We just filled out and submitted our FAFSA form online. I was all ready to fill in current checking account balance information and looked up the value of our (almost nonexistent) PA 529 account and savings bond.
But all it asked was if we had assets over $33,100. We said no of course because we don’t have assets that high.
I was just worried if I did something wrong.
After we submitted the FAFSA it linked us to the PHEAA page and we filled that out and it asked for the amount of PA 529 account value included in the FAFSA assets. Well we didn’t list individual assets because it didn’t ask us to.
So I just put the current balance of the PA 529 account since PHEAA will not count that in their grant calculation from what I understand.
I just e-filed our return on Wednesday, so we answered that we already filed our return but I did not attempt to use the IRS data retrieval tool yet because I think you have to wait 2 weeks before you can, right?
If your assets are less than the amount stated, the FAFSA skips those questions…because you are under the asset protection allowance for your family.
@thumper1, thank you so much.
For the DRT, you have to wait until the IRS processes your return. Two weeks is the standard answer but it could be a few days less or more.
@annoyingdad, thanks I will try it once the return is processed.