Supply: The School Investor
Google AI overviews are deceptive or inaccurate in 43% of finance-related searches, based on our examine. That is inflicting client confusion, and probably harming Individuals’ funds. It is particularly dangerous on the subject of tax and monetary help associated queries.
Now we have seen quite a few situations throughout our Fb Pages and sub-Reddits of customers posting misinformation, and when requested about it, all of them say they noticed it in Search. We’re used to dangerous data coming from social media sources (taking a look at you TikTok), however Search was traditionally a approach for customers to search out the right data. Till now…
Here is a current thread from our Fb Group the place a person believed that she may convert her 529 plan to a Roth IRA in California:
Instance of a person misinformed by AI question. Supply: The School Investor
What’s Taking place: During the last yr Google as rolled out AI-driven solutions to look outcomes – known as AI Overviews. These outcomes are featured prominently on the high of the search outcomes web page. They’ve additionally been underneath hearth beforehand for offering harmful and mistaken solutions.
Here is what they appear like:
Google search screenshot of question “How Do I Use An ATM” [Screenshot by The College Investor]
It is vital for searchers to comprehend that Google is just analyzing the prevailing net outcomes and making an attempt to “guess” a solution primarily based on what it is aware of and what it finds. It hyperlinks to among the sources it finds on the appropriate facet.
Nevertheless, on the finish of the day this data shouldn’t be vetted by knowledgeable or anybody with data of non-public finance. It will not be correct. Even Google alludes to it with their disclaimer (which was not too long ago added to some finance-related queries):
Google search screenshot. [Screenshot by The College Investor]
Key Points With Google AI-Overviews And Private Finance
We examined 100 private finance-related queries throughout a number of areas of non-public finance, together with banking, credit score, investing, insurance coverage, scholar loans, and monetary help. You possibly can bounce to each question we examined under.
Out of 100 searches, we discovered that Google AI Overviews have been right in 57 situations, and supplied deceptive or inaccurate data in 43 situations.
We labeled the inaccurate solutions 3 ways:
- Deceptive: The AI reply supplied might be interpreted in a approach that causes monetary hurt.
- Lacking Key Info: The AI reply was semi-correct, but additionally missed key data that would trigger monetary hurt (such a key exceptions).
- Incorrect: The AI reply was merely incorrect, usually utilizing outdated or incorrect values or data, which may result in monetary hurt.
We discovered the the AI-Overviews have been fully incorrect in 12 situations. This included points resembling offering outdated data on services and outdated data on scholar mortgage reimbursement plans.
The remaining 31 errors have been both deceptive outcomes or the outcomes have been lacking key data.
When Google Will get It Proper
Typically, the AI Overviews have been right for primary 101-level questions, resembling “what is” or “how to”. They’d probably the most right solutions when protecting primary private finance matters, together with banking and insurance coverage.
When Google Will get It Fallacious
AI Overviews struggled probably the most with something that has nuance – which is most of non-public finance.That is harsh, however a lot of the incorrect solutions concerned navigating extra complicated tax matters, investing matters, and scholar mortgage matters.
What Stunned Us The Most
We have been shocked to see that AI Overviews had a grasp of current trending matters, such because the “Chase Glitch”.
However on the similar time, it was stunning that the overviews had outdated data for scholar mortgage reimbursement plans, and issues like financial savings and CD charges.
It additionally appeared that Google positioned some kind of handbook block on some AI overviews associated to the continuing SAVE scholar mortgage reimbursement plan litigation and Biden’s mortgage forgiveness plan. We imagine this as a result of the AI field appeared, however messaging stated “not available for this search”. You possibly can see the instance right here.
What Google Is Saying
We reached out to Google for remark earlier than publication of this text, and the haven’t but responded. We are going to replace this with a response if they supply one.
Nevertheless, a Google spokesperson beforehand instructed Enterprise Insider when requested in regards to the earlier points with misinformation that the “vast majority of AI Overviews provide high-quality information.”
We do not disagree – the vast majority of solutions in our check have been right. Nevertheless, on the subject of private finance, a 40% error price shouldn’t be good.
Our Take
Traditionally, Google Search has served a key position in serving to individuals navigate their private funds – particularly in mild of dangerous data floating round on social media.
For us, it is at all times been vital to supply the appropriate data to readers. That is why we’re annoyed. I might actually hate to see somebody pay taxes and a penalty as a result of Google AI stated they might convert their 529 plan to a Roth IRA (however they reside in California, to allow them to’t).
