FAFSA questions

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an_asker
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FAFSA questions

Post by an_asker » Sun Oct 07, 2018 6:01 pm

Let me apologize in advance if this question has been previously asked and answered.

I'm helping DS fill out the FAFSA, and got to the following two questions:

1 - As of today, what is your parents' total current balance of cash, savings, and checking accounts?
2 - As of today, what is the net worth of your parents' investments, including real estate (not your parents' home)?

For question #1, my questions are:

- how accurate does this answer need to be? Is it literally cash, savings and checking accounts, not securities? Does everyone who fills the FAFSA have these numbers as ready as me (I have a spreadsheet that I update every month after we get our bank statements)?

For question #2, my questions are:

- how accurate does this answer need to be? It is probably already a few percentage points below what it was as of 9/30.

I have transferred all our IRS information over. Are there more gotcha kinda questions still in wait for me/us? I didn't expect to have to dig up my W-2 to answer a question just a few minutes earlier!!

Thanks for your help.

livesoft
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Re: FAFSA questions

Post by livesoft » Sun Oct 07, 2018 6:11 pm

1. Since securities are given in #2, it really is cash. I didn't have CDs nor savings accounts, nor cash stashed in the mattress, so I only had to see what was in a single checking account and my spouse's purse. I am sure no one will come looking if you are $20 off.

2. I would use this weekend's valuations and not 9/30. Does the form have a date to put there? I think you should try to be within 1% of the actual valuation for publicly traded things you can look up online or in the newspaper.
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delamer
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Re: FAFSA questions

Post by delamer » Sun Oct 07, 2018 9:48 pm

Why do you think they are “gotcha” questions?

Didn’t you expect to have to provide information on your accounts’ values and your income for some specific date/period?

RetiredCSProf
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Re: FAFSA questions

Post by RetiredCSProf » Mon Oct 08, 2018 12:57 am

Spoiler-alert: The end result of my filling out the FAFSA was that my son was offered $2K in work-study for this academic year -- I'm still waiting for him to apply for an on-campus job. His current school's tuition is about $50K per year.

In filling out the FAFSA,
1. I entered the amounts from checking & savings accounts, after paying any outstanding big expenses, such as property taxes. I omitted anything not easily traceable, such as spare change and paper EE savings bonds.

2. For investments, include 529 accounts and any taxable accounts (omit IRAs). Just pick some recent point in time for their values.

You didn't say whether you have real estate (other than your primary residence). I entered the appraisal value of the real estate that I own -- it will likely sell for more than that.

Some schools have a cutoff point for giving out need-based scholarships. For the University of California schools, I have heard that the cutoff is over $150K in assets or over $150K in annual income. Between my sons' 529 account and my real estate, I was well over $150K in assets.

an_asker
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Re: FAFSA questions

Post by an_asker » Mon Oct 08, 2018 10:10 am

delamer wrote:
Sun Oct 07, 2018 9:48 pm
Why do you think they are “gotcha” questions?

Didn’t you expect to have to provide information on your accounts’ values and your income for some specific date/period?
Honestly speaking, I didn't know what to expect. But I gave my SSN (which I didn't want to do but didn't really have a choice), gave them access to my IRS records (which also I didn't want to do but didn't have choice) ... at this point, my expectation is that they have everything they need to find out anything financial they need to know about me. Or am I wrong?

Re: the usage of the word "gotcha" (reminds me of how I once got in trouble in these forums because I used the word "dude")... I used it because I thought I was done with everything I needed to give and now, I have to spend time figuring out how much money we have saved, as well as divvy it up into the appropriate buckets. That's definitely an extra painful step for me. So I used the word. To me, it's like when you head out to go grocery shopping spending the last half an hour talking with everyone in the family whether they need anything that I should add to my list, just as you open the door to get out of the house, you hear a yell from the opposite end of the house from one of your kids (or Dear Spouse) wanting an additional item*. Was I wrong here too? :oops:

One final clarification: I am assuming that 401(k), Roth IRA, etc is out of the picture, correct? I don't need to include any of that anywhere on the FAFSA, is my understanding.

