Does a 529 plan assets count against a student for financial aid purposes?
348715
529 plans are considered assets of the *parent* and must be reported on the FAFSA as such. In that sense, they are taken into account when your EFC is calculated and may "count against" in the sense that they could increase your EFC.\n\nHowever, because 529s are parent assets, they don't affect your EFC nearly as much as if they were considered assets of the student. The EFC forumla puts 35% of a student's assets towards the EFC and only 12% of parents' assets toward it.  The formula was constructed this way in order to account for the reality that most parents are saving for retirement, supporting other family members, repaying debts of their own, etc.  \n\nHowever, built into the EFC calculation is something called the Asset Protection Allowance, which "protects" a certain amount of the parents' from being considered in the EFC calculation. For example, if you are a 50-year old with a spouse, $50,100 of your assets are set aside before the aforementioned 12% is taken for the EFC.  \n\nSo, if your assets do not exceed this $50,100, then it is possible for the 529 not to count against a student's EFC at all.  Check out the table on page 19 of this PDF to see what your allowance might be: http://www.ifap.ed.gov/efcinformation/attachments/0607EFCFormulaGuideDecFinal.pdf\n\nOne more thing...\nWhen the proceeds from a 529 plan are disbursed, the school must count them as a "resource" when determining a student's eligibility for aid.  This means that, if a student's Cost of Attendance is $40,000 and s/he will receive a $5,000 529 plan distribution for that year, the Financial Aid Office can only award the student another $35,000 in financial aid. To put it another way, the 529 plan "takes up room" in the student's budget. In that sense, some would argue, the 529 "counts against" the student.  \n\nIn the end, saving for college (particularly when distributions are tax-free) is never a negative!
133098
If he received a 1098 from his school, then he should claim it. With that said, almost all financial aid is tax deductible, so he should include it in his return but it won't count against him.
165190
Its a federally funded financial aid if you are going to college. The online application is listed below.You can also go to the college you plan to attend and they could fill it out for you.
1065619
I doubt it. A child is required by federal law to attend school. if they hold the transcripts they will be hindering your child from doing what is demanded by law.. They can take you to court and sue you but not "harm" your child's education.. The bill is yours not your child's, they cannot take legal action against a minor.. They're just using a scare tactic..But really you should go ahead and pay that bill cause chances are that they will come after you in small claims court. If your child was in college it would be a different matter.\nReport cards and transcripts are not the same thing, when it is time for your child to go back to school, they must release the trascripts..otherwise it would be the same thing as a hospital holdin yo baby hostage until you pay the bill..
624393
If you are under the legal age of gaurdianship, then they are still your legal gaurdians and most be listed as such on your application forms.  Depending on your income and theirs, that is how financial aid is decided.  If you are over 16, 18 or 21 (i think it depends on the state) then you would just have to list your income and your financial aid just depends on yours alone.  You could also apply for loans that do not start gaining interest until you are out of school if you need an option... Good luck!
1153321
You should be able to talk to your financial aid rep at school and look for additional funding. I am just finishing school and I was able to do many things like that to help pay for textbooks, etc. The school by law is supposed to return any unused financial aid to you unless you tell them you don't want it returned to you so I have never had trouble getting enough to cover all necessary expenses.
436810
Please check:\nhttp://moneycentral.msn.com/content/CollegeandFamily/Savingforcollege/P59866.asp\n\nGood Luck\nNBS
692778
you need to have your son contact his financial aid office.  grants generally do not have to be paid back, but depending on the grant (where it is from) your sons gpa/and courses attemped vs. courses passed may prove to be a problem.\n\nbecause of the family rights and privacy act... that isnt something that you could find out.  your son has to either sign a privacy wavier or do his own research.\n\ngood luck
896333
FAFSA does require tax information.  I would talk to a financial aid representative at the school in which you intend to use your financial aid to get a clarified answer.  It probably depends on the reason why you arent filing for your taxes.
50373
True.  Unless the funds are inside of a retirement or college fund.
512612
No, but I read hundreds every year.\n\nOf all the appeals your Financial Aid Office will receive, they are most likely to approve the ones that fall into one of the following categories:\n\n* job/income loss\n* medical expenses not covered by insurance\n* loss of primary home\n\nYou may, of course, submit an appeal for any reason (it's always worth a try), but here are a few things to keep in mind:\n\n* If you are appealing based on your cost of living, don't expect much flexibility: the EFC formula has already "sheltered" a certain amount of your disposable income to allow you to cover the "bare necessities" (this is known as the "asset/income protection allowance"). Quite simply, your FA office isn't supposed to include many more costs than the ones already allowed for.  Regulations have made it clear that we are not supposed to consider expenses such as credit card costs, utility bills, tithing, etc. A good rule of thumb: if not everyone needs it, it probably can't be considered a "necessity" for you.\n\n* Any appeal that you write should offer *new* information to the Financial Aid Office.  Remember that the FAO has already looked at your FAFSA results and know what your income/assets were for the previous tax year.  If nothing has changed, then you will probably need to appeal based on something else.  If there HAVE been changes (mid-year job loss, death of a parent, the birth of a child/sibling, etc), then definitely let the FAO know.\n\n* Watch the tone of your letter. Obviously, in any interview and with any application, it is important to set yourself apart from other applicants -- but don't make assumptions or judgements about other students (like "My friend makes a lot more money than I do and you gave him more Financial Aid!").  Know enough to know that there are things you don't know (about other students and about the process).\n\nObviously, the procedures for appealing scholarship decisions vary by school. Some scholarships are based on merit/academic performance while others are based on financial need. Before you write your appeal, make sure that you know the selection criteria for the scholarship for which you are applying, and focus on those areas.
