Parents assets fafsa reddit. The decision was hers.
- Parents assets fafsa reddit I have saved up enough money now but have not paid them back. I’d suggest not committing fraud, however, your choices are yours to make. However, we do not own the house we are currently living in (renting) so the rental property does not count as a second home. Or check it out in the app stores TOPICS. And some colleges allow you to visit the financial aid office for assistance with filling out your fafsa For savings, the FAFSA will expect you to pay 20% of your savings as a student, and expect parents to pay 5. Because of their legal status they can’t really “hide” assets in like retirement accounts or 401k. Valheim; Genshin Impact Is there any chance of getting any FAFSA scholarship if parents annual income is 300K and parent asset is 2M? Advice/Help Needed Share Add a Comment. ) Start a correction 2. I was wondering how I would list a custodial account on the FAFSA — one with a particular circumstance. Locked post. For 2024-25, for divorced parents who don't live together, the requirement as to which parent must be included as a contributor is now "the parent who provided more financial support in the past 12 months" according to the Department of Education. I’m thankful. "benefits from the GI Bill are typically excluded from federal financial aid calculations. Parent, not independent student. The IRS is experiencing significant and extended delays in processing - everything. Click that after you have put in the 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. I had the same exact issue. Primary home and retirement assets are always excluded. Financial Aid - lower income, higher assets . 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. Members Online. If anyone in Mom's household received any of those benefits in 2022 or 2023, FAFSA gives you that assets exemption. New comments cannot be posted. Good chance for him to teach a bit about money. Parent Asset Allowance: I can't believe it, but if I'm reading it right, just $3,300. My question is how to fill out financial asset section. Those questions are being skipped for your parent. Open comment sort options. Optimization for Regular People Get the Reddit app Scan this QR code to download the app now. S. and International, Federal, State, or local. I bill benefits that will cover roughly half of the tuition at this school. I don't remember if FAFSA has any lookback provision. This is just for assets, income will be assest in addition to that. For FAFSA sake, I am considered an independent adult student however My mom and I have a joint bank account for personal reasons that aren't relevant here. 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. Assuming your Family size at least 3 (you and parents), less than $40,303 of AGI line amount on parents' 1040 tax files from 2022, would make you eligible for max pell, i. The only thing it asked was for assets. With all that said, remember that the majority of what is considered "aid" is simply high interest loans with a 1. 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. Filling out 2024 fafsa form as a parent/contributor for my child. I was wondering if this is okay to do? 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. The form is not asking for (or allowing me to enter) most of th financial information (ex: bank account, real estate holding info etc). Valheim; Genshin Impact; Financial Aid/Scholarships Some people are saying they filled out an asset section on their student account, but some say no. I am thinking of paying them back now. You didn’t use it for school during the academic year. Student Asset Allowance: None. 5k in savings will reduce your FAFSA money. All of the money in the account is hers and though my money from my job does get deposited into the same account, it isn't much since I'm in school and not working Also, old FAFSA cared a lot about assets, and the new one doesn't. However, because I have so much saved, my EFC is high and it will discount me from a ton of financial aid. ) Parent Income Allowance: All federal income taxes paid, plus 7. FAFSA counts $12k of that toward your EFC. Parent's AGI 2022 Taxform-1040 is within a threshold limit that, FAFSA auto-assigns a SAI=0. I don't believe $6. I used IRS data transfer tool. I currently have 13. I figured out how to solve it and thankfully I got my SAI after. Why do I need biometrics It only took me about 5 minutes to complete as a Single, Independent Student who's exempt from asset reporting. Now I’m worried I might have skipped a whole page, did anyone else have only two questions? Should I skip student assets on FAFSA? I'm confused about this option. Parent Asset . If you plug in bogus income amounts you should see that at some point that each $1 of parental assets increases EFC by 5. is this normal? currently Parent bank account reporting assets question . Be the first to comment Get the Reddit app Scan this QR code to download the app now. This is a place for Financial Aid Admins/techs/other administrative employees to provide valuable information to students and parents, to better assist them with making their Financial Aid choices. FAFSA - Free Application for Federal Student Aid. I’ve already tried the fafsa caster and watched a few videos on how to, tips etc. But yes, if you shift assets from your own accounts (20%) to your parents' 529 (5. and International, You should really use the IRS transfer tool, if you don't, you can almost guarantee that your FAFSA will be selected for verification. The financial aid information on this site is for informational and research purposes only and is not an assurance of financial aid. You should always contact your schools financial aid office for more complex questions as they will have access to your file. I have My parents kicked me out at 18 with borderline nothing, refused to fill out FAFSA, and refused to help me financially with anything. " 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. The formulas have various thresholds. 