DVC and FAFSA

[mybabesuz]

Just completed 3 FAFSAs... Yup... Have Three in College...
Didn't mention it either...
The finance company owns most of it anyways...

 

[JW9DVC]

Nope, you could just say also your child is an independent. Certain ages apply. Therefore none of the parents income or value would be needed. Speak with the financial aid office at the school of choice and see what they say. JW

 

[jamstew]

Nope, you could just say also your child is an independent. Certain ages apply. Therefore none of the parents income or value would be needed. Speak with the financial aid office at the school of choice and see what they say. JW

IIRC, independent status is something they're very strict about. Things may have changed, but you used to have to prove that you did not claim the child as a dependent on your tax return for the previous year (possibly even two years).

 

[rbuzzotta]

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.

So I guess I can really get this moving now..........my PC is messed up and I have trouble opening .pdf documents??! UGH...........

I guess I have to get moving on this even though DD has not finished applying (she is such a procrastinator and drives me bananas).

 

[jamstew]

So I guess I can really get this moving now..........my PC is messed up and I have trouble opening .pdf documents??! UGH...........

I guess I have to get moving on this even though DD has not finished applying (she is such a procrastinator and drives me bananas).

A lot depends on whether your DD is applying to a public or private school, but as a general rule, the sooner after 1/1 you get all the paperwork in, the better the chances of receiving a good financial aid package. Funds are limited, and it's basically "first come, first served."

 

[TiszBear]

Here is my 2 cents... I was always told by member accounting not to list my DVC as an asset on anything. It is a timeshare and each state is different in its rules and regulations. Also nothing shows up on your credit reports about DVC or anthing. I would first check with Member accounting.

 

[rbuzzotta]

A lot depends on whether your DD is applying to a public or private school, but as a general rule, the sooner after 1/1 you get all the paperwork in, the better the chances of receiving a good financial aid package. Funds are limited, and it's basically "first come, first served."

I understand that it basically is 'first come, first served' but what if she has not been accepted by the time the application gets reviewed?? Will they review it again?? (sorry if I got off the DVC assest topic)

 

[jamstew]

I understand that it basically is 'first come, first served' but what if she has not been accepted by the time the application gets reviewed?? Will they review it again?? (sorry if I got off the DVC assest topic)

I'll PM you

 

[DisDaydreamer]

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!!!

Us too...

 

[Dean]

Nope, you could just say also your child is an independent. Certain ages apply. Therefore none of the parents income or value would be needed. Speak with the financial aid office at the school of choice and see what they say. JW

As noted, this is not something you can do on a whim. And it has other implications like the inability to cover them with health insurance in many cases.

 

[palhockeymomof2]

^^^ ..... and as another poster pointed out you also need to show you don't claim your child as a dependent and in the case of Florida schools.....the child needs to show a certain income earned in Florida to be be independent and a Florida state resident for tuition purposes

 

[espana94]

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?

rbuzzota,

Ok, I will answer the important questions first...

We will have 5 teams in Dallas -- Lg Coed, Sm Sr, Jr Coed 5, Jr Prep 5 and Lg Sr 4.

We have 2 teams going to Worlds -- Lg Coed and Sm Sr 5. Our Jr Coed got a bid at WSF Indy but they can't take it -- we have too many crossovers between Jr Coed and Lg Coed. Our Sr 5 got their paid bid at Jamfest Indy.

All of our teams will be at UCA in March.

Unfortunately, DD and I will not be at Worlds. DD has cheer tryouts at Iowa State that weekend. We're both pretty bummed!

Congrats on the Paid bid -- refresh my memory, where does your DD cheer?

Now, on to the FAFSA...

I am filing it this weekend. DH is self-employed, we needed some info before I could "guesstimate" the taxes. Luckily for us, Iowa State has a March 1st deadline for filing.

 

[rbuzzotta]

rbuzzota,

Ok, I will answer the important questions first...

We will have 5 teams in Dallas -- Lg Coed, Sm Sr, Jr Coed 5, Jr Prep 5 and Lg Sr 4.

We have 2 teams going to Worlds -- Lg Coed and Sm Sr 5. Our Jr Coed got a bid at WSF Indy but they can't take it -- we have too many crossovers between Jr Coed and Lg Coed. Our Sr 5 got their paid bid at Jamfest Indy.

All of our teams will be at UCA in March.

Unfortunately, DD and I will not be at Worlds. DD has cheer tryouts at Iowa State that weekend. We're both pretty bummed!

Congrats on the Paid bid -- refresh my memory, where does your DD cheer?

Now, on to the FAFSA...