565252
Technically, yes, you're not entitled to financial aid if they're asking for your parents' info and you don't provide it.  BUT you should be able to work with your school's Financial Aid Office to submit documentation of your independence so that your FAFSA will become valid without parent info...  Here's the process and the reasoning behind it. \n\nA student is automatically considered independent if he/she...\n\n* is 24 or older\n* is married\n* has dependents other than a spouse\n* is a veteran of the US armed forces\n* is an orphan or ward of the court\n* is pursuing an advanced degree\n* has a prior bachelor's degree\n\nHowever, you can "appeal" to be considered independent at any age. Schools know that there are cases in which a "technically" dependent student is really independent. There ARE provisions in the Federal Student Aid regulations that allow for a SCHOOL (not you yourself) to make exceptions to a student's depdendency status. Most schools will make exceptions in cases of abuse or the death of the students' parents. Many schools will also make exceptions if you can document that you truly are completely self-suffient. You will need to submit proof that the following statements have been true of your situation for a while (usually about 2 years)... \n\n* your parents don't claim you on their tax return\n* you pay for your own housing, food, utilities, etc.\n* you pay for your own health insurance\n* you pay for your own transportation (and, if you have a car, the car insurance)\n* you don't receive any other in-kind support\n\nIf you think you can submit this information, give your school a call and ask them what their specific policy is. They should have one in place and you have every right to know what it is.\n\nNow, what makes you say that you can't get loans because you aren't 21?  I can think of plenty of Freshmen who have gotten loans on their own.  If you have a year or two of credit history, you might have an easier time getting a loan than you think.  if you've never tried to apply for a private educational loan before, check out some of these: http://www.finaid.org/loans/privatestudentloans.phtml
5993
It completely depends upon your income (if independent) and/or the income or your parent or guardian (if you are their dependent).  As far as FAFSA is concerned, becoming independent means that there is no one else besides you that can be held responsible for the costs of your education.  Therefore, you could stand to make out pretty well with government loans if your personal income is less than that of your parents.  \nI was just going through making this decision myself because, although I am financially independent, FAFSA still considers me my parents' dependent because I am not yet 24 (when you turn 24 you become an "Adult Student" in the eyes of FAFSA, whatever that means...).  I would get much more financial aid if I could file independently, but they will not allow me to.
1098937
If you expect (or want to) receive any financial aid to pay for college, you need to either spend that money or hide it in a (gasp) retirement account. If you don't, FAFSA asks you how much you have saved, and your financial aid package will expect you to spend all of that money.\n\nThe best retirement account to hide it in is a Roth IRA (but you can only contribute to it in the same year that the money is earned, so it might be too late for you). Do some research online into Roth IRA's.\n\nIf you don't expect any financial aid or you don't find a retirement account, you should put the money into an account that earns the most interest. Generally it'll be an online money market or savings account. Currently the best ones are linked below. Make sure you read the terms and understand how to transfer money in and out of these accounts.
1172329
For most traditional students, FAFSA considers you a dependent student.  This means that they consider both your parent's income, even if they are divorced or estranged.  If combined your parents make more than $75,000 a year, you would not be eligible for the Pell Grant.  One thing you could do is to tell your financial aid office about your situation and see if they would adjust your EFC.  \n\nSecondly, there are plently of scholarships abound for children of veterans.  However, this tends to vary by state, so once again, it is best that you talk to your financial aid counselor about this.\n\nIf you are looking for a part-time job, some have tuition reimbursement.  UPS and Fed-Ex offer similiar programs.  Being a package handler is not the best of jobs, but they do pay for up to $10,000 a year in tuition.
396984
Yes and  no.  If you have completed high school and are under age 25, then that limits you in a sense as you will have to provide your parents' income information on your financial aid application.  If you are 25 or older, then eligibility is based on your income alone.  But that's about it in terms of general limits.  You'll need to check with the financial aid office at the college/university you want to attend to find out if there are any variations for your state/country.
90794
Yes, check with your lenders. It doesnt matter if your semester started or not as long as your enrolled. However b careful some lenders won't send the money directly to you but instead to the school.