but they only asked three questions about assets: amt in checking/savings accts, value of investments (knew not to include 401k) and family business value. Parent Income Allowance: All federal income taxes paid, plus 7. Do not include any amount that was financial aid (especially loans). 64% for financial aid. Before taking any actions, you should run through some net price calculators with an updated income and asset and see where you land, and run another scenario if you were to pay the I got a question about how the parent asset rule works. Do you mean listing their income/assets like you would on an undergrads FAFSA or listing the money they give you as part of your income? You definitely don't need to list their income/assets and probably not what they give you either. The living accommodations and meals provided by the parent to the student can be considered to be in-kind support. FAFSA: Free Application for Federal Student Aid FSA ID: Federal Student Aid ID CSS Profile: College Scholarship Service TASFA: Texas Application for State Financial Aid (for non-US citizens) SAR: Student Aid Report No, your SAI will be influenced by 5. It would ensure the parents still have retirement money, while also ensuring that their perceived savings are significantly reduced, being that the FAFSA doesn’t consider 401ks or Roth IRAs assets. Yes, correct. This is primarily a US Navy-centric subreddit, but all are welcome. I know you are trying to help but this assumption that SAI doesn't count student income is very harmful. My parents make a combined $150k a year and can probably afford to contribute $40-50k without loans, but our EFC is a whopping $131k because they have real estate and stocks. Hi guys! My parents have a rental property in another state which is being rented out to another family member. Don’t over think this. If anyone in Mom's household received any of those benefits in 2022 or 2023, FAFSA gives you that assets exemption. Several of the schools our child applied to no longer give "merit awards" instead meeting "100% of demonstrated need. 64% of parent assets, but is that very year or for the full 4 years? Say parent asset is 1,000,000. In any case, if your parents AGI on their 1040 tax return from 2022 was around $20k as you say, you'll get an automatic SAI = 0, assets don't matter as those are exempted in SAI I recently just submitted my FAFSA for the 24/25 year. FAFSA just provides schools with a benchmark; what the school decides to do with it is entirely up to them. My school saw how much $ I make at my job so they didn’t give me financial aid, however they failed to consider the fact that most of my money goes towards bills and helping my family. If your dad "pulls the money out," he will likely put it somewhere else or buy something with it, so that doesn't really eliminate it as an asset. gov), there is a fafsa4caster on the bottom right. Parents Assets Advice/Help Needed My parents don’t make a lot of money they make less than the 60k per year combined but they have a good amount of money saved up. FAFSA counts $12k of that toward your EFC. Let’s start with some College-Admission- Financial-Aid Alphabet Soup. If you have x amount of money in assets and your mom has the same x amount of money in assets, yours will be counted more heavily against you (giving you less financial aid). And the rules are so flawed. I have some small streams of income which cover living expenses, and also a good chunk of assets. If it’s a parent asset, less than 6% is counted. So say your parents have $100k in assets. However, the asset protection allowance is $0 for 2025-2026, a decrease from a peak of $84,000 in 2009-2010. 64% of parents assets, out of $1,000,000, your family is expected to spend $56,400 from just that, then there is their income, your income, and your assets. See full list on grantford. Typically, parents of unmarried undergraduates below the age of 24 will need to complete this question. If you have a lot, you don’t get much aid. The FAFSA rep told me that my checking/savings amount needs to match exactly with what was entered when I first filled out the form 4 months ago. While the students are expected to keep that aid (refunds from college) in savings accounts, because they We would like to show you a description here but the site won’t allow us. 20% for student assets. To give you an idea of a cut-off for a Pell grant, a family of four with Mom, Dad, one child in grade school, and one child in college, needs about $65,000 in annual income or less to start qualifying for the Pell grant. So if they think the parents can afford it, they won't give the kids loans and put the burden on the parents. Your parents saved $2,400 per year by shifting their assets around with no changes to their net Sure thing!! If you're worried about cost, look into community college dual enrollment options. It never asked me anything about my parent's income or any other questions of that sort for the 2022 year. I see a lot of posts here asking investment advice from high school students who are working and saving and want to get the best use of their money. I don't remember if FAFSA has any lookback provision. S. If you didn’t spend all your financial aid from 2019, 2020, 2021, and 2022, and you kept it in a savings account, that money is now a student asset. I am 19 years old & have been living with my dad for the majority of 2022. Key reason I ask - the