My oldest should be starting college in 2030. I'll then have at least one in College for nine years. Our income is primarily rental income which leaves our AGI really low on years that I don't sell anything. Are assets a consideration for financial aid, scholarships, etc? Good chance she wants to go out of state and I think we'd qualify for programs in those states if they're simply income based.

529? Trump account?

https://studentaid.gov/help/current-net-worth

Yes, those rental properties will show up on FAFSA. Assuming that you have enough rentals to live comfortably, that will likely put you in a place that will make need based aid very difficult to attain. If the school of choice uses the other financial formula (name escapes me at the moment, but commonly used by Ivy leagues and other 'public ivies') then even more assets, or a greater % of assets, will be admissible.

I'm a financial advisor, but we paid an outside firm specializing in education funding to consult before my oldest graduated HS in 2023. It was worthwhile for us, if for no other reason than to understand why some numbers are counted an others are not. The company we engaged was College Planning Associates, but they subbed out the financial analysis to another firm.

Horse with No Name said:

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Yes, those rental properties will show up on FAFSA. Assuming that you have enough rentals to live comfortably, that will likely put you in a place that will make need based aid very difficult to attain. If the school of choice uses the other financial formula (name escapes me at the moment, but commonly used by Ivy leagues and other 'public ivies') then even more assets, or a greater % of assets, will be admissible.

I'm a financial advisor, but we paid an outside firm specializing in education funding to consult before my oldest graduated HS in 2023. It was worthwhile for us, if for no other reason than to understand why some numbers are counted an others are not. The company we engaged was College Planning Associates, but they subbed out the financial analysis to another firm.

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Thanks a bunch. Didnt even know companies like that were out there. I'll look into them.

Looks like I might be selling some land to fund college. I was concerned that doing that and raising my income a year or two before college would be a major mistake, but sounds like it probably won't matter.

Selling the property, and the corresponding capital gain, can show up on initial FAFSA, but it rolls off the next year. Generally speaking, its better to have one 'bulge' in income as opposed to prolonged higher income or maintaining assets on balance sheet,

I don't know if holding the property in something like an LLC or other structure affects the FAFSA. I did a quick google search for "Jack Wang College Planning Associates". He helped us, and I have referred other clients to him directly. He's a t-sip living in Boston, and apparently shows up on lots of podcasts talking about these topics.