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College and University Discussion
Reply to "High EFC -- not sure I did the FAFSA correctly"
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[quote=Anonymous][quote=Anonymous]Ours was laughably high, as in over half of our after-tax income. I assume it was a combination of the fact that they are counting 529s for our younger children and emergency savings not in retirement accounts. [/quote] They do count all the 529s for all your kids as your assets. That is a net good thing because, if they counted them towards each kid, the sibs' wouldn't count, but the amount in the account for the kid applying would count like 4x as much. (Assets/income for student count way more than those for oarents). Important to note, any joint accounts get split between you and kid. So, that would halve assets of kid applying if their account(s) is/are joint with you. It would also mean you have to declare half of sibs' joint accounts as yours. But these are all separate from 529s. 529s are your account with whatever kid as beneficiary, not joint.[/quote]
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