Skip questions RE: my assets on FAFSA?

[Rooster]

I'm filling out my FAFSA right now, I already chose to skip the part where you put in your parent's income, but now it's asking me if I want to skip the questions regarding my own assets (bank account balance)?  Has anyone else skipped this, and is it ok to do so?



"
Note: Some schools may require answers to these questions to determine your eligibility for school aid. However, answering these questions will not affect your eligibility for federal student aid, such as a Federal Pell Grant. "

[Zam]

I skipped them when it asked me if I wanted to. But I don't really have much of anything for assets.

[Rooster]

I skipped them when it asked me if I wanted to. But I don't really have much of anything for assets.

If that is the case, I think it would probably be more beneficial to list your assets, or lack thereof.  I think it would make you more likely to get institutional grants etc. from schools - in fact, many (or most) probably require this info.  If you only are looking for federal loans, on the other hand, don't worry about this section. 

Perhaps it is similar to the parental info.  It's not required on the FAFSA, but schools will ask for it on their own forms or need access?  So it may not be necessary to have it two places.

[Zam]

I skipped them when it asked me if I wanted to. But I don't really have much of anything for assets.

If that is the case, I think it would probably be more beneficial to list your assets, or lack thereof.  I think it would make you more likely to get institutional grants etc. from schools - in fact, many (or most) probably require this info.  If you only are looking for federal loans, on the other hand, don't worry about this section. 

Perhaps it is similar to the parental info.  It's not required on the FAFSA, but schools will ask for it on their own forms or need access?  So it may not be necessary to have it two places.

Yes, this is true of basically all my schools.

I think the FAFSA only lets you skip the asset questions if you are under a certain income, etc. In other words, if they would assume you don't have much anyway. I think the assets portion doesn't have much impact-I could be wrong though.

[jeff2486]

The assets seemed to greatly effect my EFC because I have a almost 0 income but my EFC is around 5,000 because I have a lot of investments and savings.

[Zam]

I think the FAFSA only lets you skip the asset questions if you are under a certain income, etc. In other words, if they would assume you don't have much anyway. I think the assets portion doesn't have much impact-I could be wrong though.

I was going to say, I don't recall being offered the chance to skip. But that makes sense, I have a job.

Nice. I have a job too.

[Zam]

Nice. I have a job too.

And it still asked you if you wanted to skip reporting your assets? That seems odd to me. Why would it ignore your assets if you're an independent with a job?

I make less than 30k. My only assets are my car, if you can call a used car an asset, and my savings account, which is small. Of course, if FAFSA took my shoes into account I might have a problem.

[h2xblive]

if FAFSA took my shoes into account I might have a problem.

Nice. I know some people for whom the same would hold true w/r/t handbags and similar addictions.

On a more serious note, I do not recall being offered to skip describing my assets. Wish I did have that option, since I was honest and entered a >10k number for combined savings/investments that surely contributed to the ungodly EFC I received at the end.

I wasn't able to skip either.

[GovtLackey]

I'm curious about this general topic as well.  I have a very low income but healthy savings/investments (from inheritances from grandparents years ago that I just never touched).  I wonder if it would help me long-term to dump (legally, of course) some of those savings into, well, into things that aren't liquid?  How much of a difference would it make?

[h2xblive]

I'm curious about this general topic as well.  I have a very low income but healthy savings/investments (from inheritances from grandparents years ago that I just never touched).  I wonder if it would help me long-term to dump (legally, of course) some of those savings into, well, into things that aren't liquid?  How much of a difference would it make?

Not liquid?  Like real estate?

As long as it's under your name, I'm thinking you need to report it.  I suppose you could hand over investments and other assets to a parent, but I don't know how legal or ethical that would be.