Or see somebody cancel their automobile insurance coverage as a result of Google does not talked about it is required to drive a car – after which they get in an accident and even worse, damage another person as an uninsured motorist.
If Google continues to current dangerous or misinformation about cash matters to searchers, not solely may it damage their private funds, but it surely may weaken already poor monetary literacy in the USA.
We strongly imagine that Google ought to flip off these AI Overviews on finance associated matters, particularly tax and funding associated queries the place the end result will be particularly expensive for customers. Its possible somebody at Google will go in and repair the searches we identified – however the issue retains occurring. And it retains getting known as out. Ultimately somebody excessive up internally must say “hey, this is wrong and bad for users.” We hope that occurs quickly.
AI Overviews
All AI overviews have been categorized as follows:
- ✅ Right – The AI reply supplied can be right and useful, and wouldn’t trigger monetary hurt.
- 🔶 Deceptive – The AI reply supplied might be interpreted in a approach that causes monetary hurt.
- 🔶 Lacking Key Info – The AI reply was right, but additionally missed key data that would trigger monetary hurt (such a key exceptions).
- ❌ Incorrect – The AI reply was merely incorrect, usually utilizing outdated or incorrect values or data, which may result in monetary hurt.
Normal Private Finance
These are matters associated to normal private finance, resembling banking, budgeting, and credit score. It was fascinating to see well timed matters generate AI overviews, such because the Chase Glitch.
Google search screenshot of question “Where do I find my routing number”? [Screenshot by The College Investor]
Google search screenshot of question “How Do I Pay With Cash?” [Screenshot by The College Investor]
Google search screenshot of question “What If I Don’t Pay My Bills?” [Screenshot by The College Investor]
Verdict: Right
As a facet be aware, discover the picture that was used from The Steadiness with out credit score or hyperlinks to their web site within the AI overview.
Google search screenshot of question “What is a wire transfer?” [Screenshot by The College Investor]
Google search screenshot of question “What is the debt snowball method?” [Screenshot by The College Investor]
Verdict: Lacking Key Info.
We imagine that not sufficient data was supplied about rates of interest and curiosity fees that would affect the buyer.
Google search screenshot of question “How Does A Credit Card Work?” [Screenshot by The College Investor]
Google search screenshot of question “How Does A Check Work?” [Screenshot by The College Investor]
Google search screenshot of question “What Was The Chase Glitch” [Screenshot by The College Investor]
Google search screenshot of question “Why Is It Bad To Just Make The Minimum Payment On A Credit Card?” [Screenshot by The College Investor]
Google search screenshot of question “How Is A Credit Score Calculated?” [Screenshot by The College Investor]
Google search screenshot of question “What Is Considered Bad Credit?” [Screenshot by The College Investor]
Verdict: Incorrect
After all, our opinion isn’t Wells Fargo. However regardless, there are many free checking account choices and this record is deceptive at greatest.
Google search screenshot of question “Where To Open A Checking Account?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
Since Google AI Overviews pull from sources, these outcomes are lacking the precise greatest charges and accounts. This can be a perpetual drawback within the financial savings house, because the large names dominate their lists with paid placements. This is not a horrible AI Overview, however positively lacking among the greatest financial savings accounts.
Google search screenshot of question “Where To Open A Savings Account?” [Screenshot by The College Investor]
Verdict: Incorrect
This record could be very outdated. There haven’t been 12-month CD charges over 5% for a while because the Fed has been chopping charges.
Google search screenshot of question “Where To Open A 12-Month CD?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
This can be a very odd record of locations to incorporate, and does not actually present any details about why you must apply at any of those.
Google search screenshot of question “Where Can I Open An Auto Loan Online?” [Screenshot by The College Investor]
Taxes
These are matters associated to taxes. These matters are regarding to us probably the most as a result of they’ve massive monetary implications for incorrect or deceptive solutions.
Google search screenshot of question “What Is The IRA Contribution Limit?” [Screenshot by The College Investor]
Verdict: Deceptive
This AI overview is deceptive as a result of it solely mentions the decrease limits. Roth IRA earnings limits section out beginning at $146,000 however really cap at $161,000 for single filers. Married filers cap out at $240,000.
As a facet be aware, the AI overview does get this right within the Mega Backdoor Overview.
