FAFSA questions about assets?

swimcatsmom
Sat, 20 Feb 2010 22:01:47 +0000

Some people qualify for a thing called the simplified needs test where assets are disregarded and do not have to be reported. The requirements for simplified needs are parent AGI below $50,000 plus meeting one of the other criteria such as being eligibile to file a 1040a or 1040ez tax return or receiving means tested benefits such as free lunch or being a dislocated worker. My guess is that last year you qualified for simplified needs so were not required to report assets and this year you do not qualify so are required to report assets. If you are required to report them then you must do so.