The FAFSA form collects asset information from students and parents to determine a family’s ability to pay for college. However, not everyone is required to provide asset information.
If a student or parents meet 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 2023 or 2024 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.