Google search screenshot of question “What Are The Roth IRA Income Limits?” [Screenshot by The College Investor]
Google search screenshot of question “What Is The HSA Contribution Limit?” [Screenshot by The College Investor]
Google search screenshot of question “What Is The 401k Contribution Limit?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
This question is lacking the important thing 529 plan annual reward tax exclusion restrict. It has numerous different limits, however missed the obvious restrict that households depend on yearly.
Google search screenshot of question “What Is The 529 Plan Contribution Limit?” [Screenshot by The College Investor]
Verdict: Deceptive
This AI overview of qualifying 529 plan bills contains scholar mortgage reimbursement, which isn’t an eligible expense in all states.
Google search screenshot of question “What Are Qualified 529 Plan Expenses?” [Screenshot by The College Investor]
Verdict: Deceptive
The reply as to whether you should utilize a 529 plan for elementary college is “maybe”, relying in your state. The AI Overview leads with “Yes”, which is deceptive, nonetheless, it does point out that some states could not contemplate it qualifying within the third bullet level.
Google search screenshot of question “Can You use a 529 plan for elementary school?” [Screenshot by The College Investor]
Verdict: Incorrect
This reply fully ignores that one-third of states (together with massive states like California and New York) don’t enable this. Not like the elemtary college question, this reply doesn’t embody the exceptions within the bullet factors. The underside line is there are very particular 529 plan to Roth IRA rollover guidelines.
If California residents have been to do that, they’d faces taxes and penalties.
Google search screenshot of question “Can You Use A 529 Plan For A Roth IRA?” [Screenshot by The College Investor]
Verdict: Right
Nevertheless, the second bullet level does not actually appy.
Google search screenshot of question “Does California Have A 529 Plan Penalty?” [Screenshot by The College Investor]
Google search screenshot of question “How much do I need to take for an RMD?” [Screenshot by The College Investor]
Google search screenshot of question “Is It Legal To Pay My Child?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
The maximium quantity you possibly can contribute to a solo 401k is $69,000 technically, the the true quantity could be very nuanced. The second bullet level alludes to it, however this reply is lacking numerous key data.
Google search screenshot of question “How Much Can I Contribute To A Solo 401k?” [Screenshot by The College Investor]
Verdict: Incorrect
This has been a standard TikTok pattern, however the actuality is the there isn’t any good cause to personal your individual home in an LLC, and since it’s pass-through, it could not assist with taxes. Fairly, it could add value and complication to your life.
Google search screenshot of question “Does Owning Your House In An LLC Help With Taxes?” [Screenshot by The College Investor]
Verdict: Incorrect
Whereas the sentence is right that you aren’t getting a Federal tax deduction, 34 states at present supply a tax deduction or tax credit score to a 529 plan. That is talked about in bullet level three, however because the precise sentence is “No”, we view this as incorrect.
Google search screenshot of question “Can I Get A Tax Deduction For A 529 Plan?” [Screenshot by The College Investor]
Verdict: Deceptive
An S Corp is just a tax election for an LLC.
Additionally, discover that the widespread “For Financial Advice, Consult A Professional” shouldn’t be current.
Google search screenshot of question “Should I Open An S Corp Or LLC?” [Screenshot by The College Investor]
Verdict: Incorrect
Since an LLC is a pass-through entity, it has no affect in your taxes. Bullet Level #2 is wrong, and Bullet Level #5 is wrong.
Google search screenshot of question “Do I Need An LLC For Rental Property?” [Screenshot by The College Investor]
Verdict: Incorrect
The reply is nearly at all times no.
Google search screenshot of question “Should I Have My Rental Property In An S Corp?” [Screenshot by The College Investor]
Investing
These are matters associated to investing and funding automobiles.
Verdict: Lacking Key Info
The three step course of for a backdoor Roth IRA, whereas right, misses many components of the method and does not spotlight any pitfalls that get numerous buyers in hassle. Messing up the backdoor Roth IRA can result in taxes and penalties.
Additionally, be aware the infographic from The White Coat Investor, which isn’t linked within the AI Overview.
Google search screenshot of question “What Is The Backdoor Roth IRA?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
This details about the Mega Backdoor Roth IRA can also be semi-correct, however misses numerous key data and pitfalls. As a facet be aware, it does get the IRA contribution limits right.
