Thanks to all that have posted great resources here. I (think) I have learned a lot. Am I correct in understanding that the following will impact EFC:
1) as the parent of a rising junior, 2015 will be the first tax return included in the FASFA form,
2) the family farm we inherited is best left as acreage that is leased since the value of it is not an asset for FAFSA purposes but if we sell it, all that cash is assessed as a parent asset (5.6% max). We have the option to sell a few acres as needed or mortgage/line of credit to cover costs as need arises.
3) The rental income from that farm will be assessed as well (5.6% max)
4) maxing out 401k contributions this year reduces cash on hand which increases chance for aid later (better option than putting in 529 this year)
5) in 2015 it is best to put any retirement contributions in a Roth option,
6) it is best to pay cash for that 3rd car we plan to add to the family rather than borrow, even at a low or zero rate, and plan on paying it off over the next 4 years, again to reduce cash on hand or in 529.
I have not seen any info on how HSA contributions impact EFC. Comments on that are appreciated also.
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