Question about assets in student's name .................

ordinarylives
Sun, 31 Jan 2016 14:31:34 +0000

Both kids own the property? The value for each would be half the 12k it’s worth, or 6k. Student assests are assessed at 20% for FAFSA. So the asset is only going to add about 1200 to the kid’s efc. Your income is too high for Pell, so honestly, before you engage in the financial gymnastics required to transfer the title, think about the worth of such a transfer long term. What kind of tax implications are ther for you? What might the transfer itself cost?Lowering an efc by 1200 won’t get dollar for dollar in more aid. Should the property ever become valuable and you wanted to transfer it back, what kind of problems might that create? You are really wise to think ahead. I’m just going to encourage you to think ahead even farther.