<p>Right…I guess the big question is…where IS that $300,000 or the balance of it. Anything that is in regular savings or CDs or in your mattress will be counted as an asset.</p>
<p>Re: the FAFSA…when you do your filing of the FAFSA in January (before you file your taxes), use estimates of your income based on pay stubs, etc for the 2008 calendar year. Some folks use their 2007 taxes for these estimates and this is fine when the numbers don’t vary much. Your interest income should also be estimated for 2008 using perhaps bank statements from December. Your assets will be entered as of the date of your initial filing of the FAFSA and those do not get amended once your taxes are completed (and you amend the FAFSA to reflect the numbers from your 2008 return).</p>
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<p>The FAFSA for the 2009-2010 school year is NOT available until Jan 1. That one will ask for information from the 2008 tax year, not the 2007 tax year. If your mom is doing a FAFSA now…she is not doing one for the school year which starts fall of 2009. She should just stop and wait until the correct one is online in January.</p>