The Free Application for Federal Student Aid determines your eligibility for grants and loans from the government based on your -- and if you're a dependent, your parents' -- financial assets. However, some assets, including qualified retirement plans like individual retirement accounts, don't count as assets.
You don't have to report any of your Individual Retirement Accounts on your FAFSA, regardless of whether you have a traditional or Roth IRA. In addition, your parents are also excused from including their IRAs when reporting their financial assets on the FAFSA.
Even though the FAFSA doesn't require you to claim an IRA, some schools may require you to disclose the value when you file for financial aid, according to personal finance company Kiplinger. This could decrease the amount of aid you receive from your school, though your federal grant and loan eligibility won't be affected.
Style Your World With Color
See how the colors in your closet help determine your mood.View Article
Create balance and growth throughout your wardrobe.View Article
See if her signature black pairs well with your personal style.View Article
Explore a range of beautiful hues with the year’s must-have colors.View Article
- Ryan McVay/Digital Vision/Getty Images