<p>Hi Everybody!</p>
<p>So I had a quick question. My family income is probably going to be around 60k a year (27k less than last year) and I have quite a bit saved up from a few years of working (about 20k). </p>
<p>Since we are having a significant decrease in income, so I was wondering if the FAFSA takes that into any consideration at all? Would my savings account offset the amount of aid that we might be awarded?</p>
<p>If you are the student, I suggest that you open a joint account with a parent’s name/ssn primary so that they are hit up at the parent’s rate of 5.6% of assets after the protection allowance rather than a straight out 20% (at least). </p>
<p>You can let a school know if you know there will be a significant decrease in income due to some circumstance, explaining it, but that is a school by school professional judgement issue. For the FAFSA, it’s what you made ofr 2013 that is reported on the form for the fall 2014-15. Things are rarely done on an anticipatory basis. Your aid package is genearlly based on the income of the year before. But extenuationg situations can be taken into consideration, for instance illness, death, job loss if it is brought up to the school’s fin aid office.</p>
<p>^^^</p>
<p>Right…don’t have all your savings in your name. Put it in an acct with your parents’ name. It will badly affect your EFC in your name. </p>
<p>Why will your family’s income decrease for 2014? Did someone just lose their job? If so, when? </p>
<p>If someone “may” lose their job, then that won’t get considered.</p>
<p>I see that you’re applying to a UC. </p>
<p>Can you clarify? is the drop in income for this PAST year 2013…or is the drop for NEXT year 2014?</p>
<p>how much will your parents earn for 2013?</p>
<p>It sounds like you’re going to miss out on Blue and Gold.</p>
<p>Definitely move that money into an acct that has your parents’ name ASAP. Can you trust your parents not to use that money?</p>