Skipping questions about assets?

Paying for College
1

<p>For both my father's income and my own, I was told that I could skip questions about my father and I's assets. I got this message on the side:
" Based on your answers to previous questions, you may skip questions about your assets, including:</p>

<pre><code>* Current investments
* Current businesses and / or investment farms
* Current balance of cash, savings, and checking accounts
</code></pre>

<p>If you decide to skip these questions, doing so will not affect your eligibility for federal student aid."</p>

<p>Could someone explain this to me? I don't know if everyone has this option or not, and I don't understand the benefits and drawbacks of it. Last year I received money and stocks from an inheritance, and that money is now on my bank account. Wouldn't knowing the value of those make a difference in the financial aid process for the colleges? Is it dishonest to omit that information?
Thanks for your help.</p>

2

<p>You get this option for one of two reasons.</p>

<ol>
<li>Your income is below a certain threshold and asset info isn’t required.</li>
</ol>

<p>OR</p>

<ol>
<li>The info you have reported indicates that your assets are below the asset protection allowance.</li>
</ol>