<p>First, is it possible to print off a paper copy of the FAFSA prior to filling out any information? </p>
<p>But, I'm thinking that the FAFSA asks for bank balances. What date should that balance reflect? For example, S is going to have to fill out the FAFSA for tax year 2010. Does he put the bank balance as of 12/31/10 or as of the day he fills it out or ?</p>
<p>I suppose the answer to the above question will apply for when he files the FAFSA for tax year 2011, but if not, please let me know. </p>
<p>Are there separate questions for parent bank balances and child bank balances? The funds tend to be co-mingled however. Are there any advantages/disadvantages to having parent money in child's account?</p>
<p>Thanks.</p>
<p>You fill out all assets balances as of the day you complete FAFSA. SO if you do FAFSA 9th Oct, it is the balance on 9th Oct.</p>
<p>There are separate questions for student income/assets, and parent income/asset. If the accounts are co-mingled, then the amount actually belonging to the student should be reported as student assets, and the amount belonging to the parent as parent assets. The exception is student owned 529 accounts, which are reported as parent assets.</p>
<p>Parents have some asset protection, then the most impact unprotected parent assets will have on the EFC is 5.6% of their value. Students have no asset protection. 20% of a students assets go to the EFC.</p>
<p>Unless assets are high, income generally has a much higher impact on the EFC than assets. The maximum impact a parents assets will have is 5.6%, while income over a certain amount will have a 47% impact. The maximum impact a student’s assets will have is 20%, while 50% of income over protected student income allowances goes to the EFC.</p>
<p>Is he applying for aid for the current school year? The FAFSA that uses 2010 taxes is for the 2011-2012 school year. For the 2012-2013 school year (that starts next fall) will require the 2012-2013 FAFSA that will be available Jan 1st.</p>
<p>There is a PDF version of FAFSA available at the FAFSA website if you want to print a paper copy off. It changes every year, so the current one may be slightly different from the 2012 one. But it will give you some guidelines.</p>
<p>@swimcat - I couldn’t find it, but I’ll try looking again. Can you send me a direct link?</p>
<p>S is applying early at some schools that require financial info from 2010, as 2011 is not yet available.</p>