My wife and I are retired. We have a son planning on attending college next year. We receive social security and a federal monthly pension. How are these monthly pension payments counted against FAFSA? Are they reported as income, or only the taxable part is reported? Thanks
will zero for the value of the business be the same with the new changes in FASFA 24-25 now that small business with less than 100 employees have to be disclosed. I am getting in to online ecommerce now and I will be sending my daughter to school soon so I am doing the research. She graduates HS in 12/24, I havent went so far into bussiness that if it is going to penalize me a great deal maybe I should wait. Or should I let this be a thing and move forward .I am interested to hear others thoughts that have experience in this angle of the FASFA process.
Hello, If my tax preparer didn’t report my earnings and still listed me as a dependent under my parents (I’m assuming because I didn’t make much), do I still put down how much I made when asked about my 2023 earnings on the 25-26 Fafsa form even though it is not reported on taxes?
My wife and i have over 300k income and we have 500k assets outside 401k. Can we still apply for financial aid? I used the calculator snd it said we need to pay for the whole cost.
Depends on your safety net and family support. For low income families or rocky situations u need cash and 20k I would say is the minimum- car problems, big bills, etc. if your more well off or at least know a family member can bail u out invest it. Worst case u can pull out an Ira for education expenses but I don’t think it’s an easy process. So best bets is a mix which is what I do. a HYSA account, so your basically getting a return on your account and have liquid money.
I am so glad that I pulled up your video. I had no idea how to answer certain questions and will look at your report - thank you!
I have money on HYSA. Will that hurt my son’s eligibility? Should I withdraw it? Saving it for a down payment to buy a house.
My wife and I are retired. We have a son planning on attending college next year. We receive social security and a federal monthly pension. How are these monthly pension payments counted against FAFSA? Are they reported as income, or only the taxable part is reported? Thanks
But they ask for value of primary residence.
will zero for the value of the business be the same with the new changes in FASFA 24-25 now that small business with less than 100 employees have to be disclosed. I am getting in to online ecommerce now and I will be sending my daughter to school soon so I am doing the research. She graduates HS in 12/24, I havent went so far into bussiness that if it is going to penalize me a great deal maybe I should wait. Or should I let this be a thing and move forward .I am interested to hear others thoughts that have experience in this angle of the FASFA process.
Hello, If my tax preparer didn’t report my earnings and still listed me as a dependent under my parents (I’m assuming because I didn’t make much), do I still put down how much I made when asked about my 2023 earnings on the 25-26 Fafsa form even though it is not reported on taxes?
What about rental properties i own?
Assets. Secondary houses and investments are assets
My wife and i have over 300k income and we have 500k assets outside 401k. Can we still apply for financial aid? I used the calculator snd it said we need to pay for the whole cost.
Good video , what do you recommend one do the taxable assets in order to maximize the college aid
My child has a custodial savings account .....should i cash it out or move to my own personal savings?
Also, is there a certain balance amount that it is safe to be under? $5k, $10k, $30k
If I have 20k in my savings from highschool work should I max my Roth IRA out and keep cash atleast until I start college
What did you do with it? I gotta know
Depends on your safety net and family support. For low income families or rocky situations u need cash and 20k I would say is the minimum- car problems, big bills, etc. if your more well off or at least know a family member can bail u out invest it. Worst case u can pull out an Ira for education expenses but I don’t think it’s an easy process. So best bets is a mix which is what I do. a HYSA account, so your basically getting a return on your account and have liquid money.
Can I put a second home in a trust and have the beneficiary be a family member who is not going to apply for fafsa
I thought this as well but I think that the answer is no.
No. I asked the same question since you are still the one who has control
It's a good thing i have no savings. Wait fuck
what about coverdel accounts