Should we file FAFSA with $135k income + investment property in Washington State?

YES! You should absolutely complete the FAFSA regardless of income level. Here's why: 1. Many schools use FAFSA for merit-based scholarships too, not just need-based aid 2. The SAI (Student Aid Index) calculation is complex - you might be eligible for more than you think 3. Some schools have very high income thresholds, especially private institutions 4. Your lower 2023 income actually works in your favor (FAFSA now uses prior-prior year tax info) 5. Schools can't consider you for certain institutional aid without a FAFSA on file Regarding regional cost differences - unfortunately, federal methodology doesn't account for geographic cost-of-living variations. However, some schools may consider this in their institutional methodology when awarding their own funds. As for student loans, at minimum you'll qualify for unsubsidized federal Direct loans, which have more favorable terms than private loans if you ever decide you need them.

u should DEFINITELY fill it out!!! my parents made around that much and I still got offered some grants at 2 of the 4 schools I applied to!! one private school gave me like $23,000 per year even tho my parents made more than yours. u never know what might happen unless u try

I'm a financial aid counselor at a private university in Washington. Here's my professional advice: 1. You MUST complete the FAFSA. There are numerous institutional scholarships that require it, even for families with substantial assets. 2. Many WA schools have specific programs for in-state students that require FAFSA completion. 3. Your 2023 income being lower ($135k) is actually advantageous for FAFSA purposes. 4. Investment properties are factored in, but not as heavily as liquid assets. The 529 is actually assessed at a lower rate than other parent assets. 5. Washington's College Bound Scholarship and Washington College Grant programs have increasingly expanded eligibility. Also, about being debt-averse - that's understandable, but federal student loans (not Parent PLUS) for undergraduates have reasonable interest rates and flexible repayment options. They can be a strategic tool even if you could pay out-of-pocket.

Total waste of time in ur situation, honestly. The FAFSA is designed to take ALL ur assets into account. That investment property? They'll count it. Those savings? They'll count them. The system is rigged against responsible families who've saved. My brother makes $140k in a cheaper state and got ZERO aid, not even loans. Washington state is expensive but the FAFSA doesn't care AT ALL about regional differences. U'll end up with a sky-high SAI and zero help. The whole system is messed up. You'll be paying full price no matter what.

I was in a similar situation (made around $145k) with rental property and still got: - $5k/yr grant from one private college - $2,500/yr work study eligibility - Federal student loan eligibility (which we didn't use but nice to have available) - Qualified for a specific engineering scholarship that REQUIRED fafsa It took me like 40 minutes total to file. Worth it for thousands in potential aid! Just make sure you have your 2023 tax return handy - makes it much easier.

Have you tried reaching the Federal Student Aid office directly? I spent WEEKS trying to get through on their phone line about a similar question (special circumstances form for income changes). After constant busy signals and disconnections, I found this service called Claimyr that got me connected to an actual FSA agent in about 15 minutes. They have a demo video at https://youtu.be/TbC8dZQWYNQ The agent I spoke with actually told me that many people in your income bracket DO qualify for certain types of aid, especially with the new FAFSA formula. They also explained that some schools won't even consider you for their own institutional funds without a FAFSA on file, regardless of your federal eligibility. Definitely worth filing!

A quick clarification about the investment property since you mentioned it specifically: on the FAFSA, the investment property equity value is reported if it's not your primary residence. However, it's treated as a parental asset and assessed at no more than 5.64%. Example: If your investment property has $500,000 in equity, only about $28,200 maximum would be considered available for college expenses in the SAI calculation. And even that amount would be reduced by other protections in the formula. This is why blanket statements about "you won't qualify with property" are often incorrect. The calculation is much more nuanced.

Just want to add that you don't have to take loans even if they're offered! We completed FAFSA, got offered loans, took the grants/scholarships and declined the loans. Having the FAFSA on file just gives you options.

have u looked at ur sons school list?? diff schools have TOTALLY diff aid policies. my friend got nothing from UW but got $$$ from gonzaga with same fafsa!

Whatever u do, fill it out EARLY!!! The new FAFSA was a disaster this year and people who waited got SCREWED with less aid because money ran out at some schools. January deadline if possible!!

As someone who works in financial aid at a community college, I want to emphasize something that hasn't been mentioned yet - even if you don't qualify for need-based federal aid, completing the FAFSA can make your son eligible for unsubsidized federal Direct Loans, which have much better terms than private loans. Also, Washington state has some unique programs worth considering. The Washington College Grant has expanded significantly and now covers families making up to about $100k+ depending on family size. Even if you're slightly over the income threshold, it's worth checking. One more thing - if your 2024 income is going to be significantly higher than 2023, that actually works in your favor for the 2025-2026 FAFSA since it uses 2023 tax info. This might be your best year to apply for aid before your higher income kicks in for future FAFSA calculations. The whole process really does take less than an hour once you have your tax documents ready. Given the potential upside and minimal time investment, I'd strongly recommend filing!