I went through this exact same confusion last year! After hours of research and calling the Federal Student Aid helpline, here's what I learned: if your mutual funds are in a regular taxable brokerage account (even if you call it "retirement savings"), they must be reported on the FAFSA. The only accounts that are exempt are those with official IRS retirement status like 401(k)s, IRAs, 403(b)s, etc. What helped me was thinking of it this way: could you withdraw that money tomorrow without any tax penalties? If yes, then it's not a qualified retirement account and needs to be reported. It's frustrating because it feels like you're being penalized for saving responsibly, but the rules are pretty black and white on this. The silver lining is that parent assets are only assessed at 5.64% after the asset protection allowance, so $78K won't destroy your aid eligibility. I'd recommend using the Federal Student Aid estimator on studentaid.gov to see the actual impact before you panic. And yes, if you have time, moving some money into an actual IRA before filing could help reduce what you need to report (just stay within the contribution limits).

I'm new to the FAFSA process and this thread has been incredibly enlightening! I'm in a similar situation with about $52K in Schwab mutual funds that I've been saving for retirement but aren't in an official IRA. Reading everyone's experiences has helped me understand that I definitely need to report these, even though it feels unfair. One question I haven't seen addressed - if I do move some money into an IRA before filing the FAFSA, do I need to wait for the transaction to fully settle, or is it enough that I initiated the transfer? I want to make sure I'm not accidentally misreporting if there's a timing issue with when the funds actually move between accounts. Also, for those who mentioned using Claimyr to reach FSA - is there a cost for that service? The endless hold times have been driving me crazy, so if it's worth paying a small fee to actually talk to someone, I'd consider it. Thanks to everyone who shared their experiences - this community has been more helpful than any official resource I've found!

As a newcomer to the FAFSA process, this thread has been incredibly eye-opening! I'm just starting to fill out my daughter's application and had no idea there were so many nuances to 529 reporting. Like others here, I was initially confused about whether her 529 should be reported as my asset or hers since she's the beneficiary. The key insight I'm taking away is that account ownership is what matters for FAFSA purposes, not who benefits from the account. Since I opened and own the 529 (she's just the beneficiary), it goes under my parent assets and gets the much more favorable 5.64% assessment rate instead of the 20% student rate. I really appreciate everyone sharing their real-world experiences and practical tips. The advice about using current account balances rather than old statements, temporarily pausing automatic contributions, and keeping detailed records for future years will definitely help me avoid common pitfalls. It's also reassuring to know that the system actually encourages college savings rather than penalizing families for planning ahead. Thank you all for creating such a supportive learning environment for those of us navigating this process for the first time!

As a newcomer to the FAFSA process, this entire discussion has been absolutely invaluable! I was completely lost on how to handle my son's 529 account and was leaning toward reporting it as his asset since he's the beneficiary. Thank you everyone for clarifying that it's all about account OWNERSHIP, not who benefits from it. What really helped me understand was the explanation of the assessment rates - 5.64% max for parent assets vs 20% for student assets. With our 529 balance of around $28,000, reporting it correctly as a parent asset could save us thousands in expected contributions! I'm also grateful for all the practical tips: using current balances instead of old statements, temporarily pausing auto-contributions while filing, keeping detailed records for next year, and remembering to include ALL parent-owned 529s for all children. The advice about taking screenshots before submitting is brilliant too. It's frustrating to hear how many financial advisors are giving incorrect guidance on this topic. As families, we shouldn't have to become FAFSA experts just to get accurate advice from professionals we're paying for help! Thank you to this supportive community for making what seemed like an overwhelming process much more manageable. Time to get that spreadsheet started and file with confidence!

I've been struggling with this same issue for the past two days and I'm so relieved to find this thread! Been trying to get verification codes since Tuesday morning with absolutely no success - tried both my phone and personal email multiple times with nothing coming through. After reading through all these success stories, I'm definitely going to try switching to my .edu email address since that seems to be the breakthrough solution for so many people here. I'll also attempt during those early morning hours (5-6 AM) when the system isn't overloaded and make sure to completely clear my browser cache first. Already have screenshots of all my failed attempts documented just in case my financial aid office needs proof of the technical issues. It's honestly incredible that we have to troubleshoot basic system functionality during such critical deadlines, but I'm so grateful for everyone sharing what actually works when the official support is basically non-existent. This community is a lifesaver! Will definitely report back if the .edu email approach works for me too.

