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 now uses income from your tax return only. But “income” isn’t just your wages or your Adjusted Gross Income. It’s all the income on your tax return, whether you pay taxes on it or not. Good news: starting with the 2024-25 school year, the FAFSA no longer considers income that isn’t on your tax return, such as payroll…
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…
There’s a ton of talk about the FAFSA right now, which on the one hand makes sense because it will be available next week. (Yes, all evidence to the contrary, time does continue marching forward with the result that Oct. 1 arrives next week.) But all the hoopla around the FAFSA tends to obscure the fact that the FAFSA itself…