Parents assets fafsa reddit 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. Now only $9,600 is added to your EFC. 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. 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. It is counting student income. All… Well, the FAFSA decides how much your kids qualify for in loans. 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. Many retirement accounts are non-reportable, including Roth IRAs. 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. 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. 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. 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. 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. And, your point is quite valid. Only 20% of it i. Unless your parent income is really low. 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. 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. 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. However, the asset protection allowance is $0 for 2025-2026, a decrease from a peak of $84,000 in 2009-2010. If we click that button, we are asset exempt. I am a dependent with a joint savings account with my parent. 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. I have searched high and low and am still not sure how to characterize my Health Savings Account (HSA) when reporting financial information. 65% SS tax allowance, plus 9% for NY taxes, plus a value from Table 4 which for us is $41,670. All assets in the trust will be considered your assets for financial aid purposes and will be considered as available to pay for college. I am completely financially dependent on my dad. FAFSA counts $12k of that toward your EFC. Student Income Allowance: $7k. " I am applying for FAFSA and I’m on the asset question. 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). 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. 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. 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. I am 19 years old & have been living with my dad for the majority of 2022. Hi all, I am working on my FAFSA app for the 2022 - 2023 year. 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. Parent 529s count as parent assets for the purpose of FAFSA, and the maximum parent contribution is capped at 5. Automatically skipped questions for parent FAFSA form (didn't get to input IRA or amount of savings, total cash, etc. 366 votes, 1. All that said, a $1000 increase in student assets only increases the SAI by $200. Another place to put the money is in a Roth IRA. 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. 64% of parent assets, but is that very year or for the full 4 years? Say parent asset is 1,000,000. ). This subreddit is unaffiliated with the Ministry of Colleges and Universities. Don’t make assumptions! The laws regarding this question have changed a lot over the last few months. 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. FAFSA EFC, by itself, does not tell students what they can expect to pay. 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. Let’s start with some College-Admission- Financial-Aid Alphabet Soup. The living accommodations and meals provided by the parent to the student can be considered to be in-kind support. 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). I'd expect to add an extra 5 minutes for each extra contributor on your account (i. i guess things would be different for a non-trad who worked full time before matriculation. . 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. 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. I believe that students assets are always counted, and I know that student assets affect you much more than your parents assets. 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. Kudos for your frugal spending ability, but it’s no longer considered financial aid. My mom doesn’t work. My #1 bit of advice is to understand the financial aid implications of the decisions you make. That's kind of what op is talking about. However, in order to use financial aid, then you would eventually need proof they filed their taxes. Yes you need to accurate provide this information. 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 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. 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. I know you are trying to help but this assumption that SAI doesn't count student income is very harmful. 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 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. 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. 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. 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. 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. When a dependent student starts the FAFSA form first, it has no way of knowing if parent’s answers will qualify for asset exemption. Money in a 529 is still considered a parent asset, so it's counted favorably at 5. If you haven’t completed the 2024-25 application for classes that start this Fall, you will have to report your assets there. Unfortunately, both parents in any divorce situation count towards assets when considering financial aid. 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. I wasn't required to input asset information either. " The problem is, that need is calculated based on the FAFSA in which my family cannot demonstrate the need. I have some small streams of income which cover living expenses, and also a good chunk of assets. Mar 26, 2025 · Not everyone needs to report parental assets on the FAFSA. FAFSA assesses students assets at 20% which is wildly unfavorable. The federal financial aid formula will assess 5% per year per student of parental assets. All Income and Assets on the tax returns are subject to review on the FAFSA. 2-parent household, upper-middle class income, mortgaged primary residence, 12-mo liquid emergency fund, a few 6-figures worth of IRA/401K. 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. It only took me about 5 minutes to complete as a Single, Independent Student who's exempt from asset reporting. 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. 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. It is going to ask about student assets by default this way. Don’t over think this. 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. 