529s are a source of a bit of confusion when it comes to filling out the FAFSA. Here are some common issues: 529s for multiple children: All of the parents’ 529s get reported on the FAFSA as parent assets. Let’s say you have 3 children, ages 17 (the one whose FAFSA you’re completing), 15, and 12, and you have a…
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FAFSA
The Department of Ed lists common FAFSA errors in a recent blog post. Here’s a cheat sheet on the ones that seem to generate the most confusion:
It’s here but…
Now that everyone is excited about the FAFSA, it’s nowhere to be found. Not last year’s, not this year’s. If you want a head start on collecting info, here is last year’s FAFSA Worksheet. Swap 2017 for 2016 and 2018 for 2017 and you’ll see exactly what documents and other information are needed. And of course, the concrete step you…
529s really started to gain popularity after 2001, when qualified distributions became tax-free. Up until then, UTMA accounts were a more popular option to save on behalf of a child, and they have remained widely used. However, as financial aid calculations and rules have become more codified, the UTMA has become far less beneficial as a college savings tool. That’s…