<p>Cash value life insurance is not considered a FAFSA asset, nor are bonified retirement accounts. </p>
<p>If you have any credit card debt or consumer debt, paying that off is smart for FA. Paying down your mortgage is also a way to reduce assets available for consideration, for FAFSA schools. Profile schools are entirely different.</p>
<p>Vehicles, furniture, art, possessions, etc are not counted in FAFSA, I would imagine “investment” grade art & gold, etc would need to be considered, but since that does not apply to me, I am not sure!</p>
<p>You can do your own FAFSA formula here:</p>
<p>[IFAP</a> - EFC Formula Information](<a href=“http://www.ifap.ed.gov/efcinformation/0809EFCFormulaGuide.html]IFAP”>http://www.ifap.ed.gov/efcinformation/0809EFCFormulaGuide.html)</p>
<p>That will show you the asset protection allowance for your age. Remember, if your income is too high, there is no sense going illiquid if you won’t be getting any aid and you will need that money for college.</p>
<p>Smart of you to review it all ahead of time and get an idea what to expect.</p>