Student assets

Paying for College
1

<p>Hello,</p>

<p>I have a CD worth $2500 that is about to mature in 3 weeks. I also have a savings account that is $1000 in it. I'll have to resubmit my FAFSA because I left off the CD from the assets chart on accident so I have a question. If I think I may spend $2000 of that CD in the next month after it matures. Should I wait to till then to resubmit the FAFSA or just resubmit with the correction now. </p>

<p>On the one hand I feel like getting my corrected FAFSA in is a priority to help get financial aid but I would like to lower my assets, but that involves waiting.</p>

<p>The school i plan to attend is $3,000 per semester, $6,000 per year roughly.
I read that student assets are assessed at 20%, so that means my $2,500 + 1000 = 3,500
3,500 X 20% = 700 EFC ?</p>

<p>Would this make $6,000 - $660 = $5300 </p>

<p>Should I go ahead and resubmit? I received paper work from the college that I'm going to attend that I have been selected to be audited for financial aid. For the audit I need to send in my tax returns, w2's etc. So I feel like I need to get all this rolling and not delay but is it worth it to delay if I can lower my assets by $2000 or a little more?? Would it make a difference?</p>

<p>My AGI was $8,500 for 2009.
Plus I have a refund from taxes of $1,500 that is about to hit my checking account at the end of this week increasing my "assets"
I'm 28 years old, single and independent.</p>

<p>What would be the best plan to increase my financial aid? I wonder if my assets are even large enough to make an effect?</p>

2

<p>The value of assets for FAFSA is required to be a snapshot taken at the time you first log in and begin the process of entering your data into [FAFSA</a> - Free Application for Federal Student Aid](<a href=“http://www.fafsa.ed.gov%5DFAFSA”>http://www.fafsa.ed.gov). This is true even if you begin the process in 2009 for the 2010 submission date. If that snapshot was incorrect, you can correct it (which is what you’re doing). If you spend down those assets in the following year, the new value will be reflected in the 2011 FAFSA when you file it.</p>

3

<p>If you are 28 you have some protected asset allowance. $3300 if you will be 28 at the end of the year, $4400 if you will be 29 by the end of the year.</p>

<p>Was your EFC when you initially filed 0? Income from 2009 has a big impact on the EFC.</p>

4

<p>FAFSA on the web is showing my initial EFC as:
EFC of 00411</p>

<p>Also I didn’t know that I’m given a asset allowance. I will be 29 years old in October. So are you saying that my savings and CD will be protected and basically be counted as nothing if I refile right now?</p>

5

<p>Hello,
I did some searching on the internet for the protected asset allowance swimcatsmom mentioned, but was unable to find any information. Could someone confirm this for me that I do receive an asset allowance because my age? This is great but i’ve never heard of it.</p>

6

<p><a href=“http://www.ifap.ed.gov/efcformulaguide/attachments/111609EFCFormulaGuide20102011.pdf[/url]”>http://www.ifap.ed.gov/efcformulaguide/attachments/111609EFCFormulaGuide20102011.pdf&lt;/a&gt;&lt;/p&gt;

<p>page 27</p>

7

<p>Thank you, this is great!</p>