<p>Engineering…what are you talking about??? “people receive FAFSA”??? What does that mean.</p>
<p>The FAFSA is a financial aid application form. No one “receives a FAFSA”. Students complete,a FAFSA. It is submitted to the colleges and is used primarily to determine eligibility for federally funded need based aid. NO ONE with a six figure income on the FAFSA is going to be eligible for federally funded need based aid…based on their completion of the FAFSA. </p>
<p>In my opinion, your post is misleading and inaccurate.</p>
<p>thumper1 said: "Assets are reported as of,the date of the initial FAFSA filing. They are NOT changed because the balances in those accounts change. "</p>
<p>This is for the schools that you already filed FAFSA. You can not change the asset values once it has been filed, unless there are mistakes.</p>
<p>What about schools with different filing dates? For example, you need to file FAFSA to school A on 02/01/2014 and school B on 02/15/2014. Should the asset values for school B based on 02/01/2014 or 02/15/2014?</p>
<p>They all get the same FAFSA so whenever you file is when the assets should be reported. Even if you add school B two weeks later, they still get the same FAFSA you submitted to school A.</p>
<p>I have not done any FAFSA yet. However, I have submitted a few CSS Profile, which allows you to change the asset values for each new submission. Does not FAFSA allow the change of asset values for schools submitted later? or does FAFSA stipulate you must use the initial value when first put in?</p>
<p>Just want to make sure I understand it correctly so that I can file it right.</p>
<p>FAFSA is different in that you only fill it out once (or twice, if you use estimated income and come back and fix it for actual income/IRS verification). All schools get the same FAFSA so assets are as of the day you (first) file.</p>
<p>I think that you are missing the point , gone are the days when you can incorrectly report your income due to the new FAFSA updates, there is now a direct link between the IRS and this new FAFSA tool. Your mother is obviously going through a very difficult time in her life as well as trying to work and provide for you, as well as support some of your dreams. You have stated very clearly what YOU want , and what you believe it right. have you checked into other sources of funding, scholarships , student organization memberships and hey how about this :Go to a college you can actually afford. I understand with all that you will still need to fill out your FAFSA, but the relationship you will have with your mother as you begin to shoulder some of the financial responsibility, will go along way in the right direction. Having 5k to 10k in scholarship money would go along way in providing comfort on high EFC. Just something you might want to consider…</p>
<p>When I went in to start the FAFSA, the question asked this time was “Are your assets more than $7800” and it said to include checking,savings, cash on hand. I think last year I had to put the actual amount, but since they are below $7800 even on payday, that makes it a lot easier and probably reduces the number of people going in to change it all the time.</p>
<p>Retirement assets are exempted. Your mother can take 5K out before april 15 and put it into a 2013 IRA Prior to filing the FASFA. the IRS considers that at 2013 contributions and will lower your 2013 assets. she can also do the same for you (also protected and not considered ) if she trusts you will give it back.</p>
<p>It will also reduce her 2013 take home pay by 5000, putting her into an even lower income bracket</p>
<p>You can use that money to purchase a first home with reduced taxes and penalty. If she puts you on the deed/mortgage she can use your funds for the purchase as well. Good luck</p>
<p>This is the least of the problems with things like FAFSA. A friend, whose husband is 69 and probably retiring in the next year or two, are hiding her son’s bank account with thousands of dollars in it from birthday, holiday, other things. A financial advisor (not an official one) told her to hide that money–buy a car for him, whatever, but don’t put on the financial aid forms of any kind. My kid has no relatives who give him anything and has no money of his own, but he’ll have to compete with things like that. I am quite sure this is typical.</p>
<p>“Hiding” student assets by turning them into a car will most likely mean that the kid has a car (and all of the pending insurance, gas, and maintenance expenses), and nit one cent more in financial aid. It would make more sense to “hide” the money by putting it into an account where the parent is the primary account holder. That way the money will still be accessible for the student’s expenses when those aid packages appear.</p>
<p>Now if the parents had been planning to buy a car for the son anyway, then yes it can make sense to spend down the kid’s accounts first.</p>
<p>Of course people cheat on fin aid forms. They cheat on taxes too. They lie, cheat, steal. assault, pillage, rape and even kill. Since the beginning of time.</p>
<p>They can and do also get caught at time. Not an auspicious start for someone just entering adulthood to lose financial aid for fraud.</p>
<p>The student would lose not only financial aid, but likely their admission to the college(s). Colleges frown on dishonestly. Actually most everyone frowns on dishonesty.</p>
<p>However it is considered fraud to gain financial aid through falsifying info on the forms.</p>