Are assets in family partnerships reported on CSS/IDOC?

Paying for College
1

Hi - my 3 siblings and I have a family partnership into which inherited land assets were placed. There is a small amount of cash to pay attorney fees, etc., but mostly it’s land we haven’t been able to sell. Do I have to report the supposed value of the land?

Similarly, my husband and his brother inherited a small house used for vacations from their parents, and they have it deeded to a family partnership as well. We don’t rent it out. Reportable?

There is no way for us to pull our portion of these assets out of the partnerships to pay for college, but they are assets. So confusing and I can’t find anything clear online.

2

You will need to report your share of all assets, including those you cited, on both the CSS Profile and on the FAFSA. You “can” borrow against those assets, although I can understand not wanting to do so. But the fact remains that they are reportable assets.

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3

Yes…we learned this when our family had a cottage to deal with. Your share is a reportable asset even IF you can’t sell it right now.

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4

Thank you - and can I ask where (or from whom) you found the information? I can’t find anything. Appreciate the help!

5

Thank you - can you share how/where you learned this? We submitted the CSS profile already without it :frowning: I am working on the Business/Farm supplement on IDOC now, and still have the FAFSA to do.

Also, she applied ED to Brown, so do I need to contact the Financial Aid office?

6

I am a retired financial aid director. https://fsapartners.ed.gov/sites/default/files/2023-2024/2023-2024_Federal_Student_Aid_Handbook/_knowledge-center_fsa-handbook_2023-2024_application-and-verification-guide_ch2-filling-out-fafsa.pdf is the most recent guide to completing the FAFSA. The asset rules are similar for Profile, but Profile requests additional details. Asset information starts on page 7 of the pdf. There is a highlighted section (on page 9 or 10, I think) that talks about co-owned assets.

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7

Thank you so much! Not the news we want, but we don’t want to do it incorrectly and end up surprised or looking like we tried to hide anything.

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8

If there needs to be a correction to your already submitted Profile then yes, contact the college to find out how they want this done.

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