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.
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.
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.
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.
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.
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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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!
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."
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!
debt free degree lab and assets video please. thank you so much
Please send family story. Thank you 😊
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.
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.
Is there an updated video on this since FAFSA changed?
This video shows the summary of changes to the new FAFSA. ua-cam.com/video/M1w6PhBG-SA/v-deo.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!
Family stories please
family stories, please
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.
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.
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.
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.
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.
im a older student, lol and want to minimize any extra costs. help
This video may help some too - ua-cam.com/video/bY4XGeh8zm0/v-deo.html
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