FAFSA missing investment and bank account questions? Confused about parent contributor reporting

You're not missing anything! The new simplified FAFSA doesn't ask about specific assets like it used to. Instead, it now pulls most financial information directly from your tax return via the IRS Data Retrieval Tool. This is part of the FAFSA Simplification Act that was implemented recently. The system now focuses more on your Adjusted Gross Income (AGI) from your tax returns rather than detailed asset questions. Keep in mind though, if your family income is above certain thresholds (around $60,000 for most household sizes), the formula does still consider "available assets" in calculating your Student Aid Index (SAI), but the questions are much less detailed now. If your daughter is applying to private colleges that require the CSS Profile, that form WILL still ask about all those specific assets in detail.

This EXACTLY happened to me last month! I spent weeks gathering all our financial statements, and then the application barely asked for anything!! I was convinced I did something wrong and tried to restart the application THREE TIMES before I realized this is just how it works now. The new FAFSA is MUCH simpler. But heads up - if your kid is applying to any private schools, you'll probably need to do the CSS Profile too, and THAT thing asks for EVERYTHING including what you had for breakfast lol.

wait so we dont have to report bank accounts on fafsa anymore?? is that really true?? cuz last year i had to put in all that stuff but maybe im remembering wrong

Under the new FAFSA, the asset reporting has been greatly simplified, but there's an important detail you should understand: assets ARE still considered in the calculation, but the questions are significantly reduced. If your income is above the SAI protection threshold (which varies by family size but is approximately $60,000-$70,000), your available assets will still factor into your Student Aid Index calculation. The system now uses tax return data more heavily and puts less emphasis on detailed asset reporting. They eliminated many questions to reduce complexity, but this doesn't mean assets aren't considered - they're just calculated differently now. If you're concerned about accuracy, you might want to call Federal Student Aid directly to confirm your application is complete.

omg trying to get thru to someone at FAFSA is impossible tho i tried calling like 12 times last week and either got disconnected or was on hold forever!!! so frustrating

The FAFSA simplification is a SCAM to make you THINK you're getting more aid! When they don't ask about your assets, they ASSUME you have more than you do! My son got LESS aid under this "simplified" system because they just ASSUMED we had all these assets we don't actually have! The old system was better because at least you could PROVE what you had and didn't have!!!

A quick tip that helped me: if you're applying to any schools that require the CSS Profile, you'll still need all that detailed financial information. So even though FAFSA doesn't ask for it anymore, don't toss those bank statements and investment records yet if your student is applying to private colleges!

quick question - does anyone know if child support still counts as income on the new fafsa? i get some for my younger kid but my oldest is the one applying for college

I remember when I first did FAFSA back in 2015...had to enter EVERYTHING down to the penny! My how times have changed. The new system is so much easier but I still don't trust that they're calculating everything fairly tbh.

To summarize for anyone else finding this thread with similar questions: 1. The simplified FAFSA no longer asks detailed questions about specific assets like bank accounts, investments, etc. 2. However, assets ARE still factored into the SAI calculation for families above certain income thresholds. 3. The system now relies more heavily on tax return data via the IRS Data Retrieval Tool. 4. If your student is applying to private schools, you'll likely need to complete the CSS Profile, which DOES still require detailed asset information. 5. Some untaxed income like child support should still be reported when prompted. The FAFSA simplification doesn't mean assets don't matter - it just means the reporting process has been streamlined.

As someone who went through this exact same confusion last year, I can confirm what others have said - you're not missing anything! The new FAFSA really has eliminated most of those detailed asset questions. I spent hours gathering investment statements and bank records only to find they weren't needed. One thing I'd add is to make sure you've linked your tax return properly through the IRS Data Retrieval Tool - that's where most of your financial info comes from now. And definitely keep all those documents you gathered because if your daughter gets selected for verification, you might still need to provide them to the financial aid office directly. The streamlined FAFSA is definitely less stressful once you realize it's supposed to be this simple!

I went through this exact same panic just a few months ago! I had spreadsheets ready with all our account balances, investment details, everything - and then kept clicking through the FAFSA wondering where all those questions went. Turns out the simplified version really is that much easier. One thing that helped me was checking the "Review and Submit" section before finalizing to make sure I hadn't accidentally skipped any pages. But like everyone else said, if it's not asking for those details, you're doing it right! The new system is designed to be less burdensome on families while still getting the info they need through your tax returns. Just a heads up though - even with the simplified FAFSA, some schools might still ask for additional documentation during their own financial aid review process. But that's separate from the federal application itself.