I agree that the amount of the savings & the amount of the mutual fund will count as assets, assuming you still have the money intended for a down payment at the time you file your FAFSA. I also agree that it might not make any difference in the aid you are offered. Unless your child goes to one of the few schools that meet need, you aren’t likely to get grant aid. If the child is looking at schools that meet need, you can put off filing the FAFSA as long as possible, with the hope that the down payment will get used before you have to file. Just make sure to watch dates carefully.
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