CSS profile and the school-specific financial aid forms ask for MY / student assets, but not parent assets. It is going to ask about student assets by default this way. So I’ve got a kid starting 10th grade and I’ve been putting money into a 529 for a while now to try to soften the blow. Obviously I cannot remember the exact amount from 4 months ago. It seems like all you need to do is minus what my parent's still owe from the price they bought it for. He refuses to give it to me. If the student is a dependent student, moving the money into a custodial 529 plan account will cause it to be reported as a parent asset on the FAFSA. and International, Federal, State, or local. I have two adopted children (not the college student) who recieve reduced lunches and state medical coverage. You didn’t use it for school during the academic year. Very flawed law indeed. I just needed a place to vent on this as well. No. 5. Jan 6, 2016 · Should I skip FAFSA parent financial & asset questions since FAFSA says not required to answer them ( since on free/reduced lunch program and parent displaced worker) even if I require institutional methodology for private college? I have read that private colleges require the answers to these skipped FAFSA questions but since these private colleges require that I complete the CSS profile My in-laws are planning to create a trust fund for my daughter. But, please use these funds to pay for school (if grants aren't covering your school bill) and don't borrow additional loans if you have $ in the bank. Yes you need to accurate provide this information. based on your parent AGI you don't qualify for free or reduced price lunch). Parental assets, meanwhile, I think, are only assumed to have 6% be available for expenses. No significant assets otherwise, no ear-marked college savings. All Income and Assets on the tax returns are subject to review on the FAFSA. Meaning, every year, the FAFSA formula would expect you spend down 5. Parent Asset Allowance: I can't believe it, but if I'm reading it right, just $3,300. Then it asked for “Student Assets” I don’t have a bank account or anything at all, so is it fine if I just put 0? They also didn’t ask for my parents’ tax return. You can remove contributions to a Roth at any time, so that's a way you can put some of the money into a LEGAL place that won't be counted. Like the others said, your parents might have a high asset-to-income ratio. However, we do not own the house we are currently living in (renting) so the rental property does not count as a second home. Not an expert but I believe student assets are weighed heavily with something like 20% assumed to be available to pay for education expenses. The answer to whether FAFSA can verify whether the numbers you put down for your parents’ or your income, assets, and other costs contains a lot of gray area. The question asks if the parent or any family member received Medicaid. ed. I know it's 5. There isn't a set amount that's exempt from savings, but they do look at account types - checking, savings, brokerage accounts, property outside of primary residence all gets counted. ). Please don't make assumptions, especially if you are not a financial aid professional. I'm in the same situation. When the parent then completes their section and it is determined they meet the qualifications for asset exception, then the asset information for the Contributors may provide general information and advice to students seeking help with applying for financial aid, but all students must understand that the best resource they can seek is the financial aid office at the school they are attending. Is this right? I’ve sent a question to FAFSA but with all their issues no idea when I’ll hear back. We would like to show you a description here but the site won’t allow us. We're parents of a daughter who will be starting college this fall, and I'm wondering the same thing about our FAFSA application. I have searched high and low and am still not sure how to characterize my Health Savings Account (HSA) when reporting financial information. All questions about federal student aid, the FAFSA, and financial aid verification must be posted on this thread. 4K comments. (I. Families who will have kids applying for financial aid in the first year of the new FAFSA will do so using IRS information from this year, so anyone with a high school sophomore this year needs to be planning right now. Does it count as a: Savings Account (it's right there in the name) Investment (almost all of my HSA is invested rather than sitting in cash) For savings, the FAFSA will expect you to pay 20% of your savings as a student, and expect parents to pay 5. Unfortunately, both parents in any divorce situation count towards assets when considering financial aid. E incorrect zip code, put my parent’s assets as 0 even though I was pretty unsure of the question and I didn’t have that parent there to confirm, accidentally put the same number for adjusted gross income as “how much parent made working in 2021”, likely an incorrect parent marital status date). In order for me to sign my fafsa, I need my dad social security number. My FASFA is based on only my mom’s income. For the most part, and if we’re being realistic, FAFSA will not verify every single person’s application to make sure that it matches up with what they actually have in their bank THIS! I got denied financial aid despite having