Also in case there is confusion, his $10,000 savings if it’s in a savings or checking account in his name, would add 20% to his EFC, so $2,000.
In a 529, as a parent asset, it would add 5.6% to EFC, after the parent Asset protection allowance is applied.
^^^
Right…and what is the parent asset protection now for parents who are about age 48?
“There is also an asset protection allowance based on the age of the older parent that shelters about $40,000 to $50,000 of parent assets for most parents”
My parents are both 54.
And even with 10,000 more they would be below 40000 in savings.
The age 54 APA is $21,800, not $40,000 to $50,000.
It was higher in previous years
Thanks for the clarification. It is greatly helped. Okay, I think this thread can stop for now if there is nothing else to add.