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 am 26 and this will be my first bachelor, so I am an independent student. Once the parent who provides more than 50% of the financial support for the student has been determined, that parent (and their current spouse, if applicable) should report During your application they will ask you to provide information regarding assets you or your parents have. Posted by u/Active_Gene_5396 - 1 vote and 6 comments Completed Parent FAFSA Form: no tax return info asked for Parent here that just filled out form for the first time. 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 you look at my income as reported on tax returns, my kids would certainly qualify for financial aid. I wonder if answering yes to having someone in the house recieve these benefits made it so the assets were not required. However, assets do factor into the calculation of your federal student aid, which is why they must be reported on your FAFSA. I don't thing it has anything to do with sophomore or freshman. Gaming. OSAP Q&A subreddit The Ontario Student Assistance Program ( OSAP ) is a financial aid program that can help you pay for college or university. However, generally-speaking, parent assets have a more limited impact because 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. he was asked two questions about scholarships and grants, and the other regarding foreign income. 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. The FAFSA form has not asked about any assets. Unfortunately, I guess for you, this part of the new FAFSA was really improved. Savings and investments are only assessed at about 5. Another place to put the money is in a Roth IRA. I wrote a letter explaining my goals. The 1st year my daughter did her FAFSA I only listed my Social Security Disability Insurance pension. So I am currently filling out the form and I am running into a bit of a problem. I didn’t have any questions on savings or assets. 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 The parent asset conversion rate for the 2023 – 2024 FAFSA is 12% of the total value when calculating the expected family contribution (see page 9, line 23 of the FAFSA EFC Formula Guide. Hello, So i know that retirement accounts don't count towards ones assets, but my parents are self employed and they decided to just save for retirement in a normal savings account. Open comment sort options that so they can gain access to your IRS information. 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 Other applicants will have assets excluded from their SAI calculation based on income, tax filing status, and receipt of a benefit from a federal means-tested benefit program. Only 20% of it i. We have been living abroad for more than 10 years and has not payed any taxes in the past ten years since he has not been residing in US. Yes you need to accurate provide this information. We currently have a house that we rent out. In fact, step-parent assets are also included as well. This is a place And, your point is quite valid. Hello, first kid going to college 22-23 school year. Once you are determined for max pell, assets reporting is also exempt for you. I'm an incoming M3 and recently got married. 64% on the FAFSA; The FAFSA exempts certain applicants from asset Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. CSS schools are all unique in their handling of financial aid and they can do whatever they want with their funds. (Medicaid and VA aid and attendance use a 5-year lookback). The decision was hers. The Reddit Law School Admissions Forum. I thought that will qualify her for need based financial aid. With valuations like this, it pays to make sure assets are allocated correctly. Nexo is the world’s leading regulated digital assets institution. Kudos for your frugal spending ability, but it’s no longer considered financial aid. Don’t over think this. But child support is apparently counted as an asset in the new FAFSA. This approval percentage is based on students with a Sallie Mae undergraduate loan in the 2018/19 school year who were approved when they returned in 2019/20. So u have to make another correction and when you do go to the top right where it says save. I have two kids in college. Valheim; Genshin Impact; there may be other situations where you could avoid reporting assets on FAFSA, but those are the ones that I can think of. Very flawed law indeed. If your adjusted gross income on your tax forms is less than $60,000, then you are exempt from having to report assets. Hi guys! My parents have a rental property in another state which is being rented out to another family