How about a stepparent who may set up a 529; is that included in assets for FAFSA calculations? (The stepparent files MFJ with the stepchild’s biological parent. If relevant.)
It would depend on who the student's contributor is. If the biological parent with the step-parent (who setup the 529) is the contributor, then the 529 would be included in the parent's assets if the student is the beneficiary. If it was for a sibling or step-sibling or if the biological parent is NOT the contributor, then it isn't included.
So confused..if the students parent is married but separated and is on a deed (with estranged spouse- not biological parent) in a different state (NC) but resides (with sick mother ) and the child attends high school in NY. Would that house count as asset? Parent doesn’t work and taking care of ill mother and therefore living in ny with students.
If there is no income, there might not be an asset question on FAFSA. The asset question is only asked when income is above a certain threshhold. If the asset question is asked, it would be best to ask a school's financial aid office for guidance on answering the question.
Yeah........I used to make a lot of money, but I no longer have that job. Now we barely get $20K-$30K a year. Everything bad hit and never stopped hitting. But FAFSA looks at 2 years ago and says I should have a much higher EFC, even though I don't make that much anymore and probably won't ever be able to again unless I get a degree to get a job that pays that well again. I'm so stuck and feeling so broken over the cost of college and trying to figure out how to go and pay for it that I can't even see past tears.
Even though FAFSA considers your past income, many schools will adjust a financial aid award package to take your current circumstances into account. Check out our other videos on "Appealing Financial Aid."
FAFSA doesn't take into account student loans or other personal debt for neither the parents or the student. So paying off debt will not impact FAFSA results.
Colleges will expect parents to use up to 5.64 percent of their assets toward college. Assets are assessed equally, regardless if they are bank accounts or real estate.
The EFC is located at the end of the FAFSA application. It will have 2-3 0's in front of the number and no comma's. It would look like this: 0020535. For an EFC of $20,535.
There isn't a need to fill out asset information if you qualify to avoid the questions. Based on income alone, you may qualify for the highest amount of aid offered.
Not fair. Parents who work hard to make over $50k and colleges want to take their hard earned money to pay for their kids. On the other hand, students who’s parent don’t work get free ride in college.
I don’t understand the 529. Did you say it brings my income down? Does it negatively affect the Grant my son got? If it is a positive should I go back to the college to see if they will revise his grant? I forgot to put it on my fafsa. I will have to go back and insert that. Thank you so much
The 529 is considered an investment asset under the parent's section, even if the student is the beneficiary. If the 529 is put under the student's section, it will overstate EFC. It should be corrected if it was not reported at all, or reported under the student's section.
Generally, it's the age of 24 (depending on the exact birthday of the student) - but there are some other factors that could enable a student to file as independent before that - studentaid.gov/apply-for-aid/fafsa/filling-out/dependency.
i am separated I have 2 homes i owe for one and one is paid my wife lives in one and i live in the other My step son lives with me do i still need to claim the home that is paid for as a asset
This is a good question. I think it depends if the house is in both of your names or just your own. If it's in both of your names and your wife is living there, I would say no since that could technically be considered "hers" and personal residences aren't considered for FAFSA. However, if it's just in your name, it might be considered investment property, even if she is living there "rent-free". You should double check with a financial aid officer to get a more accurate response.
Unfortunately, FAFSA no longer takes into account more than one student in college. You will definitely want to appeal for more aid to colleges to explain your situation. This would be done AFTER receiving your financial aid award letter. Check out our other videos on financial aid appeals.
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if i have 25 k in my savings account should i report or no ?
This is really good information to know. These are steps that must be taken in advance since they can't be undone after the fact.
Thanks y'all
Glad it was helpful!
Hello. Thanks for information. How much money is it ok to keep in the students’s checking account?
Yes please comment on family stories so we can learn more based on real life examples. Thanks
You got it!
3:58 4:33 5:20
Thank you so much for the time stamps!
How about a stepparent who may set up a 529; is that included in assets for FAFSA calculations? (The stepparent files MFJ with the stepchild’s biological parent. If relevant.)
It would depend on who the student's contributor is. If the biological parent with the step-parent (who setup the 529) is the contributor, then the 529 would be included in the parent's assets if the student is the beneficiary. If it was for a sibling or step-sibling or if the biological parent is NOT the contributor, then it isn't included.