* this is just an illustrative example. Technology use in my specific household has now increased to the point where I now get messages IN the store for any additional items.

an_asker
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Re: FAFSA questions

Post by an_asker » Mon Oct 08, 2018 10:16 am

RetiredCSProf wrote:
Mon Oct 08, 2018 12:57 am
Spoiler-alert: The end result of my filling out the FAFSA was that my son was offered $2K in work-study for this academic year -- I'm still waiting for him to apply for an on-campus job. His current school's tuition is about $50K per year.

In filling out the FAFSA,
1. I entered the amounts from checking & savings accounts, after paying any outstanding big expenses, such as property taxes. I omitted anything not easily traceable, such as spare change and paper EE savings bonds.

2. For investments, include 529 accounts and any taxable accounts (omit IRAs). Just pick some recent point in time for their values.

You didn't say whether you have real estate (other than your primary residence). I entered the appraisal value of the real estate that I own -- it will likely sell for more than that.

Some schools have a cutoff point for giving out need-based scholarships. For the University of California schools, I have heard that the cutoff is over $150K in assets or over $150K in annual income. Between my sons' 529 account and my real estate, I was well over $150K in assets.
That's a good point. So, if we have outstanding property taxes coming due later this month, I can subtract that amount.

Hmmm... I was wondering about our I bonds as well. That's all electronic. This is probably a good idea to log in and check where we are on those. It's been a while. :oops:

I forgot the 529. My understanding is that if we have a 529 for DD, we don't need to show that on our DS's FAFSA application...

We have rental property as well. I need to do the same as what you're doing.

Being frugal Bogleheads, we do have enough savings to get over that cutoff hump as well. I'm not looking for any major need-based financial aid anyway. I was/am hoping that DS would get something based on his merit. Let's see.

Oh, one more question: how do we value the Florida Prepaid Plan? Is that exactly what we've put in, or the equivalent of FL's current tuition, or ...?!!

an_asker
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Re: FAFSA questions

Post by an_asker » Mon Oct 08, 2018 10:18 am

livesoft wrote:
Sun Oct 07, 2018 6:11 pm
1. Since securities are given in #2, it really is cash. I didn't have CDs nor savings accounts, nor cash stashed in the mattress, so I only had to see what was in a single checking account and my spouse's purse. I am sure no one will come looking if you are $20 off.

2. I would use this weekend's valuations and not 9/30. Does the form have a date to put there? I think you should try to be within 1% of the actual valuation for publicly traded things you can look up online or in the newspaper.
I'll strike out if I look into my DW's purse ;-) Just kidding!!

Unfortunately for me, I've my eggs in a lot of different baskets. I took the proverb to heart!!

I don't recall seeing a date. Let me look tonight.

Thanks to everyone for their responses. They were helpful (though, as you can see from my other responses, I do have more questions!!)

Jack FFR1846
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Re: FAFSA questions

Post by Jack FFR1846 » Mon Oct 08, 2018 10:21 am

RetiredCSProf wrote:
Mon Oct 08, 2018 12:57 am
I omitted anything not easily traceable, such as spare change and paper EE savings bonds.
Savings bonds are assets. I would have loved to have omitted the $350k I have in paper bonds, but did not want to take the chance. I make too much money anyways, so it would have been perhaps an answer of lower case "zip" for what they'd give me beyond Staffords, rather than the "ZIP" and $93k efc.

