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Calculating assets for the 2024-25 FAFSA
December 14, 2023
While several steps have been taken to simplify the 2024-25 FAFSA, there are concerns that calculating the value of assets will become more complicated.
However, families that need to report assets should not let these questions deter them from completing the FAFSA, which may be a necessary step in receiving important financial aid.
For those families that need to report on assets on the FAFSA, they will receive the following questions:
- Amount of annual child support received in the last calendar year. This question was moved to the asset section for 2024-25 to minimize the number of income-related questions.
- Current total of cash, savings, and checking accounts. FAFSA filers should answer this question with the amounts in these accounts on the day they are completing the FAFSA.
- Current net worth of businesses and investment farms. Previously, any business or farm with 100 or fewer employees did not have to report any value. However, now with the 2024-25 FAFSA, all businesses and investment farms will need to be included.
- Current net worth of investments, including real estate. Investments could include certificates of deposit (CDs), 529 accounts, and rental property.
To calculate the net worth of a business, farm, or investment, you will subtract any debt from the market value to determine net worth. Also, if you live on your farm or at your business, you will want to subtract the value of that residence in the calculation.
Calculating the value of a business or farm can be a complicated process and some families may want to seek assistance from their accountant.
Families with questions may want to contact the college the student plans to attend or contact Mapping Your Future for assistance.