a single, unemployed parent who didn’t make much $ to begin with. In that case don't sign the box (not worth the trouble because schools will figure out in one second i. 6% of your 529 plan holdings on expenses for your son. " The problem is, that need is calculated based on the FAFSA in which my family cannot demonstrate the need. At the time we apply for FAFSA for her for college, it will likely have about $100k in it. Sure thing!! If you're worried about cost, look into community college dual enrollment options. It asks “as of today, what is your total current balance of cash, savings, and checking accounts?” I have ~$50 in my checking account but it’s bc I move my entire paycheck to either savings or to pay off credit. First, you’ll establish whether you’re a dependent student. Two kids heading to college. When a dependent student starts the FAFSA form first, it has no way of knowing if parent’s answers will qualify for asset exemption. This subreddit is unaffiliated with the Ministry of Colleges and Universities. In the 2024-25 FAFSA, you’ll report parental assets on Question 40 of the FAFSA: Oct 10, 2022 · All questions on the Free Application for Federal Student Aid (FAFSA) can generally be answered in an hour or so, but some of the questions may be a bit confusing. At least in my state (California) they also have the California College Promise Grant (can waive fees for community college), and if you get an Associate Degree for Transfer (ADT) you are guaranteed a transfer spot to a CSU campus Nope. e $1k counts as available student asset, but student's available income has $9k allowance so, $1k makes no difference unless you also had more than 8k income of your own 1040 in 2022. If you want to know more detail about our overall finances, our funding plans for college, the morality/politics/legality of FIRE folks using FAFSA, or anything beyond just the straight-up numbers or application experience, then please look at last year's FAFSA posts (links at bottom of this Contributors may provide general information and advice to students seeking help with applying for financial aid, but all students must understand that the best resource they can seek is the financial aid office at the school they are attending. I'd expect to add an extra 5 minutes for each extra contributor on your account (i. Depending on you (or spouse or parents) meeting certain income and tax filing conditions, certain questions about assets are indeed OPTIONAL and can be skipped. Optimization for Regular People However, a Roth withdrawal during a tax year that is used by FAFSA will get added to income and reduce the amount of financial aid you receive, so it is best if you can avoid a withdrawal during those FAFSA years. e. Money in a 529 is still considered a parent asset, so it's counted favorably at 5. Only 20% of it i. However, this year the question " Does the total amount of your parents' asset net worth exceed 9,900?" came up. Grandparent 529s don't count as assets, but in prior years, money taken out of a grandparent's 529 plan for the student counted as untaxed student income and counted as assets for Any assets are seen as income, so any assets will factor in (property, investments, boats, etc. 2-parent household, upper-middle class income, mortgaged primary residence, 12-mo liquid emergency fund, a few 6-figures worth of IRA/401K. No grants. For the school itself its more dependent on whether they use FAFSA only or one of the other methods (like the CSS) of determining need based, but the schools I applied to just used fafsa. Before it was the student who was able to complete everything on their account. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. My mom doesn’t work. He wants me to file as an independent (even though I don’t even pay my damn phone bill) so I can get money but I don’t get to check a box that says “independent “ or “dependent “ I just answer questions and they decide for me. My parents are divorced. Automatically skipped questions for parent FAFSA form (didn't get to input IRA or amount of savings, total cash, etc. FAFSA assesses students assets at 20% which is wildly unfavorable. My dad works & makes a lot of money. And answering a question wrong We would like to show you a description here but the site won’t allow us. Student Asset Allowance: None. All assets in the trust will be considered your assets for financial aid purposes and will be considered as available to pay for college. If both parents provided an exact equal amount of financial support or if they don't support you financially, the parent with the greater income and assets is the contributor and must provide their information. Yes, as Dependent's parent, it's through Mom. I wonder if answering yes to having someone in the house recieve these benefits made it so the assets were not required. Would providing my assets rather than skipping those questions affect my EFC? If you’re required to enter parent information on your FAFSA those assets will be included in the parent asset section. 