Completing the FAFSA: What Assets Can Cost Students Financial Aid

Completing the FAFSA can be overwhelming especially when there’s so much financial information your family has to share. This video explains what is FAFSA, answers to frequently asked FAFSA assets questions, which assets can cost students’ college financial aid, and how to avoid that from happening to you and your student.
00:00 Intro
01:17 Stories of Families Who Appealed
02:28 What is FAFSA?
03:25 FAFSA Changes: 2024-2025 School Year
03:56 Expected Family Contribution
05:21 Assets Factored into FAFSA
07:34 529s
08:37 How to Reduce Impact of Assets
FAFSA Website: studentaid.gov/h/apply-for-ai...
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Twitter: / scholarshipsys P.S. International Students - This information is meant for US citizens and/or residents in the United States. While many of the tips will be helpful for you (i.e. how to write a well-written essay), we are not specialized in international student scholarships.

[@TheScholarshipSystem]

Would you like to hear more family stories? Comment below your family stories and we’ll add it to the list!

[@eljardindetita5320]

Yes please comment on family stories so we can learn more based on real life examples. Thanks

[@chancejackson7283]

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

[@TheScholarshipSystem]

Glad it was helpful!

[@Marlenechm]

Hello. Thanks for information. How much money is it ok to keep in the students’s checking account?

[@maricelmaza3148]

Please send family story. Thank you 😊

[@kellysmith1507]

debt free degree lab and assets video please. thank you so much

[@kellysmith1507]

family stories, please

[@joannematik7833]

Family stories please

[@katereynolds8913]

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

[@TheScholarshipSystem]

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.

[@73MPH75]

I'm in

[@lovely1190]

3:58 4:33 5:20

[@juniorliango6478]

Thank you so much for the time stamps!

[@mdalford13]

Family Story

[@katereynolds8913]

Can I see the EFS on my fafsa

[@TheScholarshipSystem]

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.

[@atbijlani]

Family Stories

[@angestrada3519]

Family stories

[@Dinngg0]

How old does a student need to be before the parents' income is no longer considered?

[@TheScholarshipSystem]

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.

[@lenspicks]

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

[@TheScholarshipSystem]

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.

[@miriamart9712]

2023 2024 FAFSA application let you skip the question of assets, no should parents and students skip that question?

[@TheScholarshipSystem]

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.

[@emilykimaku939]

Family stories.

[@emilykimaku939]

Assets affect Fasfa

[@wolfewendy]

I'm in

[@patriciaschelinski2684]

Family Stories

[@gourzie]

Family stories

[@keishawashington4372]

Family stories

[@tcskyco5855]

Family stories

[@ericasmalls9203]

Family stories

[@JoobWei-wf5wy]

Family stories