Google search screenshot of question “What Is The Mega Backdoor Roth IRA?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
This data is right, but it surely misses key nuances, resembling the very fact the wash sale rule does not apply to cryptocurrency, nor retirement accounts.
Google search screenshot of question “What Is The Wash Sale Rule?” [Screenshot by The College Investor]
Verdict: Deceptive
You would not have to have earned earnings to open a Roth IRA, however you do to make the contribution throughout that yr.
Google search screenshot of question “How Do I Open A Roth IRA?” [Screenshot by The College Investor]
Google search screenshot of question “How Do I Open An HSA?” [Screenshot by The College Investor]
Google search screenshot of question “Can I Use A Roth IRA To Pay For College?” [Screenshot by The College Investor]
Verdict: Deceptive
Whereas most of this data is correct, the final bullet level implies that somebody must have earned earnings to open a 529 plan. That is incorrect.
Google search screenshot of question “Can I Invest If I’m Under 18?” [Screenshot by The College Investor]
Google search screenshot of question “How Much Money Do I Need To Start Investing?” [Screenshot by The College Investor]
Google search screenshot of question “What’s The Difference Between Saving And Investing?” [Screenshot by The College Investor]
Google search screenshot of question “Are Municipal Bonds Taxable?” [Screenshot by The College Investor]
Google search screenshot of question “Can You Trade Options In Your IRA?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
There are numerous nuances right here which might be simply lacking from this AI overview, and the taxes implications will be harsh.
Google search screenshot of question “Can I Withdraw From My Roth IRA Early?” [Screenshot by The College Investor]
Google search screenshot of question “How Do Expense Ratios Work?” [Screenshot by The College Investor]
Google search screenshot of question “How Do I Invest In Stocks?” [Screenshot by The College Investor]
Verdict: Deceptive
A few of this data shouldn’t be right – such as you usually can not open an IRA at a life insurance coverage firm (until they do greater than insurance coverage). Additionally, you possible do not wish to open an IRA at a financial institution.
Google search screenshot of question “Where To Open An IRA?” [Screenshot by The College Investor]
Verdict: Right
Not a foul record, however truthfully lacking among the greatest brokerage corporations. There are additionally no hyperlinks for the AI Overview, so it is unknown the place Google is pulling this information from.
Google search screenshot of question “Where To Open A Brokerage Account?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
This isn’t a foul record, but it surely doesnt’ inform you why you must open an account at any of those locations. There isn’t any price itemizing, no account minimums, the place does a client even begin?
Google search screenshot of question “Where To Open An Options Trading Account” [Screenshot by The College Investor]
Scholar Loans
These are matters associated to scholar loans. It was fascinating to see a mixture of each outdated data, and good solutions to present queries (resembling in regards to the pending SAVE litigation).
There additionally seems to be “blocks” on particular queries that attempt to generate an AI Overview, however then cease. That is totally different than merely not displaying an AI Overview. Queries associated to the SAVE reimbursement plan and Biden’s plans all ship this error message:
AI Overview Not Accessible For This Search. [Screenshot by The College Investor].
Verdict: Deceptive
There is no such thing as a want to use for federal loans since they’re awarded through your monetary help award from filling out the FAFSA. How a lot in federal loans you are eligible for is dependent upon your scholar standing (dependent or impartial), together with what yr of school you are in.
Google search screenshot of question “How To Get Student Loans?” [Screenshot by The College Investor]
Google search screenshot of question “Do I Have To Pay Back Student Loans?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
Sure, you will be fired for scholar loans underneath quite a few conditions, however merely having them shouldn’t be a cause. This AI overview does point out one cause, however there are various extra.
Google search screenshot of question “Can You Get Fired For Student Loans?” [Screenshot by The College Investor]
Verdict: Incorrect
The REPAYE scholar mortgage reimbursement plan not exists, it was changed by the SAVE plan (which can also be at present paused). That is all incorrect.
Google search screenshot of question “Can I Apply For The REPAYE Repayment Plan?” [Screenshot by The College Investor]
Verdict: Right
That is right, however there isn’t a context on this AI Overview in regards to the pending litigation and issues processing reimbursement plans.
Google search screenshot of question “Can I Apply For The ICR Repayment Plan?” [Screenshot by The College Investor]
Verdict: Deceptive
There are numerous options right here that have to be elaborated on. Whereas the hyperlinks are useful, incorrect data on this program, particularly reimbursement plan choices, have been an enormous drawback.
