Hi all,
First off: I’m 22, I’m scheduled to graduate with a B.S. in May 2018, My current EFC is 00000.
When I was a baby, my great-grandmother (grandfather’s mom) invested money in Disney stock. It is mine, but it is currently under a guardianship acct. She’s going on 90 and my grandfather and grandaunt are trying to simplify her accts.
Since I am 22, the money really shouldn’t stay in a guardianship acct. My mom and I are trying to figure out a few things, and I’m hoping ya’ll can help.
I use my dad for FAFSA. EFC is 00000. He is self-employed and makes ~$10k/year after business expenses. I live with him, etc.
He does not want to have anything to do with the stock money, and since it is my mom’s grandmother, he really doesn’t need to.
Neither my mom or I really want to sell the stock. It’s not money I’ve been counting on, it’s not really a loss to us (or anyone, really at this point). But I cannot afford for my EFC to really raise any. I know if we cash it, it becomes a liability. I know if I take it under my acct it’ll probably become a liability. What I’m trying to determine (and not something I can seem to find) is if it is in a joint acct under me and my mom, if that’ll count since she is not part of the FAFSA calculation.
Any help is appreciated!
Thanks!
If you own half of an account, you’d need to report that on FAFSA. However, are you filing assets on FAFSA or are you on simplified reporting? If on simplified, it won’t matter because you don’t report your assets.
I haven’t been filing assets because I haven’t really had any that I was aware of.
Maybe you don’t need to report assets - did the asset question pop up (checking/savings, investments)?
What is the value of the stock?
School hasn’t asked about assets and FAFSA just had the “click this box to not report”.
Value of stock is ~$11k. We want to keep it and hope that it will grow more. I would love to see it double and then cash out, but I really don’t know enough about the stock market to make that kind of decision alone.
You have to know if you MUST report assets or not. It sounds like you do not, but you need to know why you don’t. Is it because your father is a displaced worker, because some one in your family is on free/reduced lunch? Will that situation change and require you to report asset?
I mean, I don’t think my dad has been claiming displaced worker, but my brother (going into 12th grade this year) is on free/reduced lunch.
No one wants to report their assets – but why should you get need-based aid that comes out of the pockets of someone else who is paying full tuition when you now have an asset that could be used to pay for your education?
Do you know legally what kind of account it is and how it is legally titled? Is it an UTMA, a trust, or what? That could make a difference.