Does anyone know what items are considered assets on the FAFSA and for other aid ? We need a new vehicle soon but can wait if it lessens our financial aid for our child…
If you get a new vehicle, your vehicle is an asset. If you don’t get your vehicle, your money that you saved up for the vehicle is your asset (unless you stashed all your cash under the bed or buried in your backyard). A vehicle isn’t going to make much of a difference on the FAFSA.
Vehicles are not reported as assets on the FAFSA.
@calmom - I think I must have confused FAFSA with the Net Price Calculator. I’ll have to double check.
Right about the money in the bank account being an asset for FAFSA though.
momtia
Cars are not counted on FAFSA. They might be on CSS Profile.
Are you paying cash for this new car? If not, then the car would not be much of an asset if there’s a loan against it.
FAFSA is for federal aid, which is NOT much aid. Unless you are lowish income, you won’t be getting a grant from the federal gov’t.