Completing the FAFSA: What Assets Can Cost You Your Financial Aid

[@Mariana-kk5xf]

One of the most helpful fafsa videos I've seen, thank you!

[@AGradeAboveCollegePlanning]

Thank you for your feedback. Glad we can help🙂

[@AGDinCA]

Nicely done, Mr. Smith.

[@AGradeAboveCollegePlanning]

Thank you.

[@michellezheng3561]

Hello, does the HSA count as asset ?? Thanks for your time. Love your channel !

[@truthlove1114]

I am looking for an answer to this very same question

[@AGradeAboveCollegePlanning]

Hello Michelle. Thank you for your comment/questions. Please accept my apologies for the delayed reply. Not sure if you had this questions answered yet but I will give you my take on HSAs and college for your reference. Since HSA accounts are assets that are earmarked for qualified medical expenses they are usually assed in the same manner as a cash value life insurance policy would be. Most colleges that use the federal methodology to determine financial aid eligibility will not take into consideration your HSA as an asset. Some colleges that use an institutional method or CSS Profile may consider that asset but in my experience most do not. Assets are often evaluated based on their accessibility and/or liquidity. For example cash will definitely be more available to pay for college than real estate property and the colleges will expect you to use that cash before you use financial aid. Although real estate or a HSA account is an asset the reality of using that asset to pay for college will be tough to do without lots of time or incurring additional expenses. Colleges are aware of that too. Also keep in mind if the funds in a HSA account are used to pay for college they will: -Loose their favorable tax free treatment and will be taxed as income -There could be additional tax penalty up to 20% -Liquidating the asset creates Unearned Income and that can be more costly to you from a financial aid perspective than the having the funds held as an asset. I hope this helps. Please feel free to ask any other questions or reach out to me via email where I can reply a lot faster. Have a great day!

[@Quangcurry13524]

Hi quick question, my family has 5 ppl, if my brother and I are both working does our income affect each others fafsa? Because the fafsa asks for parent and student income but not other siblings.

[@AGradeAboveCollegePlanning]

Thanks for the question. Siblings' income and assets have no impact on the other siblings EFC and do not need to be reported.

[@kennyt.8743]

Hello, thank you for the information. I am wondering if i can ask you a question? I hope you are still reading the comments. My daughter have a roth ira account and she was able to save some money. Will this affect negatively with her financial aid?

[@AGradeAboveCollegePlanning]

Hello again Kenny. I think i answered ya on another comment. If you need more clarification please reach out via email at [e-mail]. Thanks for your question and comment

[@KevinK3vin0]

Does having a credit card count as an asset??

[@JJ1Smith]

No it doesn’t.

[@chelledayme3270]

So I’m just curious say someone had $20,000 in savings would they still be eligible for fafsa?

[@AGradeAboveCollegePlanning]

Yes. The FAFSA is open for anyone. Financial aid eligibility is a different thing. Having 20,000 should not disqualify you from receiving financial aid. We are starting an in-depth training on maximizing financial aid beginning on the 16th of August. Let me know if you/ your parents would like to join us.

[@caseyarbelaez4907]

Hi, then is there any way to invest as a highschool student whether it be through a custodial roth IRA and not get it to affect my Fafsa

[@AGradeAboveCollegePlanning]

Sorry for my late reply. In short...Yes. Not sure if we spoke about this but I'd be happy to explain more to you over a phone conversation. You can arrange a call using this link calendly.com/agacp/diy-aid-max-strategy-session-clone-1

[@evereid7901]

Hi I have a question about if I should file as an independent student. My family EFC is already 0 and I collect almost the whole pell grant So do I keep it as an dependent, under my mother or do I change this year to independent because I moved out last year 2019 and this is my first year paying rent. Last year I was with my aunt in cali

[@AGradeAboveCollegePlanning]

Hello Eve. Sorry for my late reply. Thank you for your question. Unfortunately you will still be considered a dependent student although you don't live with your parents and have financial responsibilities of your own. There are strict rules to qualify as an independent student and in all honest if your EFC is already 0 you cannot get much better than that and I encourage you to continue to file as a dependent student to maximize your aid potential if your mothers financial situation will remain the same. I hope I answered your question. Good luck to you!!

[@i_am_timetohunt]

Awesome video! I am currently in grad school, currently filling for independent Grad Plus loans and FASFA. Does having cryptocurrency decrease your chances of financial aid? Not selling just holding it for years to see it where it goes. Also I am not selling it during my school period, making it a 10 year investment,. Would love to hear your opinions, thank you!

[@AGradeAboveCollegePlanning]

Thank you for your comment and sorry for late reply. Yes it does! How much of an impact will be hard to say but it will be considered an asset at the very least and possibly a cash equivalent since crypto is considered currency.

[@standard8622]

@@AGradeAboveCollegePlanning what number do I have to report if my parents own crypto but have never sold. Do I input the balance in their portfolio as of the day I filled? Thxxx in advance

[@johnmcwick2089]

Hello is cryptocurrency considered a asset?

[@AGradeAboveCollegePlanning]

Yes it could be.

[@emmanuelacevedo3828]

Would it make sense to move my assets as a student under my parent’s name at the time of applying? Or is that just a wrong thing to do?

[@AGradeAboveCollegePlanning]

It depends on the asset. Are you a dependent student? In some cases it may not make sense depending on other factors that can be affected. Moving assets to another name (depending on the assets and your situation) can be pretty aggressive yet yield very little benefit. Sorry I can not be more direct. Its difficult for me to give you a solid answer without knowing more. I am available by phone if you'd like to speak more. Thank you 🙏🏾 for your question

[@emmanuelacevedo3828]

A Grade Above College Planning I am a dependent student, yes. When COVID-19 cancelled my spring semester, we got refunded for housing since I went back home. I invested that money in stocks since I had no need to spend it. So I’m wondering if it would be too much to sell them and transfer that money to my parents to list it as their asset.

[@emmanuelacevedo3828]

A Grade Above College Planning plus, I’ll be getting a larger financial aid refund than normal since I’m not living on campus this semester, which means I’ll have much more money on hand when I apply in October. I have to report that as an asset, right?

[@AGradeAboveCollegePlanning]

@@emmanuelacevedo3828 I don't think you have much to be concerned about. I cannot advise without knowing more about yours and or your parents situation. You can reach me @ [e-mail]