Completing the FAFSA: What Assets Can Cost Students Financial Aid

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The Scholarship System

Күн бұрын

Пікірлер: 58

@TheScholarshipSystem 3 жыл бұрын

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

@franclamaj4388 3 ай бұрын

if i have 25 k in my savings account should i report or no ?

@chancejackson7283 2 жыл бұрын

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 2 жыл бұрын

Glad it was helpful!

@Marlenechm 3 жыл бұрын

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

@glendasosa5910 23 күн бұрын

So confused..if the students parent is married but separated and is on a deed (with estranged spouse- not biological parent) in a different state (NC) but resides (with sick mother ) and the child attends high school in NY. Would that house count as asset? Parent doesn’t work and taking care of ill mother and therefore living in ny with students.

@TheScholarshipSystem 23 күн бұрын

If there is no income, there might not be an asset question on FAFSA. The asset question is only asked when income is above a certain threshhold. If the asset question is asked, it would be best to ask a school's financial aid office for guidance on answering the question.

@eljardindetita5320 5 ай бұрын

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

@TheScholarshipSystem 2 ай бұрын

You got it!

@7Bloodfire 2 ай бұрын

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.

@TheScholarshipSystem 2 ай бұрын

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."

@ashleyamims 3 ай бұрын

Is there an updated video on this since FAFSA changed?

@TheScholarshipSystem 3 ай бұрын

This video shows the summary of changes to the new FAFSA. kzbin.info/www/bejne/g2LaZ4Oed6xgiaMsi=_b6GybsmxIYJ6t1N

@ashleyamims 3 ай бұрын

@@TheScholarshipSystem you’re amazing. Thank you. I was looking all through the videos and came across some more great nuggets so win win!

@twohappygirls9636 2 ай бұрын

As parents, if we have debt, should we pay off the debt first before applying fafsa?

@TheScholarshipSystem 2 ай бұрын

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.

@lovely1190 2 жыл бұрын

3:58 4:33 5:20

@juniorliango6478 Жыл бұрын

Thank you so much for the time stamps!

@kellysmith1507 Жыл бұрын

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

@ReRe-hh5my Ай бұрын

What percentage of equity in 2nd home is used?

@TheScholarshipSystem Ай бұрын

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.

@ReRe-hh5my Ай бұрын

@@TheScholarshipSystem thank you

@maricelmaza3148 2 жыл бұрын

Please send family story. Thank you 😊

@miriamart9712 Жыл бұрын

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

@TheScholarshipSystem Жыл бұрын

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.

@imiluvu14344 11 күн бұрын

Not fair. Parents who work hard to make over $50k and colleges want to take their hard earned money to pay for their kids. On the other hand, students who’s parent don’t work get free ride in college.

@katereynolds8913 Жыл бұрын

Can I see the EFS on my fafsa

@TheScholarshipSystem Жыл бұрын

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.

@Dinngg0 6 ай бұрын

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

@TheScholarshipSystem 6 ай бұрын

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.

@73MPH75 2 жыл бұрын

I'm in

@kellysmith1507 Жыл бұрын

family stories, please

@lenspicks Жыл бұрын

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 Жыл бұрын

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.

@joannematik7833 5 ай бұрын

Family stories please

@katereynolds8913 Жыл бұрын

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 Жыл бұрын

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.

@imiluvu14344 11 күн бұрын

Family story

@mdalford13 2 жыл бұрын

Family Story

@suzanneidise4032 2 күн бұрын

family stories

@msfeyereisen 12 күн бұрын

Triplet boys...seniors ...all college bound ...single mom...ahhhhh😭

@TheScholarshipSystem 11 күн бұрын

Unfortunately, FAFSA no longer takes into account more than one student in college. You will definitely want to appeal for more aid to colleges to explain your situation. This would be done AFTER receiving your financial aid award letter. Check out our other videos on financial aid appeals.