The asset information required and who has to report assets changed beginning with the 2024-25 Free Application for Federal Student Aid (FAFSA).
If a student or the parents meet one of the following criteria, then they will be exempt from providing asset information:
- If the student qualifies for a maximum Pell Grant
- The student’s parents have an adjusted gross income of less than $60,0000
- The student or their parent(s) received a federal benefit (the specific programs are listed on the FAFSA) during the 2022 or 2023 calendar year.
A student or parent who is required to report assets must include business and farm value – no matter the size of the business or farm or the number of employees. In the past, the value of businesses or farms with less than 100 employees did not have to be reported. The student or parent(s) should not include the value of the family home when reporting the value of any assets.
Contact the Mapping Your Future staff with questions about completing the FAFSA.
