The 2023-34 FAFSA form went live on Oct. 1, 2022.
Q. I have shown my son’s UTMA amount on his FAFSA and ended up paying 20% from that account for tuition. For 2023, I would like to save the rest of the UTMA amount to pay his future expenses, like his Master’s Degree. How can I show it on the FAFSA so it won’t count against him? I have another child in medical school and I am a single parent.It’s important to develop a strategy of how to fund education expenses each year, but we also don’t want you to forget about your own retirement.
“Having a game plan of how each of these sources will be tapped each year to fund undergraduate and graduate school is critical,” McKenna said. “In order to make informed decisions around the funding, you need to know if you are potentially eligible for need-based aid or not. “If you are eligible for undergraduate need-based aid, it’s important to know how each component above factors into the FAFSA calculations as well as any school-specific calculations, he said.
There are limits to how much you can borrow in Stafford loans each year, so if more than $20,000 is anticipated to be needed for the four years, having a strategy to borrow some each year may make sense, he said. “The rules for grad school are different and knowing the rules around Public Service Loan Forgiveness is important for the child in medical school,” he said. “Many doctors take roles at not-for-profit hospitals upon graduation and may be eligible for loan forgiveness.”which just opened on Oct. 1, know that the form will consider income from 2021 and assets at the time you complete the form, McKenna said.
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