Quick question about assets on FAFSA

Paying for College
1

Hey everyone, just a quick question:

As I was filing out FAFSA, one of the questions asked if my parents’ assets exceed $19,800, which they currently do (their current balance is $30,000). However, we recently bought a house, and my parents will be signing a loan in around late November, which would decrease the balance to much less than $19,800 (definitely less than 10k).

We were wondering if submitting my app now with the 29,000 in assets, versus submitting later in November with less than 19,800 in assets, would greatly influence my chances of financial aid. As in, would having less assets increase my chances of getting any aid at all, or am I better off submitting now rather than waiting until November? I’ve been told you should submit FAFSA as soon as possible, but not sure what the effect of the asset value would be.

For reference, my family’s income bracket is about 85k. I do have solid stats, but not sure if they’re really good enough for substantial scholarships. Applying to Texas colleges as an in-state resident, so my only chances of substantial merit aid might be UTD AES. I have an 8 year old brother who won’t be going to college anytime soon :stuck_out_tongue:

Any help is greatly appreciated - thank you!

2

With an 85,000 income, you will not receive federally funded grant money.

The extra $10,000 of Parent assets over the protected amount would add $560 to your family contribution.

3

I’d wait until November to submit the FAFSA when the reportable assets drop below the protection amount.

4

I understand, thanks for the responses!

5

You can run your numbers through the Collegeboard EFC calculator. The EFC will most likely be much more than $5,000, so you would not be eligible for a Pell grant.

What state do you live in?

6

Sorry, I missed that you are in Texas.

7

@mommdc Thanks for letting me know about the EFC calculator! And yes, I don’t qualify for the Pell grant.