We have been saving for some needed home repairs, which we are still in the process of rounding up bids on. I have delaying filling out the FAFSA for our daughter until we’ve had the repairs done and paid for, though expect the March 3rd early deadline to come quickly. Would anyone here be aware of what type of balance range might affect our daughter’s aid package?
Are you married? How old is the older spouse?
Here’s an asset protection chart from 2013 and article for you to get an idea
http://www.thecollegesolution.com/why-college-savings-usually-wont-hurt-financial-aid-chances/
If the older parent is 45 that is a protected amount of 36k, after that about 5 pct of asset go to the formula. I wouldn’t delay filing if this affect you in only a small way.
The asset protection amounts have dropped significantly in the last few years. The one for 2015-16 is Table A5 on page 19 here:
http://ifap.ed.gov/efcformulaguide/attachments/090214EFCFormulaGuide1516.pdf
After that parental assets are counted at 5.6%.
Yes, married. Older spouse is 62. I will take a look at the asset protection charts. Thank you. 
Thank you for that link, AD. Wow…the asset protection really has come down…a LOT.
Why is that?
Not my idea.
definitely do the repairs and pay off any bills first.
http://www.thecollegesolution.com/answering-a-dads-financial-aid-question/
Scroll down in this article for an explanation of why the asset protection allowance is shrinking. It has to do with a calculation involving the consumer price index and the present value of an annuity.
Basically when inflation and CPI are low, a working person needs less money invested today to yield a supplemental cash flow to social security in the future upon reaching age 65.
You can learn something new every day on College Confidential, sometimes it is about snake bite piercings or Utilikilts, or more interesting, like why the asset protection allowance has dramatically decreased!
Does anyone know why the asset protection allowance difference for single parent and two parents is around $2k?
correction. not $ 2k, the difference is around $ 20k for age 45. Thanks Madison85 for the in depth information!