<p>Olderparent,</p>
<p>Not only are primary residence and retirement funds excluded from FAFSA, but older parents (especially older parents who are married) have a higher asset protection allowance, meaning the amount of savings/assets that is protected from financial aid calculations increases with the age of the older parent and increases if the custodial parent is married. </p>
<p>I believe parental assets over the income protection amount are assessed at 5.6%.</p>
<p>I suggest you run the financial aid calculator on College Board to see what you come up with under institutional method and financial method. The FM is an estimate of what your EFC could be under FAFSA (although almost all colleges will not meet that EFC). The IM is an estimate of what private colleges are likely to say you will have to pay if they meet need. Make sure your child has 1-2 schools that are “financial safeties,” schools which you could pay even if financial aid isn’t good. Chances are those will be instate options.</p>