00? On FAFSA, it gave me the option to skip providing information about my parents and my own assets due to the Simplified Needs Test. Posted by u/Frosty-Bathroom9636 - 1 vote and 1 comment I heard that if your parents make less than $50k a year you either don't have to report your parents assets or your parents assets won't be used against you. How do I answer the asset question in the asset for the parent and the asset for the student? It is not a 529 savings account and hypothetically speaking lets say $20,000 in the savings account. This is better than giving your kids money outright in their own names in a custodial account, which would count as 20%. Reply reply No-Needleworker-7706 Only house equity and retirement accounts are not counted toward assets, although they may need to be reported if the school requires a CSS for financial aid. Many colleges require additional forms such as the CSS Profile or the college's own form, considering both income and assets and often noncustodial income and assets as well, and each college has its own level of available resources and uses its own unique formula in calculating need. On the other hand, I don't want to sell the stocks if it will trigger a big tax bill. If the deed to the property is in the family's name, it is a personal asset and must be reported as an investment asset on the FAFSA. Another place to put the money is in a Roth IRA. Parent 529s count as parent assets for the purpose of FAFSA, and the maximum parent contribution is capped at 5. Assume college costs 40,000. My parents could easily take my name off of the 529 and then add it back on - catch my drift? CSS profile writes: - provide only the assets that BELONG to [me] (and if married, my spouse) - relevant for CBS I know We would like to show you a description here but the site won’t allow us. efc was 0 anyways, since i make just enough to file a tax return, and parents are low income. If your parents have $20k in credit card debt, they could pay that off with other assets reducing their FAFSA assets to $80k. Basically if your school cost less than your SAI, you won’t qualify for any need based aid. REMEMBER OPSEC. My dad keeps telling me to use my mom’s address on the form so that I will be eligible to receive financial aid. Posted by u/Born_Cartoonist_6394 - 6 votes and 19 comments Assets in an irrevocable trust do not count legally as your assets, and aren't counted unless there is a "lookback" provision for gifted assets within so many months or years of applying for benefits. 64%, so it's impact on the aid eligibility is minimal. This doesn’t sound right since his Medicaid is based on the sibling need and income not the family. Keep this is mind, as you make decisions about your next semester. And, your point is quite valid. It is counting student income. For peace of mind, you can estimate what you would be eligible for without even opening an application. Student Income Allowance: $7k. The exact percentage varies from school to school, I think there’s a law where they can’t make it more than 30 (not sure doe) but seriously most schools have it under 7% (tons of unis have it under 3% you should apply to those if you come from a low income high asset UTMAs because they are in the child’s name messes up the calculation for how much financial aid the child can get. It's unlikely to make a big difference since there's so little income based aid for grad school. However, I filled out the assets information anyways because this was before I knew what it was. The federal student aid usually isn’t enough to pay for college. Assets that parents hold (including 529 plans that they are the owner of) are assessed at 5. ) If your parents won't provide their financial information for the FAFSA and you can't claim any special circumstances, contact your college's financial aid office. That said, certain states do require these questions to be considered for state-based aid, so you'll want to make sure that you don't live in such a state. r/ApplyingToCollege is the premier forum for college admissions questions, advice, and discussions, from college essays and scholarships to SAT/ACT test prep, career guidance, and more. If you decide to skip these questions, doing so won’t affect your eligibility for federal student aid. Once someone qualifies for asset exemption solely based on either 2022 income or having received means-tested-benefits in 2022/2023, even if you own the Trump Tower or Taj Mahal, it's totally irrelevant, all assets and asset reporting are exempted from FAFSA. 65% SS tax allowance, plus 9% for NY taxes, plus a value from Table 4 which for us is $41,670. I'm 99% I said submit a new form and not renew my 2022/23 FAFSA. They might have a process called a "dependency override" that could allow you to submit the FAFSA without parental information. But you are talking about being in an out of state school, and a Pell grant and direct loans weren't likely going to cover that anyway. Money in a UGMA or UTMA account is reported as a student asset on the FAFSA. We don't have extremely high income but we do have abundant college and other savings and assets so that we don't expect any financial benefits at all from our (still being processed) FAFSA application. Sep 30, 2024 · Inheritance isn’t reported on the FAFSA but if the money was deposited into a savings it has to be reported as an asset. Your parents saved $2,400 per year by shifting their assets around with no changes to their net The extreme case is to imagine someone with $200 million in the bank who quit their job and has no income asking for financial aid. I didn’t have any questions on savings or assets. If we click that button, we are asset exempt. If you haven’t completed the 2024-25 application for classes that start this Fall, you will have to report