To answer the OP's question.....the cash/cd etc are on the date of submission. So you can plan for this by taking your money and pre-paying credit cards, insurance, taxes, mortgage, any loans and such, THEN screen shotting your accounts on the date of submission. Then insurance sends you back an overpayment check, you don't have to pay credit card bills for 6 months and your property tax isn't due for another year.
Bogle: Smart Beta is stupid

Big Dog
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Re: FAFSA questions

Post by Big Dog » Mon Oct 08, 2018 10:45 am

That's a good point. So, if we have outstanding property taxes coming due later this month, I can subtract that amount.
No you cannot, unless you wait to submit until AFTER you pay the taxes. The FAFSA is a point in time. If you submit today, the numbers should match what is in your (online) bank & brokerage statements as of today (less outstanding checks not cleared). Alternatively, you can write out a check for your property taxes and mail it early.

MathWizard
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Re: FAFSA questions

Post by MathWizard » Mon Oct 08, 2018 11:49 am

Big Dog wrote:
Mon Oct 08, 2018 10:45 am
That's a good point. So, if we have outstanding property taxes coming due later this month, I can subtract that amount.
No you cannot, unless you wait to submit until AFTER you pay the taxes. The FAFSA is a point in time. If you submit today, the numbers should match what is in your (online) bank & brokerage statements as of today (less outstanding checks not cleared). Alternatively, you can write out a check for your property taxes and mail it early.
To be safe, write out any checks for planned expenses, pay off CC's etc. and wait for the checks to clear. Then look online
to see what your statement balance is, and use that. It is legitimate to wait until the end of the month to have a lower balance.

It is extremely unlikely that you will be checked, but if it happens, you don't want to have to explain why you fudged the numbers.

The parent's assets are not as important, and in fact my assets never counted into the EFC, since the bulk of my assets are in my place of residence and my retirement accounts, and parent's assets have an exemption amount. What is typically most important are
the parent's income
the student's income and
the student's assets.

g2morrow
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Re: FAFSA questions

Post by g2morrow » Mon Oct 08, 2018 11:59 am

most likely, if you're on this forum, you wont' get anything - but you can always try

SchruteB&B
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Re: FAFSA questions

Post by SchruteB&B » Mon Oct 08, 2018 12:05 pm

g2morrow wrote:
Mon Oct 08, 2018 11:59 am
most likely, if you're on this forum, you wont' get anything - but you can always try
I guess. Or you could run the schools net price calculators, see if you have any chance, and proceed from there.

delamer
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Re: FAFSA questions

Post by delamer » Mon Oct 08, 2018 12:14 pm

an_asker wrote:
Mon Oct 08, 2018 10:10 am
delamer wrote:
Sun Oct 07, 2018 9:48 pm
Why do you think they are “gotcha” questions?

Didn’t you expect to have to provide information on your accounts’ values and your income for some specific date/period?
Honestly speaking, I didn't know what to expect. But I gave my SSN (which I didn't want to do but didn't really have a choice), gave them access to my IRS records (which also I didn't want to do but didn't have choice) ... at this point, my expectation is that they have everything they need to find out anything financial they need to know about me. Or am I wrong?

Re: the usage of the word "gotcha" (reminds me of how I once got in trouble in these forums because I used the word "dude")... I used it because I thought I was done with everything I needed to give and now, I have to spend time figuring out how much money we have saved, as well as divvy it up into the appropriate buckets. That's definitely an extra painful step for me. So I used the word. To me, it's like when you head out to go grocery shopping spending the last half an hour talking with everyone in the family whether they need anything that I should add to my list, just as you open the door to get out of the house, you hear a yell from the opposite end of the house from one of your kids (or Dear Spouse) wanting an additional item*. Was I wrong here too? :oops:

One final clarification: I am assuming that 401(k), Roth IRA, etc is out of the picture, correct? I don't need to include any of that anywhere on the FAFSA, is my understanding.

* this is just an illustrative example. Technology use in my specific household has now increased to the point where I now get messages IN the store for any additional items.
Based on what I’ve seen, filling out the FAFSA is like applying for a mortgage in many ways. If you want an institution to loan (or give) you money, it is going to want to know a lot of financial details. There is only a limited amount it can find out from a tax return.

