I’m am currently a 19 year old student heading into my sophomore year of college, I began investing a few months ago and I’ve managed to rack up a portfolio worth $5000. I’ve been growing my portfolio pretty quickly and I’m expecting to reach 10000 within the next month or so and I’m wondering will that affect my fasfa in anyway? I know when filling out the fasfa form it asks about any type of assets you may hold including investments and we’ll at the time when I filled it out I had none but now I do and I’m not sure how that will affect me. Does someone have any clue as to whether my portfolio would matter at this point? As to wether it will make a difference, I’m asking if it will change the amount I receive for college and if maybe I would have to end up paying money out of pocket due go my portfolio.
You do not change the FAFSA you filed last year (for this coming year), but you will report it on the next FAFSA you file.
I want to know what you’re investing in that you can double your money in a month! ^:)^
It might change the amount of need-based aid you receive for college which might mean that you will end up paying more money out of pocket. It’s one of many factors that go into determining your EFC. But it makes sense, right? If you have more money in your pocket (a $10,000 investment portfolio that you didn’t previously have, for instance), there should be an expectation that you bear more of the cost of your own education.
Where did you get the money that you invested? All of this won’t effect your aid for this year because FAFSA is a snapshot of the day you filed it. But yes, if you have $10,000 next year on your filing day that will be considered an asset that can be used for college. Also if that $10,000 rose out of $3,000 in income or a gift that would be taken into account too.