my life is over

somemom
Sun, 24 Feb 2008 15:43:40 +0000

"do they account savings and checkings account in the efc because i know they’re lower than what i put on the fafsa "

Why did you put a higher number on the FAFSA than you really had- if the day you filed your numbers were lower than you stated, you can correct it- if you have since spent that money, I do not think you can make a correction.

The FAFSA does not care about debt: if your mom owed $100,000 and had $100,000 in cash, she would have to put $100,000 as an asset, but if she used all that money to pay off all that debt, she would put $0 as an asset.

Every one has an asset protection amount- $15k+ for a single person and $40k+ for a couple in most age groups, so there is no need to divest yourself of all monies in order to file FAFSA, but in your case, I agree with the above posts, check every single number to see if you can get the EFC to be pell elegible. I don’t think an IRA would do it, unless that was using money already in savings which are over the asset limit