Recently I was a guest on the Hack Your Wealth podcast where we discussed all things financial aid. You can listen to the podcast here.
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FAFSA
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…
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…
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…
The 2021-2022 FAFSA will be available this Thursday, Oct. 1. Do you need to fill it out right away? Maybe. Here’s what you do need to do now: Get an FSA ID. You and your student each need one. There is typically a delay between submitting the FSA ID request and the ID being created, so you should do this…