You can always not apply for aid, which is what we did because we didn’t want to reveal all of our financial data with a basically zero chance of getting any free money.

It is true that some colleges will require you to fill out the FAFSA to be eligible even for merit aid.

Big Dog
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Re: FAFSA questions

Post by Big Dog » Mon Oct 08, 2018 12:46 pm

The parent's assets are not as important, and in fact my assets never counted into the EFC, since the bulk of my assets are in my place of residence...
Depends on your equity. The feds exclude home equity from FAFSA, but private colleges generally include it: ~5.6% of home equity against financial need. Those of us in the northeast and west can have a lot of equity tied up in homes.

stuper1
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Re: FAFSA questions

Post by stuper1 » Mon Oct 08, 2018 12:59 pm

FYI, for California people, if your child is going to a UC or CSU school, also be aware of the state-funded "middle-class scholarship" which you automatically are eligible for by filing the FAFSA. The middle class scholarship applies for families with income up to $171k. My son didn't get any financial aid, other than offers of high-interest loans, because my wife and I make too much money, but we just learned that he will get a 35% tuition discount, which is the "middle-class scholarship". Between that and the tax credits, we're only on the hook for about 50% of his tuition.

SimonJester
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Re: FAFSA questions

Post by SimonJester » Mon Oct 08, 2018 1:32 pm

an_asker wrote:
Mon Oct 08, 2018 10:16 am
I forgot the 529. My understanding is that if we have a 529 for DD, we don't need to show that on our DS's FAFSA application...
The 529 is added into your investment count, but does not go into your DDs investment sestion.

If you have multiple 529s for different dependents you add them ALL up together along with your investments and include the total on each dependents FAFSA.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

an_asker
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Re: FAFSA questions

Post by an_asker » Mon Oct 08, 2018 2:55 pm

delamer wrote:
Mon Oct 08, 2018 12:14 pm
[...]
It is true that some colleges will require you to fill out the FAFSA to be eligible even for merit aid.
This. Is the only reason I even wanted to fill out the FAFSA!

[edited to add]: We have FL prepaid tuition plans for both kids, so that would be the default no brainer; however, the only reason we have for needing/requiring financial aid is if DS gets accepted at one of the universities outside the state, in which case a) we will have to pay out-of-state and b) will have the expense differential go against us (given that FL is low COL compared to other states, the college tuition fees would likely ratchet up out of state, in terms of like-to-like) - to rephrase this point, in-state in other states is most likely (much) higher than in-state in FL, and out-of-state would be really much higher.

But that said, I would rather have us cash flow the fees rather than take a loan for sure.

PS: That reminds me - I don't think anyone addressed my question regarding the FL prepaid tuition plan. What $ amount to I assign to it in the FAFSA calculations? Would that fall under question 1 (cash etc) or question 2 (investments etc)?

an_asker
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Re: FAFSA questions

Post by an_asker » Mon Oct 08, 2018 3:04 pm

SimonJester wrote:
Mon Oct 08, 2018 1:32 pm
an_asker wrote:
Mon Oct 08, 2018 10:16 am
I forgot the 529. My understanding is that if we have a 529 for DD, we don't need to show that on our DS's FAFSA application...
The 529 is added into your investment count, but does not go into your DDs investment sestion.

If you have multiple 529s for different dependents you add them ALL up together along with your investments and include the total on each dependents FAFSA.
I am confused. Do we show the 529 we have for DD in the FAFSA we are filling for DS?

SimonJester
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Re: FAFSA questions

Post by SimonJester » Mon Oct 08, 2018 3:47 pm

an_asker wrote:
Mon Oct 08, 2018 3:04 pm
SimonJester wrote:
Mon Oct 08, 2018 1:32 pm
an_asker wrote:
Mon Oct 08, 2018 10:16 am
I forgot the 529. My understanding is that if we have a 529 for DD, we don't need to show that on our DS's FAFSA application...
The 529 is added into your investment count, but does not go into your DDs investment sestion.

