FAFSA-Skipping question about personal assets

[donkeykong1]

Any downside to skipping that question? Would I still be eligible for the max stafford loan for year one of med school?

I have a checking/savings account as an emergency fund type of thing. Would not disclosing that info hurt my aid eligibility in any way? I have disclosed my parents' assets however.

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[MT Headed]

Any downside to skipping that question? Would I still be eligible for the max stafford loan for year one of med school?

I have a checking/savings account as an emergency fund type of thing. Would not disclosing that info hurt my aid eligibility in any way? I have disclosed my parents' assets however.

If you put in the maximum allowable value for that question (999,999) you are still eligible for the maximum amount in staffords. I don't see any reason to skip it.

 

[donkeykong1]

If you put in the maximum allowable value for that question (999,999) you are still eligible for the maximum amount in staffords. I don't see any reason to skip it.

thanks bud. decided to skip it anyways. planning on maxing out staffords each year to pay for school. gl with the tulane tuition of $52k sheesh...

 

[DrMidlife]

Here's what you signed when you submitted that FAFSA. The last sentence is kind of interesting.

By signing this application electronically using your Federal Student Aid PIN or by signing a signature page and mailing it to us, YOU, THE STUDENT, certify that you:

1. will use federal and/or state student financial aid only to pay the cost of attending an institution of higher education,
2. are not in default on a federal student loan or have made satisfactory arrangements to repay it,
3. do not owe money back on a federal student grant or have made satisfactory arrangements to repay it,
4. will notify your school if you default on a federal student loan and
5. will not receive a Federal Pell Grant from more than one school for the same period of time.

By signing this application electronically using your Federal Student Aid PIN or by signing a signature page and mailing it to us, you agree if asked:

1. to provide information that will verify the accuracy of your completed form
2. to provide U.S. or state income tax forms that you filed or are required to file.

You also certify that you understand that the Secretary of Education has the authority to verify information reported on your application with the Internal Revenue Service and other federal agencies.

If you sign this application or any document related to the federal student aid programs electronically using a PIN, you certify that you are the person identified by the PIN and have not disclosed that PIN to anyone else. If you purposely give false or misleading information, you may be fined $20,000, sent to prison, or both.

If you've been earning interest on your emergency savings account, and it's been reported to the IRS, that could be an issue.

Unlikely you'll get caught, but I'm rather astounded that a federal form would be considered so blithely.

 

[235009]

decided to skip it anyways.

that was the wrong choice. you should've put in the amount. my EFC (estimated family contribution), which is calculated without parents' assets/income, was pretty high first and second year and it didn't matter....was offered full cost of attendance in stafford loans.

 

[donkeykong1]

that was the wrong choice. you should've put in the amount. my EFC (estimated family contribution), which is calculated without parents' assets/income, was pretty high first and second year and it didn't matter....was offered full cost of attendance in stafford loans.

the thing is that i wasn't earning interest on the account. and its a very low amount, like 0 savings and some very minor assets in checking. efc was 0 anyways, since i make just enough to file a tax return, and parents are low income. i guess things would be different for a non-trad who worked full time before matriculation.

 

[235009]

the thing is that i wasn't earning interest on the account. and its a very low amount, like 0 savings and some very minor assets in checking. efc was 0 anyways, since i make just enough to file a tax return, and parents are low income. i guess things would be different for a non-trad who worked full time before matriculation.

right, which is why it's so strange that you didn't just put the amount down since it would've made absolutely no difference in the end. as someone mentioned earlier this is probably not going to be an issue but it really is something so trivial that there's no reason to risk it.

 

[donkeykong1]

right, which is why it's so strange that you didn't just put the amount down since it would've made absolutely no difference in the end. as someone mentioned earlier this is probably not going to be an issue but it really is something so trivial that there's no reason to risk it.

yup it wouldn't have made a difference either way. but when given the option of yes/no to the question would you like to skip the following....about your personal assets, i'd much rather stick with skipping it. the "fafsa" gave me an option and i went with the one i preferred, there shouldn't be any risk involved.

 

[MT Headed]

thanks bud. decided to skip it anyways. planning on maxing out staffords each year to pay for school. gl with the tulane tuition of $52k sheesh...

Right on. The only way skipping this question could harm you is it will most likely disqualify you from receiving school based aid (loans on better terms, scholarships, etc). But since you are only seeking maximum staffords and not school moneys, this is not a concern for you.

Thanks for the concern about my tuition, but my personal assets will more than cover the COA at Tulane for four years. I only filled out the FAFSA form to get access to the school based merit aid.

 

[235009]

yup it wouldn't have made a difference either way. but when given the option of yes/no to the question would you like to skip the following....about your personal assets, i'd much rather stick with skipping it. the "fafsa" gave me an option and i went with the one i preferred, there shouldn't be any risk involved.

OH ...by "skip" i thought you meant put a 0 rather than the actual amount. Didn't realize you are given that option, either that must be new or I don't remember seeing it. You're fine. Won't affect anything except institutional aid as others have mentioned. Sry I misinterpreted your question.

 

[donkeykong1]

OH ...by "skip" i thought you meant put a 0 rather than the actual amount. Didn't realize you are given that option, either that must be new or I don't remember seeing it. You're fine. Won't affect anything except institutional aid as others have mentioned. Sry I misinterpreted your question.

no worries. also institutional scholarships are 100% based off of the students' and parent's tax forms, basically income levels. at my school we just send in copies of the 1040 for consideration.

 

[FunnyCurrent]

Glad you posted. I'm in the same situation with a large savings account but no wages or earnings. I chose the "skip" option. Let's hope nothing bad happens and we're able to get stafford and gradplus

 

[MT Headed]

Glad you posted. I'm in the same situation with a large savings account but no wages or earnings. I chose the "skip" option. Let's hope nothing bad happens and we're able to get stafford and gradplus

I seriously doubt there is anything you could put in the fafsa that would lower you from the maximum amount of staffords, except maybe checking the non-us citizen box. Grad plus loans are based on your credit rating, not sure how assets affect that (if at all).

By skipping that question the only likely change in aid is making institutional aid less likely. Not sure why applicants are being so secretive about their assets.

 

[donkeykong1]

Glad you posted. I'm in the same situation with a large savings account but no wages or earnings. I chose the "skip" option. Let's hope nothing bad happens and we're able to get stafford and gradplus

you're all good! the only reason you got the skip option like myself in the first place is b/c your income is low and/or your investment income is 0 or insignificant.