6% of your 529 plan holdings on expenses for your son. 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. FAFSA just provides schools with a benchmark; what the school decides to do with it is entirely up to them. 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. Assets that parents hold (including 529 plans that they are the owner of) are assessed at 5. He refuses to give it to me. It seems like all you need to do is minus what my parent's still owe from the price they bought it for. 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. Do not include any amount that was financial aid (especially loans). Yes, correct. If you look at my income as reported on tax returns, my kids would certainly qualify for financial aid. Student income Student assets Parent income Parent assets Aside from home equity, retirement accounts are also not looked at in FAFSA. If you have none, you get more aid. 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. Sure thing!! If you're worried about cost, look into community college dual enrollment options. ed. We're parents of a daughter who will be starting college this fall, and I'm wondering the same thing about our FAFSA application. 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. 5. If you have a lot, you don’t get much aid. 6% in the FAFSA formulas. 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. It's unlikely to make a big difference since there's so little income based aid for grad school. So if they think the parents can afford it, they won't give the kids loans and put the burden on the parents. gov), there is a fafsa4caster on the bottom right. For peace of mind, you can estimate what you would be eligible for without even opening an application. The IRS is experiencing significant and extended delays in processing - everything. 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. 20% for student assets. At the time we apply for FAFSA for her for college, it will likely have about $100k in it. We qualified for $900/year of federal financial aid/loans. 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. 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. But if it’s a ton of money they have saved, they are sorta screwed. They aren’t going to make you sell your house, but colleges take into account an x percentage of your house’s liquidity. This doesn’t sound right since his Medicaid is based on the sibling need and income not the family. 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. 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. One other way the trends are away from Middle Class college financial aid: Merit awards. (Medicaid and VA aid and attendance use a 5-year lookback). Before it was the student who was able to complete everything on their account. 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. You didn’t use it for school during the academic year. 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. 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. Assume college costs 40,000. 64%. And the rules are so flawed. 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. 64% is 56,400. 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. 6% of theirs. You might know that your parent income alone doesn't qualify for free or reduced price lunch. REMEMBER OPSEC. 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. I don't remember if FAFSA has any lookback provision. 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. There is a question on the student financials section that asks, "As of today, does the total amount of your current assets exceed $0. 37 right there, sum of lines 19 (parent contributions), 30 (student contributions), and 36 (student assets). However, we do not own the house we are currently living in (renting) so the rental property does not count as a second home. Do you compare 56,400 to 40,000 or to (40,000 * 4) for all 4 years? Please help! Only up to 5. Several of the schools our child applied to no longer give "merit awards" instead meeting "100% of demonstrated need. 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. This is better than giving your kids money outright in their own names in a custodial account, which would count as 20%. If it’s a parent asset, less than 6% is counted. Feb 26, 2025 · 4 Important Facts You Should Know About Student And Parent Assets . FAFSA spits out a number that is basically what they think you can afford to pay, each year, for your kid's schooling. The FAFSA considers students’ assets and parents’ assets differently. based on your parent AGI you don'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. However, all the calculators look at assets, and then take 5% per year as expected family contribution. (I. Parent Asset Allowance: I can't believe it, but if I'm reading it right, just $3,300. 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. Two kids heading to college. 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. Basically if your school cost less than your SAI, you won’t qualify for any need based aid. 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. I wonder if answering yes to having someone in the house recieve these benefits made it so the assets were not required. Dec 18, 2024 · Shift Reportable Student Assets into the Parent’s Name. 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. My dad keeps telling me to use my mom’s address on the form so that I will be eligible to receive financial aid. Student Asset Allowance: None. I'm in the same situation. 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. 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. No significant assets otherwise, no ear-marked college savings. 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. At this point in your life, it is even more important than understanding the tax consequences. Meaning, every year, the FAFSA formula would expect you spend down 5. 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. Obviously I cannot remember the exact amount from 4 months ago. and its a very low amount, like 0 savings and some very minor assets in checking. My dad works & makes a lot of money. 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. I'm 99% I said submit a new form and not renew my 2022/23 FAFSA. Please don't make assumptions, especially if you are not a financial aid professional. 