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FAFSA

FAFSA: What to do with Student Money

Parents spend a lot of time and effort planning for their own assets on the FAFSA. It’s worth taking at least as much time to think about your student’s assets, both since they count a lot more and since there are good ways to shelter them. Unlike parents, students don’t get an Asset Protection Allowance, so 100% of their assets…

FAFSA: Is it Income?

The FAFSA asks about income numerous ways: it collects your tax return data through the IRS Data Retrieval Tool and then poses a number of additional questions about income. So let’s look at those. First, the IRS DRT pulls your 2019 tax data including adjusted gross income and actual taxes paid. However, that leaves some items out and the FAFSA…

FAFSA: Is it an Asset?

What is and isn’t an asset on the FAFSA? Here’s a quick “is it or isn’t it?” for you: The balance in your checking and savings account: YES it’s an asset! The balance in your taxable investment account: YES it’s an asset! You can subtract any debt for which this is collateral, such as a pledged asset line or margin…