I'm having the exact same verification code nightmare! Been trying since yesterday with absolutely no success - neither my phone nor email are receiving any codes despite multiple attempts. This is so stressful with priority deadlines approaching. After reading through all these experiences, I'm definitely going to try switching to my .edu email address since that seems to be the breakthrough solution for so many people here. The pattern is really clear - Aisha's discovery about using university email accounts appears to be the key! I'll also try during those early morning hours (5-6 AM) when system traffic is lighter and make sure to completely clear my browser cache first. Already have screenshots of all my failed attempts documented just in case I need to show my financial aid office evidence of these technical issues. It's honestly ridiculous that we have to crowdsource solutions to basic system functionality during such critical times, but I'm so grateful for this community sharing what actually works when official support is essentially useless. This thread is keeping me sane! Will definitely update if the .edu email approach works for me too.

As someone who's completely new to navigating FAFSA, this entire discussion has been absolutely eye-opening! I had no clue that there was such an important distinction between legal custody and guardianship for financial aid purposes. Reading through all the detailed advice here has really shown me how complex these dependency determinations can be for non-traditional family situations. What I find most valuable is how this community has come together to create such a comprehensive roadmap from what started as a confusing question. The strategic approach everyone has outlined - filing the FAFSA first with your information as the custodial grandparent, then pursuing dependency overrides individually with each school - makes so much sense. Maxwell's documentation checklist is particularly helpful and will definitely benefit other families in similar circumstances. Hailey, it's clear your granddaughter has been incredibly fortunate to have such a dedicated advocate throughout her entire life. While it's frustrating that the system creates these technical hurdles when you've obviously been her primary parent for 17 years, you now have all the knowledge and tools needed to navigate this process successfully. This thread will undoubtedly serve as a valuable resource for other grandparents and relatives facing similar FAFSA challenges. Wishing you both the best with the financial aid process!

As someone who's completely new to navigating FAFSA, this thread has been absolutely incredible! I had no idea that the legal distinction between custody and guardianship could make such a significant difference in dependency status. Reading through everyone's detailed responses has given me so much insight into complexities I never knew existed in the financial aid process. What really strikes me is how this community has transformed what started as a confusing situation into such a comprehensive action plan. The strategic approach of filing the FAFSA first with your information as the custodial grandparent, then pursuing dependency overrides individually with each school, makes perfect sense. Maxwell's documentation checklist is particularly valuable and will definitely help streamline the process for families in similar situations. Hailey, it's so evident that your granddaughter has had an amazing advocate in you throughout her entire life. While it's frustrating that the system requires navigating these technical distinctions when you've clearly been her primary parent for 17 years, you now have all the knowledge and tools needed to approach this strategically. This discussion will undoubtedly serve as a valuable resource for other grandparents and relatives who might find themselves facing similar FAFSA challenges. Best of luck with the financial aid process!

Just wanted to jump in as someone who recently completed their FAFSA and had the same exact worry! The save feature definitely works, but here's what I learned from experience: the system saves your progress automatically when you complete each page AND click "Next," but I also recommend manually clicking "Save" whenever you see that option just to be extra safe. When you log back in, you'll see your dashboard first (which might look different than when you left), but just look for "Continue FAFSA" or "Resume Application" - it'll take you right back to where you stopped. I actually had to pause mine three different times to hunt down various tax documents, and each time everything was exactly where I left it. The key is making sure you finish the page you're on before closing out. Also, keep your FSA ID handy since you'll need it each time you log back in. You should be totally fine picking up where you left off!

Just wanted to add my recent experience for anyone else who might be worried about this! I literally just went through the exact same situation last week. Started my FAFSA, realized I needed my parents' tax info, and had to stop halfway through. Was totally panicking that I'd lose everything, but when I logged back in two days later, everything was perfectly saved! The dashboard does look different when you first log in (it shows all your FSA stuff, not just the FAFSA form), but there's a clear "Continue FAFSA Application" button that takes you right back to where you left off. The progress bar on the left side of the form is super helpful too - it shows exactly which sections you've completed vs. which ones are still in progress. My advice: don't stress about it! The system is way more reliable than I expected. Just make sure you complete whatever page you're on before closing out, and you'll be fine. Take your time gathering documents - that's exactly what the save feature is designed for!