member. r/SeriousConversation is a Get the Reddit app Scan this QR code to download the app now. This asset exclusion effectively replaces the SNT from the EFC formulas. parents, step parent of custodial parent, Get the Reddit app Scan this QR code to download the app now. Gaming 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. And the rules are so flawed. The following applicants are eligible for the asset exclusion provision: FAFSA needs to admit that they are a major fuck up this year and let these students (all students) attend school on the federal government’s dime for the 24/25 school year. We qualified for $900/year of federal financial aid/loans. However, all the calculators look at assets, and then take 5% per year as expected family contribution. Post any questions you have, there are lots of redditors 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. If one parent pays child support to the other parent, the child support paid counts for the payer when determining which parent is a required contributor on the FAFSA form. If your parents have $20k in credit card debt, they could pay that off with other assets reducing their FAFSA assets to $80k. But i would highly recommend attending a fafsa orientation. How would I calculate this worth on FAFSA? my EFC was always less than 1k and I would receive financial aid for 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. 6k invested in a Roth IRA. All 529s held by dependent students and parents are treated as normal parent assets by FAFSA. 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 accounts or tax forms. However, in my situation I live with my mom and step-dad (whose retired) and based on FAFSA rules i was required to put down my step-dad as my second parent even though he’s not paying for my college and my biological 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. I have some small streams of income which cover living expenses, and also a good chunk of assets. 60 in financial aid. Hi all, Looking to make some corrections to my FAFSA form, it asks for "Parents' Net Worth of Current Investments". 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. 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. FAFSA with undocumented parents Financial Aid/Scholarships I’m helping a kid with undocumented parents enroll in college (he’s a U. This means that they are subject to a progressive assessment that caps out at 5. I was wondering if the rent payment we receive from the tenants on the second floor of our primary home counts as "net worth of your parents' investments". My parents love their new kids and helped them pay for college and let them live with them well into adulthood. 2-parent household, upper-middle class income, mortgaged primary residence, 12-mo liquid emergency fund, a few 6-figures worth of IRA/401K. 6% of theirs. In general, you don't need to report assets that you hold to the IRS, only the gains you make from selling them, because assets are not income and are not taxed at the federal level. It says skipping won't affect eligibility, but will they assume that I do or don't have a certain amount of money if I skip? If you’re a law student you should be considered an independent for FAFSA. You can’t hide income or assets. And yeah, income/assets and taxes paid are converted to U. 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. I know it's pulling from my taxes but it didn't ask about child support or assets or anything that the SAI estimator calculator asked me. My mom is my single parent and her wage is <$20k/yr, with about $10k/yr from social security. Two kids heading to college. 65% SS tax allowance, plus 9% for NY taxes, plus a value from Table 4 which for us is $41,670. There's a "relatively" low limit for Federal Student loans (for undergraduates), so in theory there's an upper limit on how much trouble someone could get into. The federal financial aid formula will assess 5% per year per student of parental assets. It never asked me anything about my parent's income or any other questions of that sort for the 2022 year. Even need based financial grants from the Federal government for the students from lower income families are not amazingly generous (< $7k per year). I HAVE THE SAME ISSUE !! 😭😭my only worry is that if I sign w/o putting my husbands info how would the system determine how much $$ im getting bc it has not asked any questions regarding assets/tax info/ income info 😭 Regarding the deadlines i am currently working on my bachelors and will graduate in may but my school doesn’t offer a masters program which is why im But, there are no simple FAFSA income limits, or income cutoffs on financial aid eligibility, in part due to the complexity of financial aid formulas. I do have low income, specifically less than 60k in 2022 My parents are on Calfresh and Key reason I ask - the CSS profile and the school-specific financial aid forms ask for MY / student assets, but not parent assets. Student assets question So I have $15k in savings in one bank, and about $2,900 in another in both checking and savings combined. Okay, So basically I'm filling out my FAFSA for school and it's asking me to state my " As of today, what is your total current balance of cash, savings, and checking accounts? " I feel that the amount I have will affect my financial aid. 56%), you are reducing the amount that FAFSA calculates as EFC (expected family contribution). I received no federal financial aid, but I did receive state financial aid (CA, going to a public school). Additionally, Hiya there! 