I am filing it this weekend. DH is self-employed, we needed some info before I could "guesstimate" the taxes. Luckily for us, Iowa State has a March 1st deadline for filing.

DD cheers for Celebrity NH, Large Limited Coed 5. We will be in Dallas. WIll you?

I hate these financial forms. I am still playing around with it but have to get to a computer where I can download the 09-10 form and submit. My laptop crashed a few days ago and this PC is old and will not open .pdf formats. So, right now I am working on last years FAFSA form. I will assume the forms are the same and the information the same (hopefully I am right). I will most likely get to a computer Monday and submit the form.

DD is still waiting on some schools. She will do tryouts for one via video. There are only 3 schools on her list where she would want to cheer at. If she stays local, she will be a super senior at Celebrity next year.

Good luck to your DD!!

 

[dukehoopsfan]

A lot depends on whether your DD is applying to a public or private school, but as a general rule, the sooner after 1/1 you get all the paperwork in, the better the chances of receiving a good financial aid package. Funds are limited, and it's basically "first come, first served."

I work in a financial aid office at a private college - I ask my director the question about DVC and on the FAFSA and post his answer on Monday.

As for the the "first come, first served" that is really not true, especially in the case of a private college - as they are need based - and will usually require the College Board's PROFILE to be completed. The FAFSA (at a private college) only determines federal eligibility for any federal grants, loans and work-study. State schools may be different.

 

[dizney4us]

We did not list it on the FAFSA. As far as we were told the DVC is simply pre-paying for vacations for a certain length of time.

 

[jamstew]

I work in a financial aid office at a private college - I ask my director the question about DVC and on the FAFSA and post his answer on Monday.

As for the the "first come, first served" that is really not true, especially in the case of a private college - as they are need based - and will usually require the College Board's PROFILE to be completed. The FAFSA (at a private college) only determines federal eligibility for any federal grants, loans and work-study. State schools may be different.

"First come, first served" I think refers more to federal grants, etc. Once the funds are gone, they're gone, right?

 

[dukehoopsfan]

The federal grants are allocated to colleges based on the previous academic year's amounts awarded. Federal grants are based on need and are awarded when calculating the FAFSA. It all depends on the individual school, funds awarded to the school - how many people apply for federal aid. But again, we do not award federal students first and then those applying for institutional grants. It is a complete read of an financial aid application.

 

[yaawgmoth]

I would have to pause and consider this. I have to complete my FAFSA for graduate school, and when I asked the school they stated that as long as you have a loan for the property, then it is not an asset yet. You may want to check with the Federal Government on this. I have written to them and not yet received a reply just as of yet.

Secondly, the asset in question is of very low value and has no growth to it. In fact you continue to pay dues, which may be tax deductable, depending on how the laws allow for it.

I am no tax expert by any means, but when I purchased with Disney, the accountant I spoke with prior shared with me that there are some benefits for taxes, and if that is the case, then it should be noted on Fafsa differently.
That is just food for thought..If I am wrong please let me know....as I have to send in my Fafsa by Feb 15th

 

[macosx]

1) I'm no accountant, but

equity = asset value - liability

It should/would make a difference whether the loan/liability were $10 versus $10,000.

2) Dues tax deductible? What states? AFAIK, the taxes paid may be deductible, but I've never considered dues deductible.

3) There's an argument that DVC is NOT an asset, but a LIABILITY. You've committed to 40 years of park tickets, airline tickets, and other expenses. Any amount you've paid DVC so far is only a deposit or down payment.

I would have to pause and consider this. I have to complete my FAFSA for graduate school, and when I asked the school they stated that as long as you have a loan for the property, then it is not an asset yet. You may want to check with the Federal Government on this. I have written to them and not yet received a reply just as of yet.

Secondly, the asset in question is of very low value and has no growth to it. In fact you continue to pay dues, which may be tax deductable, depending on how the laws allow for it.

I am no tax expert by any means, but when I purchased with Disney, the accountant I spoke with prior shared with me that there are some benefits for taxes, and if that is the case, then it should be noted on Fafsa differently.
That is just food for thought..If I am wrong please let me know....as I have to send in my Fafsa by Feb 15th

 

[MiaSRN62]

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.

I've actually had my OKW contract on the resale market for going on 5 months now.....not one bite....so I'm not even sure how much of an asset it is ? But I do list my timeshares (I'd be lucky to get $100 for my offsite timeshare on eBay).......

I know it didn't make a difference in my FAFSA either, because according to them, we're responsible for the first $30,000 worth of college tuition per year. Thank goodness my dd got an academic scholarship, because we never qualify for anything whether we claim our timeshare or not.