Google search screenshot of question “Can I Apply For Public Student Loan Forgiveness?” [Screenshot by The College Investor]
Google search screenshot of question “Why Are My Student Loans In Forbearance Due To SAVE?” [Screenshot by The College Investor]
Verdict: Incorrect
Sure, a 60 day processing forbearance does depend in the direction of PSLF.
Google search screenshot of question “Does A Processing Forbearance Count For PSLF?” [Screenshot by The College Investor]
Verdict: Right
We want to see just a little extra clarification, however the reply is right.
Google search screenshot of question “Does Working In A Medical Group Count For PSLF?” [Screenshot by The College Investor]
Verdict: Deceptive
You would not have to use annually, you solely have to certify all 120 funds (and you are able to do this one time if desired). Nevertheless, it’s endorsed to submit your PSLF Kind yearly.
Google search screenshot of question “Do I Have To Apply For PSLF Every Year?” [Screenshot by The College Investor]
Google search screenshot of question “Can I Get Student Loan Forgiveness As A Teacher?” [Screenshot by The College Investor]
Google search screenshot of question “Can I Get Student Loan Forgiveness As A Nurse?” [Screenshot by The College Investor]
Google search screenshot of question “Is Student Loan Forgiveness Taxable?” [Screenshot by The College Investor]
Google search screenshot of question “Is Public Service Loan Forgiveness Taxable?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
Whilst you “can” consolidate your scholar loans at these instances, you may also do it different instances. And the question was “when”, which suggests does it make sense to. Moreover, the consequence does not spotlight particulars like PSLF credit, curiosity capitalization, and entry to reimbursement plans.
Google search screenshot of question “When To Consolidate My Student Loans” [Screenshot by The College Investor]
Google search screenshot of question “Is There A Statute Of Limitations On Student Loans” [Screenshot by The College Investor]
Google search screenshot of question “Can Student Loans Garnish Your Wages?” [Screenshot by The College Investor]
Insurance coverage
These are matters associated to insurance coverage. We focus on life insurance coverage and associated merchandise, but additionally owners and different varieties of insurance coverage.
Verdict: Deceptive
The important thing sentence in the beginning, whereas factually right, makes it sound like it’s not value it.
Google search screenshot of question “Is Term Life Insurance Worth It?” [Screenshot by The College Investor]
Google search screenshot of question “When Should I Get Life Insurance?” [Screenshot by The College Investor]
Google search screenshot of question “What Scenarios Should A Young Person Get Life Insurance?” [Screenshot by The College Investor]
Google search screenshot of question “Is Indexed Universal Life Insurance Better Than A 401k?” [Screenshot by The College Investor]
Verdict: Deceptive
Whereas it touches on among the negatives of an IUL, it current it as there’s a 50/50 comparability, when the truth is that an IRA is healthier 99% of the time.
Google search screenshot of question “Is An IUL Better Than An IRA?” [Screenshot by The College Investor]
Google search screenshot of question “Are Annuities Better Than CDs?” [Screenshot by The College Investor]
Google search screenshot of question “Can You Get Renters Insurance For Your Dorm Room?” [Screenshot by The College Investor]
Verdict: Incorrect
The proper reply is “as long as you drive a vehicle, no.” Whereas there could also be some choices to not have automobile insurance coverage, most drivers will want it.
Google search screenshot of question “Can You Opt Out Of Car Insurance?” [Screenshot by The College Investor]
Google search screenshot of question “Can You Opt Out Of Homeowners Insurance?” [Screenshot by The College Investor]
Google search screenshot of question “Is Flood Insurance Required?” [Screenshot by The College Investor]
Google search screenshot of question “Is Earthquake Insurance Required?” [Screenshot by The College Investor]
Verdict: Right
It is fascinating that, in comparison with different comparable queries, they do not promote a selected model right here.
Google search screenshot of question “Where To Open A Term Life Insurance Policy?” [Screenshot by The College Investor]
Google search screenshot of question “Where To Open An Indexed Universal Life Insurance Policy??” [Screenshot by The College Investor]
Google search screenshot of question “What Is A Life Insurance Policy Illustration” [Screenshot by The College Investor]
Residence Possession And Mortgage
Listed here are some matters associated to dwelling possession and mortgages. We additionally included matters associated to dwelling shopping for.
