FAFSA and assets, my situation.

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Mdr1985

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I've already submitted my FAFSA, and reported 27,000 in checking/savings account assets. I'm now learning that if that money were in a 529(?) it woudn't affect my ability for aid as much (is that true?). If I were to reallocate that money somewhere-whether it was a 529, or anything else for that matter (suggestions?), is that something I can go back in and change on the FAFSA form? I know you can make adjustments, but I've heard that's only to your income level, not your assets.

I've moved back home to start this saving up for med school process, but being non traditional I already have a home and a mortgage (which I'm now 35,000 upside down in after the housing market tanked). The 27,000 I have saved up is hardly an 'asset', it's me trying to get out of the hole with my mortgage, save for medical school, and have a back up fund for if my tenant (now renting my house, at 400/mo less than my mortgage payment) leaves or wrecks the place. Is this kind of situation factored in? At least in the financial aid office of the institution you're applying to? I'm still finishing up my last two years of undergrad. . . this is the first time I've applied for aid because I've been doing community college up until now and working full time. . . now it's off to the big university, and thus working much much less.

Any insight would be much appreciated, thanks.

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