@homerdog If the income is sufficiently low the FAFSA will skip over assets.
FAFSA will skip over the 800K in assets, but those assets are throwing off income which does not get ignored.
Unless the 800K is under a mattress, it’s a source of family revenue just like a job.
I disagree. If the assets are skipped, the assets are skipped. The income from the assets would be included in income if it is paid out, but if the assets aren’t producing current income (a 401k or other account where the dividends are not recognized in the tax year) the asset will not be noted anywhere on the FAFSA.
It is quite possible to have $800k in assets but meet a simplified assets test. Works at a FAFSA-only school, but not at a CSS school.
This family doesn’t qualify to file a 1040A or EZ. No means tested benefits. No dislocated workers.
No simplified needs test.
Assets will be counted on the fafsa
^^ No way to know if they could file the 1040A. They could be taking out $20k per year from investments and working regular W2 jobs and still file a 1040A.
Twoin- you win.
OP- as you can see, based on what you’ve posted, there are several different ways your financial aid could go. Make sure you have all the information you need before you work through some of the college’s Net Price Calculators- so you have your parents wage income AND dividends, capital gains, interest, rent, royalties, etc. The NPC’s won’t be accurate if your parents earn 20K per year from salary but are generating another 60K in dividends, rent, share of a business (even if they no longer work in the business) etc.
And if your parents are eligible to file their taxes using the 1040A you can suggest to them that they take a look at the forms before they file their 1040’s next year.
^^There might not even BE a 1040A next year. I don’t think any tax forms have been issued for the new tax laws, and if there is a 1040A, many more people should be able to use it since few will be itemizing.
Why would an ACT 30 be a hard admission to UF? Their middle quartiles are 27 - 31
UF is taking a more holistic approach. A lot would depend on the high school. Many kids with 32-33 aren’t being accepted if there are others from their high school with higher scores or more ECs. Just not automatic as it once was.
A friend’s daughter from a Gainesville hs wasn’t accepted. It was quite a shock for everyone but that school had a lot of high stat kids who wanted to go to UF.