|Free Application for Federal Student Aid|
|Cash and savings must be reported on the FAFSA|
- While the family home is not included on the FAFSA, the net worth of other real estate must be reported.
- Qualified retirement plans, such as 401(k) plans, 403(b) plans, pension plans,annuities, traditional IRAs, Roth IRAs, Keogh, SEP and SIMPLE plans do not need to be reported. However, if retirement money is not held in a qualified retirement plan, it must be reported as an asset on the FAFSA, even if the asset owner has already reached retirement age.
- Life insurance policies, including cash value and whole life insurance policies do not need to be reported. Families completing the "other financial aid form" (the CSS Profile) will need to report these policies as assets.
- Personal possessions, such as clothing, furniture, a car, computer equipment and software, television and stereo equipment do not need to be reported.
- Money must be reported as an asset, even if it is withdrawn from a bank account and stuffed in a mattress.
|Get help with the FAFSA|
If you're not sure if an asset needs to be reported on the FAFSA, contact the Federal Student Aid Information Center at 1-800-4FED-AID (1-800-433-3243) or email them at FederalStudentAidCustomerService@ed.gov.