Paying for College: Understanding the FAFSA and Financial Aid

04/08/2023 4 min

Listen "Paying for College: Understanding the FAFSA and Financial Aid"

Episode Synopsis

In this episode of the iWealth Podcast, the hosts discuss the financial
aspects of sending a child to college. They address common questions
parents have, such as how to pay for college and the importance of the
FAFSA form. The hosts highlight that the FAFSA form uncovers assets and
provides information on how much parents are expected to contribute to
their child's education. They emphasize that the child's own assets are
considered more heavily than the parents' assets when it comes to
funding college expenses. The hosts also discuss the role of 529 plans
and the impact of gifting from these plans on the FAFSA form. They
caution against trying to manipulate assets to maximize financial aid,
as it often yields unexpected results. Additionally, the hosts mention
that filling out the FAFSA form is necessary for scholarships and
grants, and not completing it may result in missing out on financial
assistance. They encourage parents to ask questions, consider their
financial situation, and make informed decisions regarding college
funding.

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