How do you answer an asset question on fafsa?

How do I complete the question Does the total amount of your parents' asset net worth exceed the amount listed on the FAFSA form? Select Yes if your parents' current asset net worth exceeded this amount on the day you submitted your Free Application for Federal Student Aid (FAFSAA ) form.

Should I answer asset questions on fafsa?

You can only skip FAFSA questions about assets if you meet the qualifications to do so based on your answers to other questions on the application. However, that's only because your asset information at that point doesn't affect your eligibility for federal student aid.

US Legal Forms
Asset Information Sheet

Asset Information Form

Name: Asset Information Sheet
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.73 (218 reviews)

Category:

Personal Planning

State:

Multi-State

Control #:

US-0575-WG

Format:

Instant download

Description

This form is used to help a person gather relevant information about their assets.

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FAQ

Your FSA ID Your Social Security number Your driver's license number. Your 2019 tax records Records of your untaxed income Records of your assets (money) List of the school(s) you are interested in attending.

How do I complete the question Does the total amount of your parents' asset net worth exceed the amount listed on the FAFSA® form? Select Yes if your parents' current asset net worth exceeded this amount on the day you submitted your Free Application for Federal Student Aid (FAFSAA®) form.

Impact of Assets on the FAFSA The impact of an asset depends on whether it is a student asset or a parent asset. The FAFSA has a simplified needs test that causes assets to be disregarded if the parent income (or student income, if the student is independent) is less than $50,000 and certain other criteria apply.

If you don't report assets, you'll be automatically disqualified from institutional aid like need based scholarships but can still qualify for government loans or merit based scholarships. The accountant and the financial aid people at multiple medical schools have confirmed this.

As a general rule, you should only report assets that are cash-based (i.e. not your car) and liquid (meaning you can easily turn them into cash). Things like trust funds and 529 savings plans (if they're owned by you or your parent) do need to be reported, as well as more obvious things like your bank balances.

You can only skip FAFSA questions about assets if you meet the qualifications to do so based on your answers to other questions on the application. However, that's only because your asset information at that point doesn't affect your eligibility for federal student aid.

Assets on the FAFSA An asset is essentially any money that you have readily available. For the purpose of filling the FAFSA, these are counted as assets: Money deposited in checking accounts and savings accounts.

The FAFSA will require disclosure of financial information, including bank account balances, by the student applicant and also from the student's parents if the student is classified as a dependent student.

Your FSA ID, which you can create on fsaid.ed.gov. Your social security number and driver's license, and/or alien registration number if you are not a U.S. citizen. Your federal income tax returns, W-2s, and other records of money earned. Your parents income tax returns, W-2 forms and 1040 forms if you're a dependent.

Asset Information Form

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