If you have multiple 529s for different dependents you add them ALL up together along with your investments and include the total on each dependents FAFSA.
I am confused. Do we show the 529 we have for DD in the FAFSA we are filling for DS?
Yes, you add the present value of any and ALL 529 accounts to your (the parental) investments.

Lets say you have 50K in DS 529, 50K in DD 529, and 100K in investments (not 401k or Roth IRAs), you would report on DS AND DDs FAFSA your investments of 200K.


an_asker wrote:
Mon Oct 08, 2018 2:55 pm
PS: That reminds me - I don't think anyone addressed my question regarding the FL prepaid tuition plan. What $ amount to I assign to it in the FAFSA calculations? Would that fall under question 1 (cash etc) or question 2 (investments etc)?
Report under #2


From FAFSA instructions

Investments include real estate (do not include the home in which your parents live), rental property (includes a unit within a family home that has its own entrance, kitchen, and bath rented to someone other than a family member), trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts (including mortgages held), commodities, etc.

Note: UGMA and UTMA accounts are considered assets of the student and must be reported as an asset of the student on the FAFSA, regardless of the student’s dependency status. Do not include UGMA and UTMA accounts for which your parents are the custodian but not the owner.

Investments also include qualified educational benefits or education savings accounts such as Coverdell savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans.
Note: Students who must report parental information on this form should report all qualified educational benefits or education savings accounts owned by the parents and / or the dependent student as part of the parental assets.

Investments do not include the home in which your parents live; cash, savings and checking accounts; the value of life insurance and retirement plans (401[k] plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.).

Investment value means the current balance or market value of these investments as of the day you submit your FAFSA. Investment debt means only those debts that are related to the investments.


See: https://fafsa.ed.gov/fotw1819/help/fotw43e.htm
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

SchruteB&B
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Re: FAFSA questions

Post by SchruteB&B » Mon Oct 08, 2018 6:39 pm

delamer wrote:
Mon Oct 08, 2018 12:14 pm
an_asker wrote:
Mon Oct 08, 2018 10:10 am
delamer wrote:
Sun Oct 07, 2018 9:48 pm
Why do you think they are “gotcha” questions?

Didn’t you expect to have to provide information on your accounts’ values and your income for some specific date/period?
Honestly speaking, I didn't know what to expect. But I gave my SSN (which I didn't want to do but didn't really have a choice), gave them access to my IRS records (which also I didn't want to do but didn't have choice) ... at this point, my expectation is that they have everything they need to find out anything financial they need to know about me. Or am I wrong?

Re: the usage of the word "gotcha" (reminds me of how I once got in trouble in these forums because I used the word "dude")... I used it because I thought I was done with everything I needed to give and now, I have to spend time figuring out how much money we have saved, as well as divvy it up into the appropriate buckets. That's definitely an extra painful step for me. So I used the word. To me, it's like when you head out to go grocery shopping spending the last half an hour talking with everyone in the family whether they need anything that I should add to my list, just as you open the door to get out of the house, you hear a yell from the opposite end of the house from one of your kids (or Dear Spouse) wanting an additional item*. Was I wrong here too? :oops:

One final clarification: I am assuming that 401(k), Roth IRA, etc is out of the picture, correct? I don't need to include any of that anywhere on the FAFSA, is my understanding.

* this is just an illustrative example. Technology use in my specific household has now increased to the point where I now get messages IN the store for any additional items.
Based on what I’ve seen, filling out the FAFSA is like applying for a mortgage in many ways. If you want an institution to loan (or give) you money, it is going to want to know a lot of financial details. There is only a limited amount it can find out from a tax return.

You can always not apply for aid, which is what we did because we didn’t want to reveal all of our financial data with a basically zero chance of getting any free money.

