Question about assests on the FAFSA

Paying for College
1

<p>Hey all,</p>

<p>I thought I offically completed my FAFSA after many corrections and got an EFC of about 7700.</p>

<p>There is a certain section that asks me to put down my parent's assets valued over ~ $39k.</p>

<p>My parents have a small business, and when I asked them, they said their business would be worth about $60k.</p>

<p>Then I just read on this link
<a href="http://studentaid.ed.gov/sites/default/files/2013-14-completing-fafsa.pdf%5B/url%5D"&gt;http://studentaid.ed.gov/sites/default/files/2013-14-completing-fafsa.pdf&lt;/a&gt;&lt;/p>

<p>that </p>

<p>A business and / or investment farm value includes the market value of land, buildings, machinery, equipment, inventory, etc. Business and / or investment farm debt means only those debts for which the business or investment farm was used as collateral.</p>

<p>Business value does not include the value of a small business if your family owns and controls more than 50% of the business and the business has 100 or fewer full-time or full-time equivalent employees. For small business value, your family includes (1) persons directly related to you such as a parent, sister, or cousin or (2) persons who are or were related to you by marriage such as a spouse, stepparent, or sister-in-law.</p>

<p>So should I go back and just say that no, my parents do not have assets worth $38k?</p>

<p>ps: how many FAFSA corrections are too many? lol</p>

2

<p>We were told not to include the business assets as long as it is FAMILY OWNED with LESS than 100 full time of the equivalent of part time employees. Yes, it seems incredibly fishy but FAFSA’s counselors told us themselves. Best of luck!
PS. I updated mine twice, and will again after 2013 tax returns. People make mistakes, it’ll be okay!</p>

3

<p>well I made the change, and my efc did not change at all :(</p>