<p>I will be filling out the FAFSA form in the near future and want to get clarification on something. I understand that it is based on the previous years financial information. I also understand that it inquires about child support. My son's child support will cease this spring, so will not be an available source when he is in college in the fall of 2007-08. Do I still have to list it? I also have money in savings that is being put there to save up for replacement of a current furnace that is original to my home (1970s). Is there a way that one can get around having to list that kind of asset?? I feel that as a single parent I am at a disadvantage and when I did a projected worksheet it projected that I could provide far more than I am able. I'm worried. Any feedback welcome. Thanks!</p>
<p>Your financial aid awards for the 2007-08 school year are based on your income for the 2006 tax year. The premise is that if you have some resources, you would be planning to use those in the upcoming year for college expenses. You will have to list the child support for the 2006 calendar year (and next year, anything you get in 2007 will need to be listed as well). Is there any way you could get that furnace done NOW and get those assets out of your bank account? If so, do that prior to the filing of the FAFSA. If you really can't, they will appear as savings assets. HOWEVER you absolutely should write a letter to the finaid folks at the colleges explaining about the child support ending. AND you can also put something in there about the added expense of needing to repair your furnace. Some finaid folks will look at both of those things as extenuating circumstances. Others will not make adjustments, but it's certainly worth trying.</p>
<p>I second what Thumper asks about possibly doing your furnace now? We have a somewhat similar situation to your child support in that my D receives SS payments that will cease once she graduates high school. We plan to talk to the schools financial aid office and ask for an adjustment to reflect this. My understanding is that they can adjust your EFC in this situation.</p>