danyela

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anyone know the deadline for submitting the FAFSA for 2002-3 I have filled out most of the online application but still have a question unanswered...
maybe you can help me
1. I have a small amount invested in mutual funds (approx one year of tuition for my med school)But they are not doing well right now.. Should I go ahead and cash it out this summer to use for housing, tuition, books etc. ?....What happens to me if I don't tell them about it? Yes, I am pretty clueless
thank you so much for any advice you may have
 

paean

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You need to get the FAFSA in right away. For many schools, you lose opportunity to get institutional funds if you miss the school's deadline (often in March). The later you are, the less $ the FAO has available to award to you.

As to the mutual fund, you have to report any savings at their present value (the day you submit the FAFSA or the last paper statement you got from your brokerage). If you cash out, you will have to report the amount as cash savings. Either way, it will affect you similarly. If you are able to cash out and spend the money before submitting (pay off your car, or prepay all your rent for the summer and fall, etc) then you don't hav to report it as savings. It's likely that you will be looking at loans for most of the available financial aid, so if may actually not matter that much. As long as you can show that you have need of 8500 or greater, you get the maximum subsidized loan, and anyone can gt the unsubsidized loans, even if their EFC is as large as the whole student budget.
 
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