FAFSA LLC & Trust Guidance

thumper1
Tue, 30 Nov 2021 01:09:04 +0000

Your primary residence isn’t mentioned at all on the FAFSA form.

However, the value of a trust is an asset…but you need to be very clear on how the trust is set up. Simply putting assets in a trust doesn’t mean they can be left off of the financial aid forms. What other monies are in that trust? Your primary residence and your cars won’t matter on the fafsa.

Re: your LLC…again. I thought that rental properties were listed as assets (equity) on the financial aid forms…and rents as income. Be aware also that deductions allowed for business owners by the IRS are sometimes added back in as income for financial aid purposes.

If your student is applying to schools that use the CSS Profile, expect to report everything.