When filing your FAFSA® you will be asked a series of questions regarding your current financial status. To make the process easier, it’s good to have your documents prepared ahead of time.
So which documents will you need? We have broken down what assets you will need to claim and what assets you don’t have to claim when filing your FAFSA®.
What assets to include on FAFSA®
Here is a list of the assets you will be required to include on your FAFSA®. These will be counted towards your asset net worth:
- The current balance in cash, savings, and check accounts
- Any businesses that you own
- Investment farm: this is a farm that you do not live on, but instead own for making a profit
- Other items to include: real estate investments, UGMA & UTMA accounts that you own, stocks, bonds, and any other investments.
What assets are not included on FAFSA®
Here is a list of the assets you do not need to include when filing your FAFSA:
- The home in which you live
- UGMA & UTMA accounts where you are listed as the custodian and do not own
- The value of your life insurance
- Retirement plans: this would include 401K, IRA, pension funds, and so on.
It’s important to understand how your assets and/or your family’s assets can play a role in your eligibility for need-based financial aid.