| Author |
Message |
Kimberly
Guest
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| Posted: Sat Jan 17, 2004 10:50 pm
Post subject: How does savings/checking balance effect FAFSA? |
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I am currently completing my FAFSA so that I can get loans for
professional school in the fall. It asks for the balance of our
checking and savings accounts at this minute. How does this
effect the money I will be eligible for? I am 99% sure I will only be
eligible for loans, no grants. Let's say we have around $5000 in our
savings account, but that is all for upcoming things that need to be
paid? Its also partially an emergency fund for when I am in college,
but we do not plan on using the money to pay tuition. Does it hurt you
to have money in savings?
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Steve Blank
Guest
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| Posted: Sun Jan 18, 2004 10:52 am
Post subject: Re: How does savings/checking balance effect FAFSA? |
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Kimberly wrote:
| Quote: | I am currently completing my FAFSA so that I can get loans for
professional school in the fall. It asks for the balance of our
checking and savings accounts at this minute. How does this
effect the money I will be eligible for? I am 99% sure I will only be
eligible for loans, no grants. Let's say we have around $5000 in our
savings account, but that is all for upcoming things that need to be
paid? Its also partially an emergency fund for when I am in college,
but we do not plan on using the money to pay tuition. Does it hurt you
to have money in savings?
|
If you are an independent student by meeting any ONE of several criteria
(a graduate student, married, over 24, have dependents other than a
spouse, are a veteran or orphan or ward of the court), you have an Asset
Protection Allowance (APA) based on your age if you will be at least 26
as of 12/31/04 for the 2004-2005 college year. Under that age you have
no APA.
If you are single/separated/divorced/widowed with no dependents, the APA
is 0 if 25 or less. $1200 if you are 26, higher if you are older.
Anything over that adds 35% to your Expected Family Contribution (EFC).
At 26 if you have $5,000 add $1,330. If under 26 add $1,750.
If you are married but with no other dependents than your spouse, the
APA at 26 is $2,500. Higher if you are older. Add 35% over the allowance
to your EFC. If you have $5,000, add $875 to the EFC. If nder 26, add
$1,750.
If you have dependents other than your spouse, the APA is the same as
above ($1200 at 26 if single/separated/divorced/widowed or $2,500 if
married - more if older), but anything over the allowance adds to the
EFC on a sliding scale up to a maximum of only 5.64%. If you have $5,000
and are 26, add between zero and $141 to the EFC. If under 26 between
zero and $282.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761 |
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Kimberly
Guest
|
| Posted: Sun Jan 18, 2004 11:14 pm
Post subject: Re: How does savings/checking balance effect FAFSA? |
|
|
Thanks for taking the time to reply to my question! I really
appreciate yoru help.
We fall into the category of married with no dependents and are 30
years old. Do you know what the actual APA is for our situation?
Also, should we go ahead and enter our actual bank balance for the
answer to the question and then they figure in the APA? Or am I
supposed to subtract the APA from the amount we have in the bank and
then submit that total?
Again, thanks!
Steve Blank <steve@randallblank.com> wrote in message news:<RpnOb.9809$qR1.3595@newssvr16.news.prodigy.com>...
| Quote: | Kimberly wrote:
I am currently completing my FAFSA so that I can get loans for
professional school in the fall. It asks for the balance of our
checking and savings accounts at this minute. How does this
effect the money I will be eligible for? I am 99% sure I will only be
eligible for loans, no grants. Let's say we have around $5000 in our
savings account, but that is all for upcoming things that need to be
paid? Its also partially an emergency fund for when I am in college,
but we do not plan on using the money to pay tuition. Does it hurt you
to have money in savings?
If you are an independent student by meeting any ONE of several criteria
(a graduate student, married, over 24, have dependents other than a
spouse, are a veteran or orphan or ward of the court), you have an Asset
Protection Allowance (APA) based on your age if you will be at least 26
as of 12/31/04 for the 2004-2005 college year. Under that age you have
no APA.
If you are single/separated/divorced/widowed with no dependents, the APA
is 0 if 25 or less. $1200 if you are 26, higher if you are older.
Anything over that adds 35% to your Expected Family Contribution (EFC).
At 26 if you have $5,000 add $1,330. If under 26 add $1,750.
If you are married but with no other dependents than your spouse, the
APA at 26 is $2,500. Higher if you are older. Add 35% over the allowance
to your EFC. If you have $5,000, add $875 to the EFC. If nder 26, add
$1,750.
If you have dependents other than your spouse, the APA is the same as
above ($1200 at 26 if single/separated/divorced/widowed or $2,500 if
married - more if older), but anything over the allowance adds to the
EFC on a sliding scale up to a maximum of only 5.64%. If you have $5,000
and are 26, add between zero and $141 to the EFC. If under 26 between
zero and $282. |
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| Back to top |
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Steve Blank
Guest
|
| Posted: Sun Jan 18, 2004 11:26 pm
Post subject: Re: How does savings/checking balance effect FAFSA? |
|
|
Kimberly wrote:
| Quote: | Thanks for taking the time to reply to my question! I really
appreciate yoru help.