🐦👍 I'm not too familiar with Reddit, so forgive me if this post is improper. Posted by u/Direct-Percentage-67 - 1 vote and 2 comments I am now going to be transferring to a 4 year and will finally be independent of my parents' income (they make 300k+ a year and will not pay for any schooling). 00?". Sort by: Best. It leaves very little room for the student to confuse which parent should be listed. Or check it out in the app stores The form is also full of bugs so if something's wrong your financial aid office will end up telling you and you'll have time to correct it. 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. ☺️ Any assets are seen as income, so any assets will factor in (property, investments, boats, etc. - only the student must be a U. citizen, permanent resident or other eligible noncitizen. Your parents saved $2,400 per year by shifting their assets around with no changes to their net Parent won’t give bank account assets for FAFSA. Share Sort by: Best. " I clicked the little question mark symbol next to this question, and according to the pop-up, FAFSA defines "assets" to include: money in cash, savings, and checking accounts; The FAFSA has always required you to use the parent you lived with (primarily) and provided you the most support. If you have a lot, you don’t get much aid. But if it’s a ton of money they have saved, they are sorta screwed. I wasn't required to input asset information either. Filling out government forms is a good life skill and the FAFSA is often the first one a young person encounters. How would I report this on the Parent Assets page on FAFSA? My father has a SSN for when he worked in US between 2004-2012, he is not a US citizen. If it helps I’m a dependent student claimed by my parents in their taxes. 1 You must apply for a new loan each school year. If you’re required to 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. I'm 99% I said submit a new form and not renew my 2022/23 FAFSA. HOPING this is good news. Even Parent 529s count as parent assets for the purpose of FAFSA, and the maximum parent contribution is capped at 5. If you have none, you get more aid. In other words, for every $100 you have invested in a 529 plan, your son would only "lose" $5. Unless the parents earn more than $350,000 a year, have only one child and that child will enroll at an in-state public college, they should still file the FAFSA form, as there is a good chance they may qualify for federal student aid or state or Perhaps you filled out your form first, parent provided income that made his/her entire family eligible for asset reporting exemption, and by the time your syster started her form she is already identified as someone from the same family that's eligible for asset reporting exemption. No, your SAI will be influenced by 5. 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. 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. This has nothing to do with their tax So I was accepted to an amazing three-year MD program and have G. Internet Culture (Viral) Amazing Non SSN Parents - SAI not calculated - assets not saving This is a place for Financial Aid Admins/techs/other administrative employees to provide valuable information to students and parents, to better assist them with If you have children, it could affect financial aid for college. 04% up front load. When it got to my February 2001, I visited my university and met with the Financial Aid Director. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. It’s possible depending on how much, 5% of all required reported parent assets impact SAI and 20% of all reported student assets impact SAI. Post any questions you have, there I just dropped my oldest of 3 off at college last month. our community is the best way Get the Reddit app Scan this QR code to download the app now. Student income Student assets Parent income Parent assets Aside from home equity, retirement accounts are also not looked at in FAFSA. Pls don't spread incorrect information. 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 the student and reduce I am filing as an independent student for FAFSA. We have ~$60,000 in ETF's/CD's/etc, which will really cut into our Pell Grant. Hey, it's showing that my parents have to input their income/assets. If you don't know, CSS is the second financial aid application used in the US by about 300 elite Unfortunately, both parents in any divorce situation count towards assets when considering financial aid. I am a parent of a senior and I make a bit under 60k a year. How can we update the FAFSa to include missed assets? Below, we provide a detailed look at which FAFSA parent assets are reportable as well as those that are not. I have about $30k in savings at the moment. 