So confused..if the students parent is married but separated and is on a deed (with estranged spouse- not biological parent) in a different state (NC) but resides (with sick mother ) and the child attends high school in NY. Would that house count as asset? Parent doesn’t work and taking care of ill mother and therefore living in ny with students.
If there is no income, there might not be an asset question on FAFSA. The asset question is only asked when income is above a certain threshhold. If the asset question is asked, it would be best to ask a school's financial aid office for guidance on answering the question.
Please send family story. Thank you 😊
debt free degree lab and assets video please. thank you so much
Is there an updated video on this since FAFSA changed?
This video shows the summary of changes to the new FAFSA. th-cam.com/video/M1w6PhBG-SA/w-d-xo.htmlsi=_b6GybsmxIYJ6t1N
@@TheScholarshipSystem you’re amazing. Thank you. I was looking all through the videos and came across some more great nuggets so win win!
Yeah........I used to make a lot of money, but I no longer have that job. Now we barely get $20K-$30K a year. Everything bad hit and never stopped hitting. But FAFSA looks at 2 years ago and says I should have a much higher EFC, even though I don't make that much anymore and probably won't ever be able to again unless I get a degree to get a job that pays that well again.
I'm so stuck and feeling so broken over the cost of college and trying to figure out how to go and pay for it that I can't even see past tears.
Even though FAFSA considers your past income, many schools will adjust a financial aid award package to take your current circumstances into account. Check out our other videos on "Appealing Financial Aid."
As parents, if we have debt, should we pay off the debt first before applying fafsa?
FAFSA doesn't take into account student loans or other personal debt for neither the parents or the student. So paying off debt will not impact FAFSA results.
family stories, please
What percentage of equity in 2nd home is used?
Colleges will expect parents to use up to 5.64 percent of their assets toward college. Assets are assessed equally, regardless if they are bank accounts or real estate.
@@TheScholarshipSystem thank you
Can I see the EFS on my fafsa
The EFC is located at the end of the FAFSA application. It will have 2-3 0's in front of the number and no comma's. It would look like this: 0020535. For an EFC of $20,535.
2023 2024 FAFSA application let you skip the question of assets, no should parents and students skip that question?
There isn't a need to fill out asset information if you qualify to avoid the questions. Based on income alone, you may qualify for the highest amount of aid offered.
Not fair. Parents who work hard to make over $50k and colleges want to take their hard earned money to pay for their kids.
On the other hand, students who’s parent don’t work get free ride in college.
Family stories please
I don’t understand the 529. Did you say it brings my income down? Does it negatively affect the Grant my son got?
If it is a positive should I go back to the college to see if they will revise his grant?
I forgot to put it on my fafsa. I will have to go back and insert that.
Thank you so much
The 529 is considered an investment asset under the parent's section, even if the student is the beneficiary. If the 529 is put under the student's section, it will overstate EFC. It should be corrected if it was not reported at all, or reported under the student's section.
How old does a student need to be before the parents' income is no longer considered?
Generally, it's the age of 24 (depending on the exact birthday of the student) - but there are some other factors that could enable a student to file as independent before that - studentaid.gov/apply-for-aid/fafsa/filling-out/dependency.
i am separated I have 2 homes i owe for one and one is paid my wife lives in one and i live in the other My step son lives with me do i still need to claim the home that is paid for as a asset
This is a good question. I think it depends if the house is in both of your names or just your own. If it's in both of your names and your wife is living there, I would say no since that could technically be considered "hers" and personal residences aren't considered for FAFSA. However, if it's just in your name, it might be considered investment property, even if she is living there "rent-free". You should double check with a financial aid officer to get a more accurate response.
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Triplet boys...seniors ...all college bound ...single mom...ahhhhh😭
Unfortunately, FAFSA no longer takes into account more than one student in college. You will definitely want to appeal for more aid to colleges to explain your situation. This would be done AFTER receiving your financial aid award letter. Check out our other videos on financial aid appeals.
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im a older student, lol and want to minimize any extra costs. help
This video may help some too - th-cam.com/video/bY4XGeh8zm0/w-d-xo.html
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