FAFSA and Large Purchase Question

Paying for College
1

<p>Hi everyone,</p>

<p>Earlier this month, I was planning to buy a car. The seller promised to hold the vehicle for me, and our agreement still stands. However, the seller could not find the deed to her vehicle, so now she has to order a new one from the state. On average, the deed process takes 21 days, so the FAFSA will already be due by that point. The car is a significant amount of money (in the context of my savings), so I was looking forward to having that deducted from my financial assets. Will I be allowed to refile when I write out the check for the car? If not, is there anyway I can maneuver around this issue now?</p>

2

<p>Your assets on the FAFSA can NOT be changed. The assets amount is a field you enter the first time you submit your FAFSA and it cannot be changed in subsequent submissions.</p>

<p>There is an asset protection allowance for parents (are you the parent?) and unless this is a mighty pricey car, it would likely fall UNDER that protected amount.</p>

3

<p>If the OP went to the bank and had a cashier’s check made in the seller’s name, how would that affect her assets?</p>

4

<p>I think the op needs to GIVE the check to the seller.</p>