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. But my husband (her father) passed away this year and I received a large chunk of life insurance money. One or more of the below factors are the real culprits (good kinda culprits that give assets-reporting-exemption) for that. At this point in your life, it is even more important than understanding the tax consequences. I am a dependent with a joint savings account with my parent. My older brother is the account holder, and not my legal guardian. All schools I applied to are holding zoom seminars. Is this just for them to determine EFC? I’ll take any advice or reassurance! raids, deportations, etc. Students can be selected at random to audit their FAFSA information through colleges. Parents Home Asset on FAFSA . In any case, if your parents AGI on their 1040 This is a place for Financial Aid Admins/techs/other administrative employees to provide valuable information to students and parents, to better assist them with making their Financial Aid choices. He has payed his taxes at the time. My mother is intending on mostly helping pay school while I pay for my own car. FAFSA pulls your parents taxes. My parent section and my sons section were greyed out for assets, etc as well. I understand I do not need to include value of my primary home and any retirement balances. I'd definitely appeal for more financial aid if I were you though. Financial Aid/Scholarships I'm sure I am not in a unique position. REMEMBER OPSEC. The best place on Reddit for admissions advice. Don't post questions related to that here, please. Valheim; Genshin Impact This is a place for Financial Aid Admins/techs/other administrative employees to provide valuable information to students and parents, to better assist them with making their Financial Aid choices. Reply reply [deleted] • Those were not skipped for my FAFSA - Free Application for Federal Student Aid. Internet Culture (Viral) this form is the parent FAFSA form for the student) Share Add a Comment. If you decide to skip these questions, doing so won’t affect your eligibility for federal student aid. It keeps dumping me down into the sign and submit section and the financial section shows a green check mark as if it was successfully completed. Would you rather have $100 in a 529 plan or qualify to borrow $5. Now only $9,600 is added to your EFC. he was able to complete and sign it tho. Now, they were filled out when I submitted but she said their has been a buh where it the information gets deleted. Clearly, the financial aid system should not prioritize that person as equally needy as someone with $0 in the bank and no income. I recently just submitted my FAFSA for the 24/25 year. 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. Open menu Open navigation Go to Reddit Home. " The serious side of Reddit. My #1 bit of advice is to understand the financial aid implications of the decisions you make. this isn't what we had to do last year. No significant assets otherwise, no ear-marked college savings. i was finally able to fill out my 2024-2025 fafsa today. Income tax amount is on IRS Form 1040—line 56 minus line 46; 1040A—line 28 minus line 36; or 1040EZ—line 10. FAFSA EFC, by itself, does not tell students what they can expect to pay. Valheim; Genshin Impact; also i was just making sure because in this case my parents assets are basically their whole life savings. I don’t think they have ITINs either. Valheim; Genshin Impact It's just like the option if you want to report your parent's assets. Hi. When a dependent student starts the FAFSA form first, it has no way of knowing if parent’s answers will qualify for asset exemption. They paid for things like car deposit, down payment for home and things like that back when I had no money. 7k in my checkings, and 6. Check out the sidebar for intro guides. For the "Parent Assets" on the form, do i ACTUALLY have to input the total amount of what my parents (Married, file jointly) earned in 2022? Is there a way to check? Does it say it somewhere on my parent's tax return form or something? (Same thing applies for the "Annual Child Support Received" section) Hey guys, it’s been a tough war with FAFSA but I think the tide is turning 🫡 I had submitted everything but my SAI could not be calculated so I chatted with a live agent and she told me that the parent financials were blank. You sign the FAFSA under penalty of perjury. 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 View community ranking In the Top 10% of largest communities on Reddit. What if I don’t have a section for assets at all for parents and students for fafsa? Fafsa had come know that you were qualified for exemption from reporting assets, after you have filled out the form under parent's account, So, it doesn't matter anymore to fafsa what you and parent have in your assets - crypto or Trump Tower, just doesn't matter. ) Put in the parent assets 3. I submitted all my bank statements and tax returns, W-2s, lease for rent showing only my name . Is it necessary to shift my assets into her name to Is FAFSA requiring you guys to answer about your parent's assets for 2022-2023? I remember last year the question was optional and now they're requiring an answer for it. 60? 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. 