How much in assets can I report on my FAFSA and still qualify for Financial Aid?
Also, it doesn’t matter what your income is “to still qualify for financial aid”. You will be eligible for loans no matter your income, just the type of loan you receive. There is not “upper limit” that I’m aware of. Besides the fact that all the formulas are based on number in the family, number in college, expense of school, full vs part time enrollment, income, assets, and so on.
So what would be true for one person may not be true for another because it’s looking at the entire financial picture, not just one item like your “assets”. I’ve attached a Dept of Ed publication regarding the different types of loans and minimum and maximum amounts and how they calculate.
Good Luck and hope for Subsidized loans.
Assets are only part of the equation in determining what your EFC (Expected Family Contribution) will be. Your income, your household size and number in college, as well as any business income, or government subsidies are also taken into consideration.
If you have the time and inclination, you can manually calculate your EFC:
Being a financial aid officer, I have to just say that you you are legally required to accurately report all that is requested when you complete your FAFSA.
I’ve had as many as three children in college at the same time (last year actually, two this year) and we didn’t do anything to falsify the truth. Would we have liked to see it be more? Of course. FAFSA expects applicants to either contribute 6% of assets as part of the calculation or get loans to cover that part (I learned that from the FinAid office). Work as many angles as you can within the law, I applaud that. See my source below on how to maximize your aid. It also talks about the penalties towards the end of the page. Read the section “A Word About Honesty” closely.
FAFSA Fraud has severe penalties, probably far greater than the FinAid difference you will get by lying to yourself, and both the government and your intended graduate school. Then, if found out, your record of fraud will still be there when your children come around asking for aid, it will become part of your permanent family record, not just your own, the government will never allow you to co-sign any federal or state loan with such a record.
And then comes the question of your own ethical integrity. You will always know you stole the money. “They’ll never find out” really isn’t as true as you might think. There are new programs designed to detect fraud and the greater burden is placed on the college which has more to lose by not reporting you.
Stand up and act ethically from the start. Don’t start off your professional career with lies, they will haunt you forever…and set a pattern of behavior that can dog you well into your life beyond graduate school.
The last time I checked, taking money under false pretenses is clearly defined as fraud and theft. As an older graduate (I hope you’re not considering law school) you’ve seem as though you’ve been financially harmed before and are seeking systemic retribution.
If you’d like to read more on the connection between Law and Morality, check out this article on Legal Positivism:
In part, “there is no inherent or necessary connection between the validity conditions of law and ethics or morality.” and that “A law is a valid law if posited, in the proper manner, by a recognized authority, regardless of its moral implications”
I also went to graduate business school finishing part-time in 3 years at the age of 35. I speak from experience, I also sought financial aid with factual information, received what I deserved, and borrowed the rest, as expected.
Take the money out of Bank and leave only $100 in it. also if you are living with your parents, show that you are paying them rent. show more expenses. being a full time student is considered a job, so even if you don’t have job, don’t worry about it.
do not and i repeat do not show your savings. you will get either too less or you won’t get any aid.
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