Google search screenshot of question “Do I Qualify For An FHA Loan?” [Screenshot by The College Investor]
Google search screenshot of question “Can I Get Rid Of PMI?” [Screenshot by The College Investor]
Verdict: Deceptive
It solutions just a little bit about why it is deceptive within the bullet factors, however the reply is “it depends”.
Google search screenshot of question “Do I Have To Have An Escrow Account?” [Screenshot by The College Investor]
Google search screenshot of question “Should I Have A Home Inspection?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
This could be a expensive mistake to easily state “yes”. Moreover, some states have non-refundable earnest cash.
Google search screenshot of question “Can I Get My Earnest Money Back If I Cancel A Deal?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
That is such a imprecise question that an AI overview in all probability shouldn’t populate. The quantity will range significantly throughout the USA and ignores deposits which may be required like due diligence cash.
Google search screenshot of question “How Much Earnest Money Do I Have To Put Down?” [Screenshot by The College Investor]
Verdict: Lacking Key Info
The principles have modified within the final 6 months and none of that is correct any longer.
Google search screenshot of question “Do I Have To Pay The Sellers Commission?” [Screenshot by The College Investor]
Verdict: Right
However discover the picture that was used and never cited.
Google search screenshot of question “What Is A Home Equity Investment” [Screenshot by The College Investor]
Monetary Support And Paying For School
Listed here are some monetary matters referring to paying for school, together with in regards to the FAFSA and different monetary help instruments.
Verdict: Lacking Key Info
The article is lacking the nuance that the FAFSA could not open on time on December 1 due to the testing interval at present occurring.
Google search screenshot of question “When Does The FAFSA Open?” [Screenshot by The College Investor]
Verdict: Incorrect
This text doubled up data from each a martial arts weapon and a monetary help software. However even the definition of Scholar Support Index shouldn’t be full.
Google search screenshot of question “What Is An SAI?” [Screenshot by The College Investor]
Verdict: Deceptive
This data is inaccurate because it pulls from varied sources that estimate what 4 years of particular schools (not even the most costly) would value in the event that they have been full paid for out of pocket. It seems these outcomes add in room and board and different prices.
The proper record of the most costly schools is right here, primarily based on tuition.
Google search screenshot of question “What Is The Most Expensive College In The United States?” [Screenshot by The College Investor]
Verdict: Incorrect
Based mostly on the earlier question, we needed to get a extra particular reply primarily based on the universities with the very best tuition. Once more, the reply supplied by the AI Overview was incorrect and easily supplied the same consequence. Right here is the right record of schools with the very best tuition. Kenyon School needs to be the most costly, and it isn’t on the record.
The numbers supplied on this AI Overview aren’t even correct.
Google search screenshot of question “Which Colleges Have The Highest Tuition?” [Screenshot by The College Investor]
Google search screenshot of question “How Does Financial Aid Work?” [Screenshot by The College Investor]
Google search screenshot of question “Do You Have To Pay Back Grants?” [Screenshot by The College Investor]
Google search screenshot of question “Can I Get An FSA ID Without My Parents?” [Screenshot by The College Investor]
Verdict: Deceptive
Whereas the reply does break down the factors for submitting impartial for FAFSA, we see this as one of many greatest errors that households make submitting the FAFSA. The reply is “No” for many undergraduate college students.
Google search screenshot of question “Can I File As Independent For FAFSA?” [Screenshot by The College Investor]
Google search screenshot of question “Does A 529 Plan Hurt My FAFSA?” [Screenshot by The College Investor]
Google search screenshot of question “Does a Grandparent 529 Plan Count For FAFSA” [Screenshot by The College Investor]
Verdict: Lacking Key Info
The final bullet level is a very powerful – a Roth IRA is NOT reported on the FAFSA, however earnings from it may possibly depend.
Google search screenshot of question “Does A Roth IRA Count For FAFSA?” [Screenshot by The College Investor]
Verdict: Deceptive
The CSS Profile does depend retirement accounts just like the Roth IRA in their very own separate space, and faculties could use this data.
Google search screenshot of question “Does A Roth IRA Count For CSS Profile?” [Screenshot by The College Investor]
Google search screenshot of question “Where Do I Get Scholarships” [Screenshot by The College Investor]
Google search screenshot of question “Where Do I Get Grants To Pay For College?” [Screenshot by The College Investor]
These AI overviews have been generated on October 15 and 16, 2024. We centered on main questions in every private finance matter space, together with tendencies of questions we have seen being requested on social media.