5K subscribers in the FAFSA community. Since the parents assumed contribution amount is already more than the school cost it is unlikely you would qualify for financial aid, so you would be expected to pay the full cost, less any potential merit aid or scholarships. ). Her father can work with his daughter to fill out FAFSA using both of your incomes and assets. I get SSDI and VA Pension (Veteran) both are Tax exempt. Basically if your school cost less than your SAI, you won’t qualify for any need based aid. It's unlikely to make a big difference since there's so little income based aid for grad school. This is what you agree to when you sign the FAFSA form: If you are the student, by signing this application you certify that you (1) will use federal and/or state student financial aid only to pay the cost of attending an institution of higher education, (2) are not in default on a federal student loan or have made satisfactory Parents are not required to have any kind of status in the U. So I wanted to use the lower-income parent, who still supports me if that is legally allowed. This is a massive shit show. Well the good (or bad!) news is that graduate programs rarely qualify for need based grants or subsidized loans (outside of grants for teaching degrees) so you shouldn't worry about how your current assets will impact your potential financial aid package. The statement that Harvard makes regarding the free tuition applies generally to households with "typical assets", which I'm guessing probably wouldn't include owning a business. 5k in my savings (ally bank), 3. My financial advisor said it will not hurt us too Get the Reddit app Scan this QR code to download the app now. Last year my income was low (under 10K), but my assets (in my taxes reported to the IRS) are high. Reply reply Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. My (step)father won’t provide me his bank account info because he’s not comfortable sharing it, where I know he has a good amount due to recently selling a house and what not. In this portion, it says that we can't include student financial aid with our student assets, however, I was one of those people who put all those disbursed checks into their savings account. If they did not ask for asset information, that is because you meet the criteria to be exempt. FAFSA - Free Application for Federal Student Aid Members Online • fatquoka . 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. 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. 64%, so it's impact on the aid eligibility is minimal. the parent with the greater income and assets is the contributor and must provide their information. 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. Reddit is not a substitute for a real lawyer. This fall will be first year filling out fafsa. If it does, the amount may be negligible. /r/immigration The assets that your parents own definitely factor into the efc calculation. What are Parent Assets on FAFSA? The FAFSA requires you complete sections regarding your family’s assets and net worth of investments. SAI = 0. It is going to ask about student assets by default this We did FAFSA today and we forgot to include one of our asset value in parents assets. Skip to main content. Reply reply the largest community on reddit discussing education and student life in Singapore! SGExams is also If they do use CSS, then it could be better or worse, it depends on the specific school and their specific financial aid policies. 5k in savings, then they will determine what to do. 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. My spouse and I are both attending college and filling out the 2024/25 FAFSA - like everyone we want to maximize our SAI (new version of EFC). Meaning they won’t need your parents information so I can’t see how you’re able to skip student assets. tax indy was required. 64% per year and have the same impact as cash, taxable brokerage, rental properties, and any of the other normal parent asset types. Valheim; Genshin Impact Should I subtract student loan debt from assets? (parent, not student) Should student loan debt be subtracted from assets when reporting assets in fafsa? Thanks. I kept refreshing every 20min or so since this morning (sometimes a little more, sometimes less). citizen). Many families are confused about what they 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. Your cash assets include all the money you currently have in savings and checking accounts – even money Both parent and student-owned assets can have an impact on financial aid eligibility. I am not eligible for any financial aid using the higher income parent but they also don't provide me with any support anymore. The Financial Aid Director did an override as I proved I was independent. Do I have to report the total? Get the Reddit app Scan this QR code to download the app now. 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. Below a certain income, assets are not considered at all. The first Hermès group on Reddit dedicated to orange box So say your parents have $100k in assets. 6% for financial aid. One other way the trends are away from Middle Class college financial aid: Merit awards. The government does expect things like an inheritance to be used towards educational expenses. 