<p>Shoud we file Fafsa if we have $70K in assets and both me and my wife on unemployement.</p>
<p>Yes, you should. If your income is below a certain level, your student could get a PELL grant, and be eligibile for some subsidized loans. Most schools consider this a first step for ANY aid, so you should file.</p>
<p>If your 2010 income was less than $50,000 and you are dislocated workers (currently unemployed due to loss of job - not quitting or getting fired), your assets will be ignored. Even if your income was higher, the assets have protection. Definitely file the FAFSA. It’s free, it’s easy to complete, and you may be glad you did.</p>
<p>even assets on saving acct, they have protection.</p>
<p>Assuming you are mid-40s in age and married, the first $45K or so of your savings won’t even be considered. (The exact amount varies by age of the older parent.)
The rest of your savings would only be assessed at 5.6% or around $1400.
If your savings are in qualified retirement accounts they won’t be considered at all.
FAFSA is driven mostly by current income.</p>