Our oldest of 4 children will be starting college in the fall of 2025 and I have some questions...
1 - how do we account for expenses that we have been saving/planning for where the money is currently sitting in our accounts that are used to calculate our parent asset amount?
Replace a roof ($30,000ish)
Replace a vehicle ($20,000ish)
Fund 2025 Roth IRAs ($15,000)
2- when I use the 2025 FAFSA estimator using our child's 529 account, plus the total of our checking, savings, HYSA, taxable, etc., I get an estimated SAI of 20459. Then when I subtract $65,000 (total from the expenses above), it drops the SAI to 16793. What does this SAI number actually mean in simple terms?
3 - the 2025 FAFSA opens on 12/1...should we wait to fill it out until after 1/1/25 when our 2025 Roth IRA is fully funded? Should we move up the roof and vehicle replacements to lower our parental asset figure?
Thanks in advance for your help!
1 - how do we account for expenses that we have been saving/planning for where the money is currently sitting in our accounts that are used to calculate our parent asset amount?
Replace a roof ($30,000ish)
Replace a vehicle ($20,000ish)
Fund 2025 Roth IRAs ($15,000)
2- when I use the 2025 FAFSA estimator using our child's 529 account, plus the total of our checking, savings, HYSA, taxable, etc., I get an estimated SAI of 20459. Then when I subtract $65,000 (total from the expenses above), it drops the SAI to 16793. What does this SAI number actually mean in simple terms?
3 - the 2025 FAFSA opens on 12/1...should we wait to fill it out until after 1/1/25 when our 2025 Roth IRA is fully funded? Should we move up the roof and vehicle replacements to lower our parental asset figure?
Thanks in advance for your help!
Statistics: Posted by silverskates — Wed Oct 30, 2024 8:36 pm — Replies 5 — Views 419