Assets not re****table for the FAFSA include any tax deferred retirement
accounts like IRAs, 401Ks and annuities. Also excluded is cash value of
life insurance policies, equity in the home, and personal possessions
like cars, jewelry, etc.
Re****table assets include cash, checking, savings, CD's, stocks, bonds,
mutual funds, real estate, trust funds, etc.
The FAFSA computations also have an asset protection allowance based on
your age and whether married or not. A 49 year old has an allowance of
$19,200 if single, or $47,600 if married. Only assets over those amounts
are used in the computations.
Also, you say you were laid off December 2006. The FAFSA will ask for
your 2006 income to project your ability to pay for college in the
2007-2008 college year. You must re****t the 2006 income on the FAFSA,
but if your total 2007 income looks to be significantly lower you should
make the financial aid office aware of this. They are not required to
adjust your aid eligibility, but can do so if they choose.
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Che****re, CT 06410
(203)250-7761
me@[EMAIL PROTECTED]
said the following on 8/24/2007 12:19 PM:
> Steve Blank <steve@[EMAIL PROTECTED]
> wrote:
>
>> You can still get loans for the current year.
>> The money will go to the school where it will be credited to your
account.
>> Since you've already paid you'll have a credit balance to be given to
>> you either automatically or on your request.
>
> Thanks Steve!!
>
> I'm age 49, never went to college out of high school.
> I was laid of perm last Dec so decided to give it a
> go!!
>
> Having said that I'm not savvy abt loans and such.
>
> Another question.... I don't have a LOT of assets but
> do have some retirement money in rollover IRA's
>
> When filling out the FAFSA will money in IRA's count
> against me? Bottom line...which assets are actually
> figured into your eligibility?
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