My wife and I are retired. We have a son planning on attending college next year. We receive social security and a federal monthly pension. How are these monthly pension payments counted against FAFSA? Are they reported as income, or only the taxable part is reported? Thanks
will zero for the value of the business be the same with the new changes in FASFA 24-25 now that small business with less than 100 employees have to be disclosed. I am getting in to online ecommerce now and I will be sending my daughter to school soon so I am doing the research. She graduates HS in 12/24, I havent went so far into bussiness that if it is going to penalize me a great deal maybe I should wait. Or should I let this be a thing and move forward .I am interested to hear others thoughts that have experience in this angle of the FASFA process.
In California, the only grant a master’s student can receive is the State University Grant. When I apply for Fafsa and it asks me my assets, is there a limit for how many assets I can have to get the state university grant? Meaning, how much would be too much money in my banl account and would prevent me from getting the state university grant?
I cashed out a 401k for a roll of monopoly scratch-offs that I haven’t scratched off yet. Should I report that as an asset that worth a potential $1.9M assuming I hit 2 jackpots?
We opened a UTMA account for my son that was later converted to a 529. Is that still treated like a 529 now for financial aid or like a UTMA? The registration on the account seems to be almost like a combination of UTMA 529.
Hello, If my tax preparer didn’t report my earnings and still listed me as a dependent under my parents (I’m assuming because I didn’t make much), do I still put down how much I made when asked about my 2023 earnings on the 25-26 Fafsa form even though it is not reported on taxes?
My wife and i have over 300k income and we have 500k assets outside 401k. Can we still apply for financial aid? I used the calculator snd it said we need to pay for the whole cost.
@edwardnewsome7200 I don't know whether you know the situation before commenting. I have two kids that wanted to go to a local private colleges and each one cost $87k a year and the public colleges here are not good and going to good out of state public school still cost like $60k a year easily. $300k a year living in northeast is not a lot after health care insurance, taxes and taxes. Still need to pay mortgage, car loans etc. $87k a year tuition is like $125k before tax salary. So two kids is like over 200k before taxes there. The whole financial aid system is not Fair, my kid friend got $20k financial aid help for the same college which we got nothing. Their parents ( we know them and we talked about the college and financial aid stuff) made similar income and the difference is the they don't have much saving because they bought a million house, luxury cars. Which I have a small house and driving Honda because I know college is expensive which I have started saving for my kids. The truth is that I should have spent the $$ and not saving them. Anyway, I did apply and I got some loans from the school which is better than nothing.
Depends on your safety net and family support. For low income families or rocky situations u need cash and 20k I would say is the minimum- car problems, big bills, etc. if your more well off or at least know a family member can bail u out invest it. Worst case u can pull out an Ira for education expenses but I don’t think it’s an easy process. So best bets is a mix which is what I do. a HYSA account, so your basically getting a return on your account and have liquid money.
I am so glad that I pulled up your video. I had no idea how to answer certain questions and will look at your report - thank you!
I have money on HYSA. Will that hurt my son’s eligibility? Should I withdraw it? Saving it for a down payment to buy a house.
My wife and I are retired. We have a son planning on attending college next year. We receive social security and a federal monthly pension. How are these monthly pension payments counted against FAFSA? Are they reported as income, or only the taxable part is reported? Thanks
But they ask for value of primary residence.
What about rental properties i own?
Assets. Secondary houses and investments are assets
will zero for the value of the business be the same with the new changes in FASFA 24-25 now that small business with less than 100 employees have to be disclosed. I am getting in to online ecommerce now and I will be sending my daughter to school soon so I am doing the research. She graduates HS in 12/24, I havent went so far into bussiness that if it is going to penalize me a great deal maybe I should wait. Or should I let this be a thing and move forward .I am interested to hear others thoughts that have experience in this angle of the FASFA process.
In California, the only grant a master’s student can receive is the State University Grant. When I apply for Fafsa and it asks me my assets, is there a limit for how many assets I can have to get the state university grant? Meaning, how much would be too much money in my banl account and would prevent me from getting the state university grant?
I cashed out a 401k for a roll of monopoly scratch-offs that I haven’t scratched off yet. Should I report that as an asset that worth a potential $1.9M assuming I hit 2 jackpots?
We opened a UTMA account for my son that was later converted to a 529. Is that still treated like a 529 now for financial aid or like a UTMA? The registration on the account seems to be almost like a combination of UTMA 529.
Good video , what do you recommend one do the taxable assets in order to maximize the college aid
Hello, If my tax preparer didn’t report my earnings and still listed me as a dependent under my parents (I’m assuming because I didn’t make much), do I still put down how much I made when asked about my 2023 earnings on the 25-26 Fafsa form even though it is not reported on taxes?
My wife and i have over 300k income and we have 500k assets outside 401k. Can we still apply for financial aid? I used the calculator snd it said we need to pay for the whole cost.
You can apply but you won’t get anything. Stop being cheap just pay the money.
@edwardnewsome7200 I don't know whether you know the situation before commenting. I have two kids that wanted to go to a local private colleges and each one cost $87k a year and the public colleges here are not good and going to good out of state public school still cost like $60k a year easily. $300k a year living in northeast is not a lot after health care insurance, taxes and taxes. Still need to pay mortgage, car loans etc. $87k a year tuition is like $125k before tax salary. So two kids is like over 200k before taxes there. The whole financial aid system is not Fair, my kid friend got $20k financial aid help for the same college which we got nothing. Their parents ( we know them and we talked about the college and financial aid stuff) made similar income and the difference is the they don't have much saving because they bought a million house, luxury cars. Which I have a small house and driving Honda because I know college is expensive which I have started saving for my kids. The truth is that I should have spent the $$ and not saving them. Anyway, I did apply and I got some loans from the school which is better than nothing.
If I have 20k in my savings from highschool work should I max my Roth IRA out and keep cash atleast until I start college
What did you do with it? I gotta know
Depends on your safety net and family support. For low income families or rocky situations u need cash and 20k I would say is the minimum- car problems, big bills, etc. if your more well off or at least know a family member can bail u out invest it. Worst case u can pull out an Ira for education expenses but I don’t think it’s an easy process. So best bets is a mix which is what I do. a HYSA account, so your basically getting a return on your account and have liquid money.
Can I put a second home in a trust and have the beneficiary be a family member who is not going to apply for fafsa
I thought this as well but I think that the answer is no.
No. I asked the same question since you are still the one who has control
My child has a custodial savings account .....should i cash it out or move to my own personal savings?
Also, is there a certain balance amount that it is safe to be under? $5k, $10k, $30k
what about coverdel accounts
It's a good thing i have no savings. Wait fuck