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2024 FAFSA Updates: Navigating Changes in College Funding for Families
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This year, students and their families will notice significant changes to the Free Application for Federal Student Aid (FAFSA) process. We'll review these changes and how they can impact families navigating college funding. Key topics include the reporting of student income, business and farm assets, retirement plan contributions, and the implications of having multiple children in college. Jason also touches on the impact of grandparent-owned 529 college savings plans on FAFSA results.
Tune into this episode to also learn:
- How the new FAFSA rules in 2024 differ from previous years.
- The importance of understanding the nuances of reporting student income and parental assets.
- Strategies for maximizing college funding and financial aid opportunities.
What we discussed
- [00:01:16] New criteria for reporting student income on FAFSA.
- [00:05:29] Inclusion of business value as an asset in the FAFSA.
- [00:07:51] Understanding the role of 529 college savings plans in financial aid.
3 Things To Remember
- FAFSA changes in 2024 bring significant implications for students and parents.
- Detailed understanding and strategic planning can lead to better financial aid outcomes.
- Seeking advice from financial and tax advisors is crucial in navigating these changes.
Memorable moments:
(07:51) "You could put contributions into there and it grows tax-free and then you take the money out for educational purposes and you don't get taxed on the growth. That's what a 529 college savings plan is."
(08:47) "So now that obstacle to the grandparent owning the 529 account is no longer as big of an issue as it was before."
(09:38) "Retirement plan contributions that you make out of your paycheck to employer 401k plans, 403b plans are no longer added back to your income."
Useful Links
Connect with Jason Gabrieli: jgabrieli@HFMadvisors.com | LinkedIn
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