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Author Topic: Financial Aid for Kids  (Read 1668 times)

kmn99

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Financial Aid for Kids
« on: December 29, 2018, 04:34:08 PM »
Anyone successful in qualified for simplified needs test on FAFSA for kids post-fire? I mean with substantial assets but low income.
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Car Jack

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Re: Financial Aid for Kids
« Reply #1 on: December 29, 2018, 07:09:43 PM »
Nope
 
5.6% of parents assets is pretty hard to get away from unless you buy yourself an old Ferrari with all your savings.  I actually suggested this from the audience at a college finance seminar.  FAFSA doesn't care about cars.
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Laura Ingalls

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Re: Financial Aid for Kids
« Reply #2 on: December 29, 2018, 10:05:39 PM »
I haven’t yet but I think we will pull it off when ds would start college Fall if 2020. 

What is the question?
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kmn99

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Re: Financial Aid for Kids
« Reply #3 on: December 29, 2018, 10:15:04 PM »
Based on the criteria mentioned online, we do qualify for the simplified needs test. EFC would be Zero. We will apply in 2019 fall. Wasn't sure if individual colleges request for asset information irrespective of what FAFSA says.
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soccerluvof4

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Re: Financial Aid for Kids
« Reply #4 on: December 30, 2018, 05:21:54 AM »
Quote from: kmn99 on December 29, 2018, 10:15:04 PM
Based on the criteria mentioned online, we do qualify for the simplified needs test. EFC would be Zero. We will apply in 2019 fall. Wasn't sure if individual colleges request for asset information irrespective of what FAFSA says.


If you are not working you will for sure have to submit your most recent tax returns for FAFSA. Being Federal to the best of my knowledge all Universities have to abide by the same rules.  I have two in college now and am Fire'd and its all the same
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Physicsteacher

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Re: Financial Aid for Kids
« Reply #5 on: December 30, 2018, 08:19:58 AM »
Quote from: kmn99 on December 29, 2018, 10:15:04 PM
Based on the criteria mentioned online, we do qualify for the simplified needs test. EFC would be Zero. We will apply in 2019 fall. Wasn't sure if individual colleges request for asset information irrespective of what FAFSA says.

I would check whether colleges your child might consider require the CSS PROFILE as well as the FAFSA. Those that do will get a more complete picture of your assets than they'd get from the FAFSA with simplified needs test, which would affect eligibility for institutional aid, but not federal aid.
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Laura Ingalls

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Re: Financial Aid for Kids
« Reply #6 on: December 31, 2018, 07:23:28 AM »
Quote from: kmn99 on December 29, 2018, 10:15:04 PM
Based on the criteria mentioned online, we do qualify for the simplified needs test. EFC would be Zero. We will apply in 2019 fall. Wasn't sure if individual colleges request for asset information irrespective of what FAFSA says.

You either need a tax return that is simple or apply for reduced lunch.  You sound like your on track😀
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