It is true that some colleges will require you to fill out the FAFSA to be eligible even for merit aid.
Posters on here and college confidential always say this, but then never provide specific schools that do this. I am genuinely curious which ones do. Oldest child got merit from 6 schools, none required FAFSA.

BarbBrooklyn
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Location: NYC

Re: FAFSA questions

Post by BarbBrooklyn » Mon Oct 08, 2018 6:56 pm

FYI, for some schools, a FAFSA is required from the getgo, even if you don't need aid the fist year. DD had a good friend at Bryn Mawr whose parents were quite solvent and they didn't file. The financial aid packet told us " you MUST file the first year or you will not be considered in the future". DD's friend's parent died unexpectedly mid first year and was ineligible for aid after that. Just file the FAFSA.
BarbBrooklyn | "The enemy of a good plan is the dream of a perfect plan."

delamer
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Re: FAFSA questions

Post by delamer » Mon Oct 08, 2018 7:17 pm

SchruteB&B wrote:
Mon Oct 08, 2018 6:39 pm
delamer wrote:
Mon Oct 08, 2018 12:14 pm
an_asker wrote:
Mon Oct 08, 2018 10:10 am
delamer wrote:
Sun Oct 07, 2018 9:48 pm
Why do you think they are “gotcha” questions?

Didn’t you expect to have to provide information on your accounts’ values and your income for some specific date/period?
Honestly speaking, I didn't know what to expect. But I gave my SSN (which I didn't want to do but didn't really have a choice), gave them access to my IRS records (which also I didn't want to do but didn't have choice) ... at this point, my expectation is that they have everything they need to find out anything financial they need to know about me. Or am I wrong?

Re: the usage of the word "gotcha" (reminds me of how I once got in trouble in these forums because I used the word "dude")... I used it because I thought I was done with everything I needed to give and now, I have to spend time figuring out how much money we have saved, as well as divvy it up into the appropriate buckets. That's definitely an extra painful step for me. So I used the word. To me, it's like when you head out to go grocery shopping spending the last half an hour talking with everyone in the family whether they need anything that I should add to my list, just as you open the door to get out of the house, you hear a yell from the opposite end of the house from one of your kids (or Dear Spouse) wanting an additional item*. Was I wrong here too? :oops:

One final clarification: I am assuming that 401(k), Roth IRA, etc is out of the picture, correct? I don't need to include any of that anywhere on the FAFSA, is my understanding.

* this is just an illustrative example. Technology use in my specific household has now increased to the point where I now get messages IN the store for any additional items.
Based on what I’ve seen, filling out the FAFSA is like applying for a mortgage in many ways. If you want an institution to loan (or give) you money, it is going to want to know a lot of financial details. There is only a limited amount it can find out from a tax return.

You can always not apply for aid, which is what we did because we didn’t want to reveal all of our financial data with a basically zero chance of getting any free money.

It is true that some colleges will require you to fill out the FAFSA to be eligible even for merit aid.
Posters on here and college confidential always say this, but then never provide specific schools that do this. I am genuinely curious which ones do. Oldest child got merit from 6 schools, none required FAFSA.
My kid received a merit scholarship and we were pushed pretty hard to complete the CSS (since it was a private school).

We refused and the scholarship was not withdrawn.

Kid ended up going elsewhere.

But that is the best direct knowledge example that I can give.

an_asker
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Re: FAFSA questions

Post by an_asker » Wed Oct 10, 2018 10:08 am

What is the CSS?

OK, one last question for this thread:
Investments include real estate (do not include the home in which your parents live), rental property (includes a unit within a family home that has its own entrance, kitchen, and bath rented to someone other than a family member), trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts (including mortgages held), commodities, etc.
The above is for the second FAFSA question that I shared in OP. Based on this, it appears to me that the intent of the first FAFSA question (in OP) is to just get the total ready cash that we have. Anything else - including, say, a money market mutual fund such as VMMXX (I hope this is the right symbol!) - should be added together for the second question. Correct?

