How to Answer Student Assets FAFSA Questions | Student Assets, Child Support Received (2024)

FAQs

How to Answer Student Assets FAFSA Questions | Student Assets, Child Support Received? ›

Verification doesn't necessarily check the student's or parent's bank accounts. Rather, the school will ask for documentation to clarify information provided in the form. These documents can include income tax returns, W-2 forms, and 1099 forms.

Verification doesn't necessarily check the student's or parent's bank accounts. Rather, the school will ask for documentation to clarify information provided in the form. These documents can include income tax returns, W-2 forms, and 1099 forms.

Here are the FAFSA notes for assets: "Net worth means the current value, as of today, of investments, businesses, and/or investment farms, minus debts related to those same investments, businesses, and/or investment farms. When calculating net worth, use 0 for investments or properties with a negative value.

FAFSA® requires details about your (and your spouse's, if you're married) financial assets to help calculate how much aid you'll need to pay for college.

An asset is essentially any money that you have readily available (such as money in a savings or checking account) or something that can provide financial benefits in the future, such as property or stocks.

While you may not have as much in your savings account, student assets are weighted more heavily (20% for the FAFSA), so these must be reported, too.

Does FAFSA Check Your Bank Accounts? FAFSA doesn't check anything, because it's a form. However, the form does require you to complete some information about your assets, including checking and savings accounts.

How do I calculate my assets? ›

Determine total assets by combining your liabilities with your equity. Since liabilities represent a negative value, the simplest method for finding total assets with this formula is to subtract the value of liabilities from the value of equity or assets. The resulting figure equals your total assets.

Total Assets = Total Liabilities + Total Stockholder's Equity.

Cars, computers, furniture, books, boats, appliances, clothing, and other personal property are not reported as assets on the FAFSA. Home maintenance expenses are also not reported as assets on the FAFSA, since the net worth of the family's principal place of residence is not reported as an asset.

Home / What assets are factored in when determining financial aid eligibility? / What assets are factored in when determining financial aid eligibility? Parents' assets include cash, savings, investments, home equity, other real estate equity, and business equity.

The asset protection allowance is shrinking

At that time, the allowance for single parents aged 65+ was $84,000. In contrast, the allowance for the same group was $9,500 in 2020-2021. The Federal Register shows that, in 2022-2023, the FAFSA asset protection allowance will be $0 for single parents of all ages.

Add the account balances of your (and if married, your spouse's) cash, savings, and checking accounts as of the day you submit the FAFSA form. Enter the total of all accounts as the total current balance.