And student assets are ‘used’ at a higher rate than parents.
You could transfer some of your savings to your mother’s if you trust she won’t use them 
But, if the money is in mom’s account, that will affect the FAFSA calculation. Its a challenge.
But since there’s so little of it, having it ‘used’ for 6% rather than 30% in calculations could impact financial aid. I’m thinking of someone making 45k whose EFC will be based on 85k - it’d be a real challenge.
Yes, exactly @MYOS1634. Just pointing out to the OP that she might want to be mindful of how much and when she might consider moving her money to the mom’s account. That said, since they look at 2017 taxes, some of it is a moot point.
Or simply move money into a student owned 529 (student maintains control), which is now assessed at the parent asset rate regardless of who (parent or student) owns the account (FM). We also found that the President’s group schools were more generous (according to their NPCs) despite a student with assets. http://www.568group.org/home/?q=node/24
Ohio has a good easy to use 529 plan. https://www.collegeadvantage.com/new-to-collegeadvantage/why-collegeadvantage-529
"Student Assets
Students must report the same types of assets as parents, but students do not have a savings allowance, so 100% of the value of student-owned assets gets counted. Student-owned assets are counted at a rate of 20% (FM), 25% (IM) and 5% (CM), but under the FM, 529 college savings accounts and Coverdell Education Savings Accounts (ESAs) are counted as parent’s assets (5.64%) even though they are owned by the student." from https://www.forbes.com/sites/troyonink/2017/01/08/2017-guide-to-college-financial-aid-the-fafsa-and-css-profile/#3acde5e44cd4
Moving the $ to a 529 is a great idea, but its too late to affect this year’s reporting.
FAFSA for Fall 2019 freshman hasn’t even opened yet. It is a reported asset as of filing date.
If the income had been reported on 2017 taxes, it will be reflected. That is my understsanding.
We are talking about two different things.
You are talking about income (prior prior year tax returns, for students attending Fall 2019 Fafsa will use 2017 tax forms.) And a portion of the EFC will be determined by student income.
I am discussing student assets which are reported as of the date of FAFSA filing and the difference having those funds in a regular savings account will make when determining EFC.
Ex. 10,000 in an FDIC insured savings account at a local bank vs. 10,000 in a 529 that can also be invested in an FDIC insured savings account
For CM (Consensus Methodology schools) it increases the EFC by 5% whether or not it is in either account ($500).
For FAFSA (FM) in a local bank it increases the EFC by 20% ($2,000) or if it is in a 529 by 5.64% ($564).
For Institutional Methodology (IM - and there may be variation school by school) 25% ($2,500).
But since Pell grants and work study are figured based on FM (FAFSA Methodology) there can be a lot gained depending on how student assets are held even if a student attends a school that uses CM or IM.
^also amount of federal student loans that will be subsidized is based on FAFSA
So potential interest savings as well for student borrowers.
Correct -the income earned in 2017 is what I am discussing. Doesn’t sound like much if any was this year. So if previous income is moved now, its still reportable on this upcoming FAFSA and Profile.
So I work to save up and make college a possibility for myself only to have it cost even more? Would it help to just withdraw everything from my account and keep it in cash?
Yes, I know my mom could divorce my dad but it’s a lot more complicated than that and in order to keep peace this is not an option. I’ve already tried talking her into it.
MOHO has been my dream school for a while now, is it completely out of reach financially? How much would I have to pay a year out of pocket and how much am I able to take out in loans each year?
I literally don’t know what I’m supposed to do to get there at this point if I can’t even work to save up money on my own without just hurting myself for financial aid in the long run.
“Remember, parents get an asset protection allowance. So if parental assets + student 529 assets combined are less than the asset protection allowance, the child’s 529 assets will not be counted at all.”
There are also possible tax advantages to saving via a 529. These changes were made specifically for students like you who are saving on their own. Previously you would have been at a disadvantage compared to a student with a parent saving for them instead. Now you can take advantage of the same benefits as students with parents doing the saving for them. More and more IM schools are moving toward counting the student owned 529s as if they were parent assets. So keep saving.
Your parent’s income is the biggest factor.
There are a lot of students priced out of privates because of parent income. There will still be a lot of good schools for you to choose from. You are so far ahead and you don’t even realize it. You are learning everybody pays a different price, you know how to earn money and more importantly how to save it. Now spend what you have wisely. Figure out what qualities you liked about MOHO that made it your dream and try to find an affordable version.
When you fill out the FAFSA, you are supposed to make a truthful declaration of your savings and income on the day that you fill it out. Yes your savings would be assessed at a higher rate than your mother’s but probably not enough to make a huge difference in your eligibility for financial aid.
A formal divorce would not change things for either FAFSA or CSS Profile as far as I have been able to discern on line. If your parents live in separate residences and can document that, and if you live primarily with your mom, then she is your custodial parent and it is her financials that would be considered by FAFSA.
For CSS Profile schools, both biological parents’ income will be taken into account regardless of whether they are married/separated/divorced.
Any money that your father might contribute towards your college education will have to be declared as untaxed income on the FAFSA in subsequent years.
@BuckeyeMWDSG has given you extremely sage advice. Agnes Scott and Wesleyan College are FAFSA only women’s colleges that might work out for you.
Thank you to everyone who responded to this forum. It gave me a great amount of confidence and for a while I really thought I had a shot at the schools I wanted to go to, which would have never crossed my mind if you guys had never commented the genuinely helpful things that you did.
Before I go, I just wanted to let everyone know that after looking more in CSS and FAFSA and running the NPC, that the schools on my list and the ones others have suggested are not options for me. This is mainly due to both my parents having two jobs for a good portion of last year, spiking up their expected contribution two-three times the amount it would have been had I just been able to include my mom’s current income. It’s unfortunate timing, but this is how it is.
I will likely need to take a year or two off to work full time and save up for community college or a state school like OU. This way when I do apply to colleges, my parents financial information will be more accurate.
Although I’m sad I probably can’t go to college next year, I can’t think the people on here enough. You guys gave me hope about my future and made me believe that I was more than just my numbers.
Good luck to everyone on this forum or to anyone who reads it who’s applying to college or has a child who is applying soon. Remember that you have more to offer than just your GPA and test scores and to believe in yourself and go for your reaches!
PS I always hate reading old forums on here and never finding out what happened to the OP. Maybe one day I’ll come back and give you guys an update from my dorm room at MOHO grad school in 2024 
Good bye everyone! Thank you for everything and good luck!!