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Thread: Applying for Federal Aid for College

  1. #1
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    Default Applying for Federal Aid for College

    Title says it all....I'm filling out a FAFSA (Free Application for Federal Student Aid) and I was hoping maybe somebody here (an American citizen, of course) might be able to point me in the right direction. I only kinda sorta half know what I'm doing.

    My big thing right now is that I don't know exactly how to calculate my "asset net worth." I have a list of things here from one of the websites I'm doing research on:

    Asset net worth means current value of the assets minus what is owed on those assets.

    Assets include:

    * Money in cash, savings, and checking accounts
    * Businesses
    * Investment farms
    * Other investments, such as real estate (other than the home you live in), UGMA and UTMA accounts, stocks, bonds, certificates of deposit, etc.

    Assets do not include:

    * The home you live in
    * UGMA and UTMA accounts for which you are the custodian, but not the owner
    * The value of life insurance
    * Retirement plans (401[k] plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.)
    I grasp pretty much everything else, I think --- I count any businesses I would own (I don't own a business or have any investments in businesses), "investment farms" (don't know what that is, but from the sound of it I can only assume I don't have any), and I don't own any real estate (though I am living in a house my mom owns). I know you don't count your own home if you do own one, anyway, though. I also don't have life insurance on myself, but I think my mom has it for herself (since she's pretty much our family's sole provider, other than myself to a much lesser degree). And I certainly don't have any retirement plans yet.

    I don't know what a UGMA or UTMA account is.

    But most importantly, the part about "money in cash, savings and checking" is what's confusing me....I think I'm just supposed to add up all the money I have in cash, checking and savings on the day I submit the FAFSA form, but I can't help but feel like I'm missing something --- for one, that number is so arbitrary, it'll probably have changed a lot just between the time I submit the form and the time it's processed. Right now I think my total actual cash value is around $80. But that seems like such an arbitrary number....is there something else I'm supposed to take into account, here? I mean, that's not exactly indicative of my standard wages or anything, is it?

    Any help at all would be very, very much appreciated....I'm kind of in the middle of this massive nervous freaking breakdown and so I'm having a hard time focusing on these little numbers and things, and all of my friends are telling me different things, and I can't seem to find a reliable official source for this specific information....so yeah. Thanks in advance for anything you have
    "I'm sorry
    For all the things that I never did
    For all the places I never was
    For all the people I never stopped
    But there was nothing I could do...
    "

  2. #2
    Join Date
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    Default

    Don't worry about that part unless you have, let's say, 15k in a savings account from your grandma for college or savings bonds. I never have much cash on hand so I just put zero. they are trying to gauge your ability to pay. Yourparents house is usually counted under parental assets. Since you are under 25, all that information has to be included.
    Quote Originally Posted by Little_Miss_1565 View Post
    Or what? Or you'll leave as soon as someone returns your rudeness and delete all your posts? I'm so scared.

  3. #3
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    Default

    Also, I have no assets that I count. All I've got to my name is a telecaster and a beat up '95 mustang. No house boat or anything.
    Quote Originally Posted by Little_Miss_1565 View Post
    Or what? Or you'll leave as soon as someone returns your rudeness and delete all your posts? I'm so scared.

  4. #4
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    Don't worry about that part unless you have, let's say, 15k in a savings account from your grandma for college or savings bonds. I never have much cash on hand so I just put zero.
    Really? Sweet! I thought about doing that, but I wasn't sure. I'm still trying to figure out why my last FAFSA (from last year) got rejected; I think I messed up on something somewhere.

    Yourparents house is usually counted under parental assets. Since you are under 25, all that information has to be included.
    So I *do* need to include the value of my parents' house? If it makes a difference, my mom's still paying on it (and will be for quite some); we have a mortgage as well.

    EDIT: Ninja'd
    "I'm sorry
    For all the things that I never did
    For all the places I never was
    For all the people I never stopped
    But there was nothing I could do...
    "

  5. #5
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    Ask your mom if she has a life insurance policy in your name. Assuming you're over 18 that counts as your assets I believe.

    Otherwise your parents assets shouldn't count as your own unless they specifically say so.
    Quote Originally Posted by T-6005 View Post
    I do no be following, fortune prick me if I do no.

  6. #6
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    Default

    Ask your mom if she has a life insurance policy in your name. Assuming you're over 18 that counts as your assets I believe.
    By "in my name" do you mean that I'm the benificiary? Because I think I am at least one of the beneficiaries of her policy, but it's actually insurance on her life. So would that count as a policy "in my name?"

    Also, it said not to count the value of life insurance as an asset....is there some other aspect I should be considering that I've missed?
    "I'm sorry
    For all the things that I never did
    For all the places I never was
    For all the people I never stopped
    But there was nothing I could do...
    "

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