Assets question

Paying for College
1

I have a question about assets for the FAFSA. First, this is a little bit about my household:
Income: < $18,000
Kids: 7 all living at home

My parents bought my grandma a house like 3 years ago for about 60,000 (paid about half of it). My grandma lives there, but it’s in my dad’s name. Is this house reported as an asset for us on the fafsa? If it is, I’m pretty sure it will be the only thing listed for the assets question. How much of a difference would it make on EFC if it is reported as an asset?

2

First…you might qualify for an auto $0 EFC per FAFSA if your incime is really only $18,000 a year and you meet one of the following

  1. Can file a 1040A or 1040 EZ form.

OR

  1. Qualify for a means tested benefit like snap or free/reduced lunch

OR

  1. Parent is a dislocated worker.

Any chance one of these three applies to,you? If so, your assets won’t be counted…at all. And your FAFSA EFC will be $0.

3

@thumper1 The second one applies to us. I’m not sure about the form they filed.

4

Well…if your income is really $18,000 and you qualify for a means tested benefit, I believe youmqualifynforman auto $0 EFC. If that is the case, your assets aren’t looked at for FAFSA purposes. You would be guaranteed a full Pell Grant of $5800 and the direct loan of $5500. Some states also have aid for low income students and it’s based on the FAFSA EFC.

Have you filed your FAFSA yet?

@kelsmom or @annoyingdad just checking to make sure I’m correct.

5

Yes do your FAFSA soon if you haven’t already!