your assets there. The changes made to the FAFSA will take effect in 2023-2024 school year and will be based on tax information from 2021. That's kind of what op is talking about. All that said, a $1000 increase in student assets only increases the SAI by $200. If you want to apply for financial aid as an INDEPENDENT student meaning you do NOT have to provide your parents tax/income info or family size info with regards to your parents here are the categories: 23 or older already completed a BS degree (any age) both parents dead part of the foster care program MARRIED at any legal age Hi, I’m was doing FAFSA by myself as a student, it asked if I, the student, filed a tax return and I clicked no, because I’m a dependent of my parents’ tax return. The company's mission is to maximize the value and utility of digital assets through our comprehensive product suite including advanced trading solutions, liquidity aggregation, tax-efficient asset-backed credit lines, a high-yield Earn Interest product, as well as the Nexo Platform and Nexo Wallet with their top-tier If you have children, it could affect financial aid for college. 366 votes, 1. I just ordered a couple of books on the whole college application process (looking for tips and tricks) and I read that when you submit a FAFSA that the 529 account gets counted as an asset. You should always contact your schools financial aid office for more complex questions as they will have access to your file. Note: Qualified education benefits or education savings accounts must be reported as an asset of the parent if the student is considered a dependent on the FAFSA form. 64% of a parent's assets are considered available funds to pay for college on the FAFSA compared to 20% of a student's assets. If you have none, you get more aid. Clearly, the financial aid system should not prioritize that person as equally needy as someone with $0 in the bank and no income. 64%. Anyone know if this is true? Also, let's say my parents make $45k and I made $10k, would that mean I have to report my parents assets because the combined income is over $50k? I just dropped my oldest of 3 off at college last month. I also think it's weird that I can't get to the "Assets" page when I enter the Financials section directly. Here is the most recent FAFSA guidelines law regarding divorced/ separated parents: "If your parents are divorced, separated, or never married, and don’t live together, the parent who provided more financial support during the last 12 months is the contributor and must provide their information. Now only $9,600 is added to your EFC. I’ve been getting correction requests for my FAFSA form and whenever I do, it’s the same problem according to the Submission Summary page: Paren’t asset information is missing. Yes, it will need to be reported as assets if you are required to report assets Changes this year have some circumstances where families do not need to report their assets one of the situations being if they’re adjusted gross income is under $60,000 from 2022. These accounts are considered my children's assets for tax purposes and financial aid purposes, correct? What should I do with these accounts? I don't want to see our financial aid need calculation drop to zero because my daughter has a $43K asset in her name. FAFSA EFC, by itself, does not tell students what they can expect to pay. Wᴇʟᴄᴏᴍᴇ ᴛᴏ ʀ/SGExᴀᴍs – the largest community on reddit discussing education and student life in Singapore! SGExams is also more than a subreddit - we're a registered nonprofit that organises initiatives supporting students' academics, career guidance, mental health and holistic development, such as webinars and mentorship Hi, I am finishing up my fafsa but one of the questions, "As of today, what is the net worth of your parents' investments, including real estate (not your parents' home)?" I am having trouble with. My guess is, the later, subtract my SFA money from my account. I wasn't required to input asset information either. My #1 bit of advice is to understand the financial aid implications of the decisions you make. Nexo is the world’s leading regulated digital assets institution. How old is your son? For middle class families, the net cost of a 4-year college is around $25,000/year now. You might know that your parent income alone doesn't qualify for free or reduced price lunch. Assets that are in the student’s name will have a far greater impact on a family’s eligibility for financial aid than assets in the parents’ names. Many retirement accounts are non-reportable, including Roth IRAs. 1st yr dependent students can receive a max of $5500 in loans. (Medicaid and VA aid and attendance use a 5-year lookback). 529 is controlled and owned by the parents/grandparents so it’s calculated as part of the parents assets at a maximum rate of 5. 6% in the FAFSA formulas. One other way the trends are away from Middle Class college financial aid: Merit awards. It only took me about 5 minutes to complete as a Single, Independent Student who's exempt from asset reporting. " Completed Parent FAFSA Form: no tax return info asked for Parent here that just filled out form for the first time. I’ve gone through the financials section in the corrections very thoroughly, and there is not a single page that asks for my parent’s asset information. 