Another FAFSA question...

Paying for College
1

<p>I saw on other postings that joint savings bonds could be claimed as a parental asset. Does that mean that joint checking accounts work the same way? Thanks!</p>

2

<p>Joint savings bonds count as student assets, as I recall. </p>

<p>From Finaid:</p>

<p><a href="http://www.finaid.org/savings/ugma.phtml%5B/url%5D"&gt;http://www.finaid.org/savings/ugma.phtml&lt;/a> </p>

<p>Account Title Account Type Whose Asset on FAFSA
Parent in trust for Child Totten Trust Parent
Child in trust for Parent Totten Trust Child
Parent and Child Joint Account Split Evenly
Child and Parent Joint Account Split Evenly
Parent as custodian for Child Custodial Account Child
Parent as trustee for Child Custodial Account Child</p>

3

<p>Actually, the link you posted says joint accounts are split evenly; a joint account is different than a custodial account.</p>

4

<p>Yeah-- but joint savings bonds count as student assets.</p>

5

<p>"A savings bond registered in the parent's name counts as a parent asset (low impact). A bond registered in the child's name as a single or co-owner counts as a child asset (high impact). If the bond was registered in the child's name, but parent's (owner's) funds were used to purchase the bond, the parent may change the beneficiary."</p>

<p><a href="http://www.finaid.org/savings/accountownership.phtml%5B/url%5D"&gt;http://www.finaid.org/savings/accountownership.phtml&lt;/a&gt;&lt;/p>

6

<p>Thanks, everyone! I appreciate it.</p>

7

<p>Bumping up. Has anyone actually used the strategy of changing beneficiaries name on a EE Bond? How do you do it?</p>

<p>Do you do it when redeemed?</p>