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. I pay about 50% of my tuition and living expenses using financial aid (rest is scholarship and savings as I'm nontrad) My husband has quite a bit of assets (~$500,000 cash that we are saving for a house and we have an investment property together but it is only about 1/3 paid off (~75k) My husband is not contributing to my medical 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. e. dollars. is that normal too for this year? Reply reply How are they calculating student/parent income for the new Fafsa Application? The Reddit Law School Admissions Forum. i finished the student section and sat by my dad as he did his portion. Your situation might be different then mine and there’s always differing assets, etc. This subreddit is unaffiliated with the Ministry of Colleges and Universities. The accountant and the financial aid people at multiple medical schools have confirmed this. If you don't report assets, you'll be automatically disqualified from institutional aid like need based scholarships but can still qualify for government loans or merit based scholarships. Got in just after preparing dinner for my kids. All assets in the trust will be considered your assets for financial aid purposes and will be considered as available to pay for college. We've thought about giving most of these assets to one of my parents. The FAFSA will take into account your parents retirement savings. No grants. I'd expect to add an extra 5 minutes for each extra contributor on your account (i. Private student loans are a different story, however. It’s a good idea for student to fill out FAFSA, with a parent assisting them. Valheim; Genshin Impact; FAFSA - Free Application for Federal Student Aid ADMIN MOD Parents Assets . Join our community, read the PF Wiki, and get on top of your finances! If my name was added to my parents' joint checking account, is their bank account considered part of the student's assets for FAFSA? I am only there for POA reasons/in case one of them is ever incapacitated. I was afraid to sign and submit. It is not enough info. 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. at the time you are completing the FAFSA, you, your parents, or anyone in your parents' household did NOT receive any of these benefits 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 This is primarily a US Navy-centric subreddit, but all are welcome. Student Income Allowance: $7k. 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 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. I do about 300 FAFSA's a school year and the assets question has only been optional a handful of times (~6) in the three years I've been doing them. Since she had no income in 2022 she had no financial questions. 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? This is a place for Financial Aid I have around 3k saved up in my bank account for the purpose of buying a car. Several of the schools our child applied to no longer give "merit awards" instead meeting "100% of demonstrated need. " The problem is, that need is Student assets increase the SAI by 20% of the asset value on the FAFSA; Parent assets are assessed on a bracketed scale, increasing the SAI by up to 5. Hey there, I found this link rn and immediately jumped into Reddit to look up every A2C post about complicated parent relationships and financial aid to share this with y'all: https: I am aware that recipients of Medicaid and other welfare programs in 2023 are eligible for being an Applicant Exempt from Asset Reporting (similar to Simplified Needs Test from old FAFSA). the thing is, he didn't have to enter any tax info at all. Share Add I filled out the fafsa last year. I've filled out my FAFSA and parental information (I only have one parent who makes less than 10k and hasn't claimed me in over eight years), but my total asset amount is around 40k that I had to report to FAFSA. I owe my parents some money. There are a few exceptions to this if you file certain tax forms, but the fafsa would know that after pulling info from the IRS. I was wondering if FAFSA compares the amount of money I put in for my parents assets between different applications for the question "As of today, does the total amount of your parents' current assets exceed $0. Parents in this situation just use all Zeros in place of the SSN which allows for the FAFSA to be processed. My parents hate each other and my step-parents never liked me so I got stuck in the middle of everything. Internet Culture (Viral) This is a place for Financial Aid Admins/techs/other administrative employees to provide valuable information to students and parents, to better assist them with making their Financial Aid choices. So step by step: 1. 67 cents, and each $1 of your assets increases the EFC by 20 cents. This means that receiving GI Bill benefits doesn't reduce eligibility for other types of federal aid" Reply reply Top 7% Rank by size . Whoever gets an automatic SAI=0, also gets exemption from reporting assets. Get the Reddit app Scan this QR code to download the app now. I have two adopted children (not the college student) who recieve reduced lunches and state medical coverage. 9. The college is asking for them to complete a parent asset form. Members Online • Yes, as Dependent's parent, it's through Mom. 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. Anyone have This is a place for Financial Aid Admins/techs/other administrative employees to provide valuable information to students and parents, to better assist them with making their Financial Aid choices. Once you provide the fact that you aren't working, but have $6. FAFSA Form 2024-2025, Parents marriage and support any advice found here IS NOT legal advice. I have no assets so I wouldn’t know the answer to this. dspm zccq awpms ynx shlya qszer efnuk gjtpyc cvfyy pctfh