💡 The Frank Takeaways:
- FAFSA® asks for your current personal and business bank information including savings, checking, and cash.
- Any investments that aren’t related to retirement.
- There are some assets you don’t include on FAFSA® like your home and some retirement plans.
When filing your FAFSA®, you will be asked a series of questions regarding your current financial status. To make the process easier, have your documents prepared ahead of time.
So which documents will you need? Keep reading to learn more about what assets and documents are necessary when filing FAFSA®.
What assets to include on FAFSA®
Below is a list of assets that you need to include on FAFSA® and will count 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®
Below is a list of 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 essential to understand how assets, whether individual or from a caregiver, play a role in your eligibility for need-based financial aid. As you prepare to file FAFSA®, ensure you have the information you need to fill out your assets correctly.