DVC and FAFSA

[espana94]

Well, the time has come for us to do the FAFSA for DD's first year in college.

Quick question for everyone who has been through this before...Do we need to list DVC as an asset? And if so, where does it get listed on the paperwork?

TIA, Espana

 

[M-I-C-K-E-Y]

Subscribing...

 

[maureenann]

Yep..as your asset...I hate the FAFSA

 

[lisah0711]

Yes, I think that you would put it on FAFSA because it is an asset and one that is a recorded asset so not too hard to find. As for value, well it is a depreciating asset and the resale market isn't that hot now and I would keep that in mind when I was coming up with a value.

Good luck!

 

[momof3poohlovers]

Oh no! Our first child goes to college next year and we already filled out the FAFSA and never even thought of putting DVC down as an asset. We didn't qualify for any aid(it said that we would be responsible for the first $38,000 ) and the school my daughter is attending is not that much so do you think we need to change it?

 

[tidefan]

Pardon my ignorance, but what is FAFSA?

 

[Mattsmommy]

Pardon my ignorance, but what is FAFSA?

Free Application for Federal Student Aid

 

[espana94]

Yep..as your asset...I hate the FAFSA

UGH, that's what I was afraid of! So how exactly do you value something like DVC which has declining value in the resale market (based on the current economy, of course) and has an end date for ownership attached to it?

And I agree, I hate the FAFSA. I haven't even finished the stupid thing yet and I hate it! But, in order for DD to compete for several of the scholarships she is going for, we need to have the FAFSA on file.

 

[Doctor P]

There is conflicting advice about this issue, and I am not sure that there is a correct and verifiable answer.

 

[jamstew]

FWIW, and although it's been a long time since I had to do a FAFSA, I never listed my timeshare as an asset (2 kids, 4 years = 8 FAFSAs). It frankly never occurred to me. It wasn't DVC, and if I had to sell it, it might have sold for $1000 on eBay I guess it could depend on the school (mine both went to private universities), but I can't imagine them checking it.

To the pp who said they didn't qualify for aid and left off their DVC--don't bother. It certainly isn't going to help you any.

 

[Dean]

Technically it should be listed but many don't. DVC is a little different than many timeshares because it has a definite and definable value. It's doubtful anyone would ever know or care if you didn't though. This might be one reason not to list adult children as an owner.

 

[jamstew]

This might be one reason not to list adult children as an owner.

Good point--I wouldn't have thought about that (and I'm certainly glad that the FAFSA days are well behind me )

 

[justloveit]

We currently have our youngest dd in her freshman year at college and did not list DVC as an asset.

 

[DisneyHumbug]

I have 3 recent college graduates, never put DVC on any FAFSAs.

 

[kimberh]

Figure it As for a quick sale, I was told that for the FASFA, figure it as if you could sale fast. What would Disney pay for it...$55.00 per point? I hated these things. I am so glad they are over!!!

 

[sdedalus]

We listed it for our sons first year four years ago. We had owned at okw since 1993 and hhi since 1999 and they were paid off. It would only be an asset if you don't have an unpaid loan balance. I don't remember if we valued it at the Disney rate, (the price they charge a member for purchase of a sold out resort), or a resale price for a similar contract listed on the timeshare store. The financial aid process is very scary. Don't let it get you down. You'll turn around and the application process will be over. Enjoy the last few months your all together.

 

[Ksp]

I listed ours as an asset, but just put value at what we paid for it --- I was just too tired after doing our taxes, then working on the fafsa worksheets-- to figure out if there should have been a different value

 

[tidefan]

Free Application for Federal Student Aid

Thanks, ours is in Kindergarten, so not familiar with college aid. Hopefully we won't have to be as we did a PACT (pre-paid tuition program) a few years ago for her. Everyone at the time told us to "invest it in the market" and that would be a better return than the PACT, but given the state of the market the past year, I think that the PACT turned out to be good move...

 

[rbuzzotta]

I was just gathering my financial info for my DD's FAFSA and when they question came up about real estate asset, I thought about DVC but wasn't sure. Glad you asked. Is it still an asset?? (J/K, thinking in terms of this economy!!).

Espana...........saw ICC at WSF INDY and every team was fantastic. Will you be in Dallas next month?? Worlds? I already booked OKW for Worlds weekend. DD's team just got the paid bid this past weekend (got at large at WSF indy).

Another question about FAFSA............did you wait until all your taxes were done or just 'guestimate' and will revise later?

 

[jamstew]

Another question about FAFSA............did you wait until all your taxes were done or just 'guestimate' and will revise later?

I always used the "completed but not filed" option (if that choice still exists). We always owed taxes so were in no hurry to file, but we also knew it was important to submit the FAFSA as soon after 1/1 as possible. I occasionally did some fine-tuning of the tax return after submitting the FAFSA, but unless there ended up being a significant change, I didn't amend. They don't need to know eveything down to the penny--they really don't.