NOT OK: “Giving” assets to an aunt, uncle, or other distant relative, so you don’t have to declare them on the FAFSA.
NOT OK: Giving everyone in the family a new car, with the expectation that they’ll pay you back at a family interest rate.
NOT OK: Saying you’ll go back to school, enrolling in classes, then getting dropped for never attending and non-payment (until recently, this was a popular scam that is closely monitored).
NOT OK: Hiding your money in debit accounts held in offshore banks.
OK: Contributing the max amount to your IRA or 401(k) so that more of your assets are held in a “non-includable” retirement plan that typically doesn’t affect your EFC.
NOT OK: Understating your assets or overstating the number of children you have in college on the FAFSA. Sounds ridiculous – but surprisingly, this is one of the most common forms of FAFSA fraud.
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