Fafsa assets question reddit. Student assets question.

Fafsa assets question reddit In any case, if your parents AGI on their 1040 tax return from 2022 was around $20k as you say, you'll get an automatic SAI = 0, assets don't matter as those are exempted in SAI Student assets question. Don't post questions related to that here, please. This was earlier known as the Expected Family Contribution (EFC), which is being phased out and transitioned to SAI with effect from the 2024-2025 award year. Applicants online may be able to skip asset questions if the student qualifies for a maximum Federal Pell Grant; 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. armed forces for purposes other than training? Yes, it will need to be reported as assets if you are required to report assets. So this is a new question on the Fafsa my mom encountered. OSAP Q&A subreddit The Ontario Student Assistance Program ( OSAP ) is a financial aid program that can help you pay for college or university. Last year, I pretty much had no money at all so I think I put either $0 or $1000 last year. Thank you Nope. But child support is apparently counted as an asset in the new FAFSA. THAT IS A FACT. I have about $35K in savings (leftovers from my college fund), which seems high for a recent college graduate. Based on your answers to certain questions on the Free Application for Federal Student Aid (FAFSA®) form, you may be given the option to skip additional questions about your income and assets. The formulas have various thresholds. IT LITERALLY SAYS SO RIGHT NEXT TO THE QUESTION. In regards to the assets question on FAFSA - “do you and your spouses assets exceed $$$$?” Do I need to report the $1000 from the plasma donations? If so, that amount puts me beyond the asset limit. Would providing my assets rather than skipping those questions affect my EFC? I'm currently filling out the FAFSA for the 2018-2019 school year and I'm at a loss deciding if I should answer questions about my own assets or not, as they give you a choice on the application. Neither my income or my assets have changed much. But that is where I get my income from. The student asset questions are optional if certain income and tax filing situations are present for parents and student. ) 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. Edit because of downvotes: If you object to the way the federal government determines eligibility for financial aid, you should lobby to change the FAFSA to eliminate the simplified EFC formula, not downvote me for I'm filling out my fafsa for 2021-22 and it's asking me if my current assets exceed $1500. I have around 30k what I assume is assets, divided up between my checking account, savings account, cash, and stocks. 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. The FAFSA form has not asked about any assets. But yes, if you shift assets from your own accounts (20%) to your parents' 529 (5. It is going to ask about student assets by default this way. Jan 5, 2024 · Certain FAFSA questions determine whether a student is eligible for an exemption from asset reporting. 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. We put in the actual amount on the checkings and savings question as every google search regarding it said to do, however people are now telling me that I should have put 0. Was wondering if anyone could clear this up for me. While I do have more than that amount in my joint account shared with my husband, we do also have a financed car loan through our bank for somewhere around $20k. 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. This subreddit is unaffiliated with the Ministry of Colleges and Universities. Mar 18, 2024 · How Assets Are Used to Determine Financial Aid. 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. FAFSA Optional Question on total cash assets: I have about $30K in savings - this is my life savings + emergency fund + security for my apartment as I'm currently jobless. Is that allowed/legal? How badly will it affect how much help I get if it is the savings of a student? Hey all, I was finishing up my FAFSA app when I got to this question. The form is asking to find the net worth by deducting debts owed against them, but I don't have any regarding them. In the Student Assets section, it's asking me pretty much what my net worth is and what all my assets are. S. How does this affect how much aid I get?. You should always contact your schools financial aid office for more complex questions as they will have access to your file. Get the Reddit app Scan this QR code to download the app now FAFSA - Free Application for Federal Student Aid Student assets question . and International, Federal, State, or local. Automatically skipped questions for parent FAFSA form (didn't get to input IRA or amount of savings, total cash, etc. FAFSA uses the details you provide about your income and assets to calculate your Student Aid Index (SAI). On FAFSA, it gave me the option to skip providing information about my parents and my own assets due to the Simplified Needs Test. What are the advantages/disadvantages of answering or not answering the assets questions such as money in bank accounts, etc. I am a dependent with a joint savings account with my parent. THE GOVERNMENT DOES GIVE YOU THE CHOICE WHETHER TO ENTER ANY CASH ASSETS IN THE FORM OR NOT. Kudos for your frugal spending ability, but it’s no longer considered financial aid. So I have $15k in Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. If you’re given the option to skip questions, keep in mind that doing so won’t affect your eligibility for federal student aid. Assets are not the biggest percentage. I'm curreently in the student assets section. Only 20% of it i. However, I filled out the assets information anyways because this was before I knew what it was. There is a student information section on the FAFSA that has dependency status questions including: Are you currently serving on active duty in the U. Below a certain income, assets are not considered at all. Sorry for a long post and I do appreciate your help with my questions. I received no federal financial aid, but I did receive state financial aid (CA, going to a public school). Don’t over think this. I'm filing a FAFSA form for the aid year 22-23 (used tax return of 2020) and there're questions about my assets including checking account current balance and total asset current value, they don't allow me to opt out of those questions (must answer the amount). You didn’t use it for school during the academic year. My mom has been getting SSI(my lil sister’s disability), Medicaid, and near the end of 2023(November) she qualified for an EBT card. I used IRS data transfer tool. I just want to report accurate information and any help is appreciated. Income is. After $6660 in income, 50% of earnings are available to pay for college. I am filing for this year and it all of suddenly asks me if I want to skip the asset question. 67 cents, and each $1 of your assets increases the EFC by 20 cents. 56%), you are reducing the amount that FAFSA calculates as EFC (expected family contribution). What does do not include student financial aid mean in the student asset mean? Also, All money i Learn how to best answer student assets information questions on the 2025-26 FAFSA, including any assets owned and child support received. Advice/Help Needed For the total cash in account question, it says not to include student financial aid and Im assuming that means the refunds I've received but the money I have currently is all from fafsa so do I just put 0? 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 FAFSA website says that skipping this question won't affect my eligibility for federal student aid, but I found this post from a few years ago where it says that NOT reporting assets will automatically disqualify me from When a dependent student starts the FAFSA form first, it has no way of knowing if parent’s answers will qualify for asset exemption. Regarding the assets question, it asks for the current net worth of investments (ie: stocks, CDs, etc). Primary home and retirement assets are always excluded. She put all of this on the Fafsa since it asked if we got it between the years 2022-2023. So, this is my sixth year filing the FAFSA (trying to get grad student loans/aid), and I noticed it made the assets section optional this year. ? I'm looking for advice for filing the FAFSA. The IRS is experiencing significant and extended delays in processing - everything. If you plug in bogus income amounts you should see that at some point that each $1 of parental assets increases EFC by 5. nzoq tzcd xjjbk dwuth pgyzsqo toqr snkw rvvh zsvqmvg bleyo