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. S. You should always contact your schools financial aid office for more complex questions as they will have access to your file. It never asked me anything about my parent's income or any other questions of that sort for the 2022 year. 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. I also think it's weird that I can't get to the "Assets" page when I enter the Financials section directly. 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. It is not enough info. 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. Yes, as Dependent's parent, it's through Mom. 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. 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. I didn’t have any questions on savings or assets. 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, 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. If you decide to skip these questions, doing so won’t affect your eligibility for federal student 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. In fact, step-parent assets are also included as well. 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. In order for me to sign my fafsa, I need my dad social security number. Clearly, the financial aid system should not prioritize that person as equally needy as someone with $0 in the bank and no income. 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. 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. 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. First, you’ll establish whether you’re a dependent student. I have two adopted children (not the college student) who recieve reduced lunches and state medical coverage. The federal student aid usually isn’t enough to pay for college. 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. And answering a question wrong We would like to show you a description here but the site won’t allow us. On the other hand, I don't want to sell the stocks if it will trigger a big tax bill. 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. Typically, parents of unmarried undergraduates below the age of 24 will need to complete this question. 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. However, I filled out the assets information anyways because this was before I knew what it was. The small business exclusion does not apply to assets that are managed by the business but not otherwise owned by the business. 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. 1st yr dependent students can receive a max of $5500 in loans. " Completed Parent FAFSA Form: no tax return info asked for Parent here that just filled out form for the first time. How old is your son? For middle class families, the net cost of a 4-year college is around $25,000/year now. 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. However, this year the question " Does the total amount of your parents' asset net worth exceed 9,900?" came up. Like the others said, your parents might have a high asset-to-income ratio. These funds are not cash-based (like cash or bank account balances) or liquid (easily converted into cash). Money in a UGMA or UTMA account is reported as a student asset on the FAFSA. The changes made to the FAFSA will take effect in 2023-2024 school year and will be based on tax information from 2021. 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. I know it's 5. So say your parents have $100k in assets. e. This is primarily a US Navy-centric subreddit, but all are welcome. Late reply sorry, but I ended up getting a pretty high FAFSA (due to the zero EFC) of like $6k or something. Key reason I ask - the CSS profile and the school-specific financial aid forms ask for MY / student assets, but not parent assets. 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. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. All questions about federal student aid, the FAFSA, and financial aid verification must be posted on this thread. Parent Income Allowance: All federal income taxes paid, plus 7. If anyone in Mom's household received any of those benefits in 2022 or 2023, FAFSA gives you that assets exemption. I just needed a place to vent on this as well. Parent, not independent student. and International, Federal, State, or local. 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. Hi guys! My parents have a rental property in another state which is being rented out to another family member. My parents are divorced. 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. 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. I'm a parent contributor filling out FAFSA for my child. Will this money count against us when we do FAFSA? The trust will be in her name and my husband will be the executor. Nexo is the world’s leading regulated digital assets institution. 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. 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. No grants. The question asks if the parent or any family member received Medicaid. 64% for financial aid. My FASFA is based on only my mom’s income. 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. 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). 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. Parental assets, meanwhile, I think, are only assumed to have 6% be available for expenses. Keep this is mind, as you make decisions about your next semester. They might have a process called a "dependency override" that could allow you to submit the FAFSA without parental information. If your parents have $20k in credit card debt, they could pay that off with other assets reducing their FAFSA assets to $80k. In that case don't sign the box (not worth the trouble because schools will figure out in one second i. My guess is, the later, subtract my SFA money from my account. 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. Very flawed law indeed. efc was 0 anyways, since i make just enough to file a tax return, and parents are low income. 64%, so it's impact on the aid eligibility is minimal. No. 4K comments. See full list on grantford. parents, step parent of custodial parent, spouse, etc), and another 5-10 minutes if you're required to report assets. Not an expert but I believe student assets are weighed heavily with something like 20% assumed to be available to pay for education expenses. On the FAFSA home page (fafsa. irygb ltvtx txjkk gzgcbfkl wng qmzayk cfv zjmluug eluwzc cxvybh