User avatar
FiveK
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Re: FAFSA questions

Post by FiveK » Wed Oct 10, 2018 10:26 am

an_asker wrote:
Wed Oct 10, 2018 10:08 am
What is the CSS?
Apply for College Financial Aid – CSS Profile – The College Board
OK, one last question for this thread:
Investments include...money market funds....
The above is for the second FAFSA question that I shared in OP. Based on this, it appears to me that the intent of the first FAFSA question (in OP) is to just get the total ready cash that we have. Anything else - including, say, a money market mutual fund such as VMMXX (I hope this is the right symbol!) - should be added together for the second question. Correct?
Correct.

Mike Scott
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Re: FAFSA questions

Post by Mike Scott » Wed Oct 10, 2018 10:34 am

Our university requires the FAFSA for any form of student aid including employee tuition discounts and merit scholarships etc. I have had to "verify" the FAFSA submissions several times over the past few years by submitting an IRS tax transcript. I don't know what they were looking for other than perhaps income but there has never been any further questions. It's only a minor hassle but with everything combined, it has resulted in 100% payment for a combined total of more than 12 years of college plus access to part time jobs on campus for the students.

RetiredCSProf
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Re: FAFSA questions

Post by RetiredCSProf » Wed Oct 10, 2018 10:48 am

Some, but not all, private schools require the CSS as well as the FAFSA. The CSS has more questions, e.g., the market value of your home, mortgage on your home, assets of a business that you hold (regardless of the number of employees).

tantive
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Re: FAFSA questions

Post by tantive » Wed Oct 10, 2018 10:53 am

Mike Scott wrote:
Wed Oct 10, 2018 10:34 am
Our university requires the FAFSA for any form of student aid including employee tuition discounts and merit scholarships etc. I have had to "verify" the FAFSA submissions several times over the past few years by submitting an IRS tax transcript. I don't know what they were looking for other than perhaps income but there has never been any further questions. It's only a minor hassle but with everything combined, it has resulted in 100% payment for a combined total of more than 12 years of college plus access to part time jobs on campus for the students.
If your student was selected for federal verification by the department of Education then you would go through this process of submitting transcripts. The federal methodology has a risk assessment built in that 'randomly' selects a percentage of FAFSA filers for more info. There are 5 tracking groups for verification, with just transcripts you were probably a V1.

SimonJester
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Joined: Tue Aug 16, 2011 12:39 pm

Re: FAFSA questions

Post by SimonJester » Wed Oct 10, 2018 11:26 am

an_asker wrote:
Wed Oct 10, 2018 10:08 am
The above is for the second FAFSA question that I shared in OP. Based on this, it appears to me that the intent of the first FAFSA question (in OP) is to just get the total ready cash that we have. Anything else - including, say, a money market mutual fund such as VMMXX (I hope this is the right symbol!) - should be added together for the second question. Correct?
I believe that is correct. I do not know why FAFSA bothers to separate these out. If you look at the actual EFC worksheets they take these numbers and add them up, then subtract an "Asset protection allowance", then take that final number and multiple by .12 to determine how much of these assets should be used for college.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

an_asker
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Re: FAFSA questions

Post by an_asker » Wed Oct 10, 2018 3:22 pm

Thanks once more to everyone who answered - and to the stock market for taking a tumble (our numbers will definitely be lower than they'd have been yesterday, or the day before - maybe I should wait until Friday ;-) )

SimonJester
Posts: 1682
Joined: Tue Aug 16, 2011 12:39 pm

Re: FAFSA questions

Post by SimonJester » Thu Oct 11, 2018 11:00 am

an_asker wrote:
Wed Oct 10, 2018 3:22 pm
and to the stock market for taking a tumble (our numbers will definitely be lower than they'd have been yesterday, or the day before - maybe I should wait until Friday ;-) )
This is my plan lol

The next challenge is getting DS who is already in college to sit down and complete the FAFSA...
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

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