Fafsa question

Paying for College
1

<p>I think I know the answers, but I'm nervous and in kind of a hurry...please keep me from screwing this up :-). My son is trying to get a merit scholarship that said "fafsa recommended", but we won't qualify for financial aid and I wasn't planning on filling it out. Now his advisor believes it's actually required so now I'm trying to rush through it!</p>

<p>1) Where does the 529 balance go on the Fafsa? Does it just go under parental investments?</p>

<p>2) I think I do have to give the value of my younger son's 529, right? Even though he's still in high school that counts as my "investment" too?</p>

<p>3) Other than "un-taxed income" I don't have to count my 401k, correct?</p>

<p>thanks so much!</p>

2

<ol>
<li> A parent-owned 529 is a parent investment.</li>
<li> If the younger son’s 529 is owned by the parent, it’s a parent investment and reported on FAFSA. If the younger son owns his own 529, it’s not reported on the older son’s FAFSA (similar to how sibling UTMAs are treated, ie not reported).</li>
<li> You don’t report your 401k as an asset. Are you taking withdrawals from it?</li>
</ol>

3

<p>Thanks vballmom! No, only adding to 401k at this point.</p>

<p>Thanks for confirming everything for me. Doing our taxes and fafsa in the same day made my brain hurt!</p>