We fall into the category of married with no dependents and are 30
years old. Do you know what the actual APA is for our situation?
|
For a 30 year old married student it's $12,400.
| Quote: | Also, should we go ahead and enter our actual bank balance for the
answer to the question and then they figure in the APA? Or am I
supposed to subtract the APA from the amount we have in the bank and
then submit that total?
|
You list what you have, they make the adjustment to subtract the APA.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
| Quote: |
Again, thanks!
Steve Blank <steve@randallblank.com> wrote in message news:<RpnOb.9809$qR1.3595@newssvr16.news.prodigy.com>...
Kimberly wrote:
I am currently completing my FAFSA so that I can get loans for
professional school in the fall. It asks for the balance of our
checking and savings accounts at this minute. How does this
effect the money I will be eligible for? I am 99% sure I will only be
eligible for loans, no grants. Let's say we have around $5000 in our
savings account, but that is all for upcoming things that need to be
paid? Its also partially an emergency fund for when I am in college,
but we do not plan on using the money to pay tuition. Does it hurt you
to have money in savings?
If you are an independent student by meeting any ONE of several criteria
(a graduate student, married, over 24, have dependents other than a
spouse, are a veteran or orphan or ward of the court), you have an Asset
Protection Allowance (APA) based on your age if you will be at least 26
as of 12/31/04 for the 2004-2005 college year. Under that age you have
no APA.
If you are single/separated/divorced/widowed with no dependents, the APA
is 0 if 25 or less. $1200 if you are 26, higher if you are older.
Anything over that adds 35% to your Expected Family Contribution (EFC).
At 26 if you have $5,000 add $1,330. If under 26 add $1,750.
If you are married but with no other dependents than your spouse, the
APA at 26 is $2,500. Higher if you are older. Add 35% over the allowance
to your EFC. If you have $5,000, add $875 to the EFC. If nder 26, add
$1,750.
If you have dependents other than your spouse, the APA is the same as
above ($1200 at 26 if single/separated/divorced/widowed or $2,500 if
married - more if older), but anything over the allowance adds to the
EFC on a sliding scale up to a maximum of only 5.64%. If you have $5,000
and are 26, add between zero and $141 to the EFC. If under 26 between
zero and $282. |
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| Back to top |
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Kimberly
Guest
|
| Posted: Mon Jan 19, 2004 4:52 am
Post subject: Re: How does savings/checking balance effect FAFSA? |
|
|
Thanks Steve! I was always afraid I'd be penalized for having that
"emergency" savings fund. Glad to know thats not the case.
Steve Blank <steve@randallblank.com> wrote in message news:<jtyOb.9901$365.8270@newssvr16.news.prodigy.com>...
| Quote: | Kimberly wrote:
Thanks for taking the time to reply to my question! I really
appreciate yoru help.
We fall into the category of married with no dependents and are 30
years old. Do you know what the actual APA is for our situation?
For a 30 year old married student it's $12,400.
Also, should we go ahead and enter our actual bank balance for the
answer to the question and then they figure in the APA? Or am I
supposed to subtract the APA from the amount we have in the bank and
then submit that total?
You list what you have, they make the adjustment to subtract the APA.
--
Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761
Again, thanks!
Steve Blank <steve@randallblank.com> wrote in message news:<RpnOb.9809$qR1.3595@newssvr16.news.prodigy.com>...
Kimberly wrote:
I am currently completing my FAFSA so that I can get loans for
professional school in the fall. It asks for the balance of our
checking and savings accounts at this minute. How does this
effect the money I will be eligible for? I am 99% sure I will only be
eligible for loans, no grants. Let's say we have around $5000 in our
savings account, but that is all for upcoming things that need to be
paid? Its also partially an emergency fund for when I am in college,
but we do not plan on using the money to pay tuition. Does it hurt you
to have money in savings?
If you are an independent student by meeting any ONE of several criteria
(a graduate student, married, over 24, have dependents other than a
spouse, are a veteran or orphan or ward of the court), you have an Asset
Protection Allowance (APA) based on your age if you will be at least 26
as of 12/31/04 for the 2004-2005 college year. Under that age you have
no APA.
If you are single/separated/divorced/widowed with no dependents, the APA
is 0 if 25 or less. $1200 if you are 26, higher if you are older.
Anything over that adds 35% to your Expected Family Contribution (EFC).
At 26 if you have $5,000 add $1,330. If under 26 add $1,750.
If you are married but with no other dependents than your spouse, the
APA at 26 is $2,500. Higher if you are older. Add 35% over the allowance
to your EFC. If you have $5,000, add $875 to the EFC. If nder 26, add
$1,750.
If you have dependents other than your spouse, the APA is the same as
above ($1200 at 26 if single/separated/divorced/widowed or $2,500 if
married - more if older), but anything over the allowance adds to the
EFC on a sliding scale up to a maximum of only 5.64%. If you have $5,000
and are 26, add between zero and $141 to the EFC. If under 26 between
zero and $282. |
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