37 right there, sum of lines 19 (parent contributions), 30 (student contributions), and 36 (student assets). Feb 26, 2025 · 4 Important Facts You Should Know About Student And Parent Assets . But that’s not always the case—this girl’s parents have clearly used their wealth to support her education and she is not in need of financial aid. 6% of theirs. I am a dependent with a joint savings account with my parent. Do not post your command or name! Post all questions and discussion about recruiters, MEPS, the Delayed Entry Program, Enlisted Ratings, "A" Schools, Officer Candidate School, Boot Camp, and transferring to your first command in our sister subreddit, r/newtothenavy. Late reply sorry, but I ended up getting a pretty high FAFSA (due to the zero EFC) of like $6k or something. Your parents’ wealth shouldn’t apply yo you unless they’ve invested it in your education (which in this case they have, but not in yours) Jun 1, 2009 · the thing is that i wasn't earning interest on the account. Kudos for your frugal spending ability, but it’s no longer considered financial aid. They aren’t going to make you sell your house, but colleges take into account an x percentage of your house’s liquidity. However, in order to use financial aid, then you would eventually need proof they filed their taxes. Do you compare 56,400 to 40,000 or to (40,000 * 4) for all 4 years? Please help! Only up to 5. I'm a parent contributor filling out FAFSA for my child. Unless your parent income is really low. It is not enough info. Dec 18, 2024 · Shift Reportable Student Assets into the Parent’s Name. If you look at my income as reported on tax returns, my kids would certainly qualify for financial aid. The small business exclusion does not apply to assets that are managed by the business but not otherwise owned by the business. parents, step parent of custodial parent, spouse, etc), and another 5-10 minutes if you're required to report assets. Parent, not independent student. Will this money count against us when we do FAFSA? The trust will be in her name and my husband will be the executor. I believe that students assets are always counted, and I know that student assets affect you much more than your parents assets. The IRS is experiencing significant and extended delays in processing - everything. Now I’m worried I might have skipped a whole page, did anyone else have only two questions? Dec 27, 2024 · The FAFSA now bases reporting on the parent who provides the most financial support during the 12 months ending on the date the FAFSA is filed, rather than the parent with whom the student lives. These funds are not cash-based (like cash or bank account balances) or liquid (easily converted into cash). Under the brand new rules, FAFSA Simplification Act, the income protection limit for students has gone way up! You’ll need to your look up the new amount, but I believe you can earn several thousand dollars more w/o having it affect your financial aid. If the student is considered an independent student on the FAFSA form, the education benefit or savings account is reported as an asset of the student. i guess things would be different for a non-trad who worked full time before matriculation. I am married to the non-custodial parent of a 17yo, and while my income is NOT going to be included on the FAFSA, her "dream school" and several other private schools she plans to apply for use the CSS, which absolutely includes the non-custodial parent and their spouse (me), income and assets. " I am applying for FAFSA and I’m on the asset question. The question says, "Do you want to skip questions about your parents’ assets?" And clicking the help button: "Based on your answers to previous questions, you may skip questions about your parents’ assets. One of the new things about the 24/25 FAFSA is that now parents have to complete their portion of the FAFSA on their own account. Mar 26, 2025 · Not everyone needs to report parental assets on the FAFSA. It’s actually the entire point of the FAFSA - how much money do you and your parents make, and how much in assets do you both have. FAFSA spits out a number that is basically what they think you can afford to pay, each year, for your kid's schooling. However, all the calculators look at assets, and then take 5% per year as expected family contribution. How would I report this on the Parent Assets page on FAFSA? This is a second-year update to my post last year on our experience with FAFSA as a FIRE'd household. Hi all, I am working on my FAFSA app for the 2022 - 2023 year. Dec 18, 2024 · The FAFSA also had an asset protection allowance that shelters a portion of parent assets based on the age of the older parent. and its a very low amount, like 0 savings and some very minor assets in checking. There is a question on the student financials section that asks, "As of today, does the total amount of your current assets exceed $0. Don’t make assumptions! The laws regarding this question have changed a lot over the last few months. I was doing my parent’s section of the FAFSA and I only two financial questions which were about scholarships and foreign income and that’s it. I am wondering how they determined that specific amount to ask about, why they are asking this question, and if this is a question that everyone is receiving on this year's application? Also, old FAFSA cared a lot about assets, and the new one doesn't. . We qualified for $900/year of federal financial aid/loans. otuwp pebc ewmtsk ouex pgsjt dpmivkd hubc shpbxa iarqtey qihzl