NPC's -- what to put? How accurate?

[Anonymous]

I am the parent of a sophomore, trying to figure out what's going to be a financial possibility for us before we start setting up some tours for this summer.

When you fill out a net price calculator and it asks for "assets" what does that include? House? Retirement? Vehicles? Or just money in the bank, and investments?

Also, where do I put child support? I heard a rumor it counts as an "asset"? Or do I put it as income for me? Or half of it as income for the kid, since I have two kids, so the other half is presumably his sibling's?

Finally, where does 529 money go? Does it matter if it's in kid's name vs. my name vs. another family member's name?

Finally, after all that info goes in, how accurate have people found the results to be? If a school's results come back as affordable, does that mean it really will be?

[Anonymous]

Noone has experience?

[Anonymous]

There are instructions for each question that explains what assets you should include. Also, each calculator is slightly different, for example, some schools ask for home equity, and retirement, others don't.

[Anonymous]

Also, they are accurate if you have typical assets and no businesses or not divorced.

[Anonymous]

I'm a freshman parent and have been curious about this. Also, if do I put new spouse's info as parental income or exes?

[Anonymous]

Make sure to use the school-specific calculator. If you’re looking at a school that gives a lot of grant, need-based aid, they will likely ask for the CSS profile, which is significantly more detailed than the FAFSA. The school-specific calculator will reflect this.

The CSS profile will want your 529 data, home equity, retirement accounts, child-support, etc. If you enter this data fairly, the calculator will give you a very good estimate of your actual result. Our aid was practically on the dot.

The number one disputed issue is business losses. Schools are not going to give you money because you depreciated your five condo rentals and reported a loss.

[Anonymous]

Anonymous wrote:There are instructions for each question that explains what assets you should include. Also, each calculator is slightly different, for example, some schools ask for home equity, and retirement, others don't.

OP here,

The one I completed last night did not have instructions. It just had a line for "assets" with no explanation.

[Anonymous]

https://myintuition.org is a great site if the college is included there.

[Anonymous]

You include ALL child support you receive, not just for the one college bound child. It is considered untaxed income for schools that use the CSS profile. If there is not a specific question for child support, include it in a question that asks about "untaxed income" or you will get inaccurate NPC results/estimate.

Also, for CSS schools, assets include ALL 529 accounts not just the ones where the college bound child is listed as beneficiary. Some will also ask specifically about 529 accounts owned by others for the student.

Assets also should include all other investments (CDs, savings bonds, mutual funds, stocks etc) Qualified retirement accounts (IRA, 401k) are usually asked for separately. If you have taxable investment accounts that you intend to use for your retirement, but are not "qualified" accounts, those get included in assets. You cannot include them in the question about your "retirement" assets. Vehicles are not included

Cash and savings accounts are usually a separate question. Questions about your primary residence home / home equity are also separate questions. You'll also need to include any rental property/secondary residence that you own.

[Anonymous]

Anonymous wrote:You include ALL child support you receive, not just for the one college bound child. It is considered untaxed income for schools that use the CSS profile. If there is not a specific question for child support, include it in a question that asks about "untaxed income" or you will get inaccurate NPC results/estimate.

Also, for CSS schools, assets include ALL 529 accounts not just the ones where the college bound child is listed as beneficiary. Some will also ask specifically about 529 accounts owned by others for the student.

Assets also should include all other investments (CDs, savings bonds, mutual funds, stocks etc) Qualified retirement accounts (IRA, 401k) are usually asked for separately. If you have taxable investment accounts that you intend to use for your retirement, but are not "qualified" accounts, those get included in assets. You cannot include them in the question about your "retirement" assets. Vehicles are not included

Cash and savings accounts are usually a separate question. Questions about your primary residence home / home equity are also separate questions. You'll also need to include any rental property/secondary residence that you own.

+1. It can be confusing because the new FAFSA only asks about 529s for the specific student. And child support is treated as an asset for the FAFSA. But CSS schools (and probably most other schools) will consider all child support and count it as untaxed income.