<p>Sorry if this has been posted somewhere before. I'm having trouble with the search.</p>
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<li> Do I have to put money from graduation on the FAFSA? I got a decent amount, which included a chunk from my grandfather. It didn't have to be used for school. Used it to buy a computer I needed for school and some things to get ready. Also I transferred some to my parents because they pay my tuition from their bank account, plus I also owed them money. So there isn't much left of it anyway. </li>
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<p>We are reading the question about "money received, or paid on your behalf" differently. My dad thinks it means money given to you to pay bills or whatever. My mom thinks it means any money even a birthday gift - she is an English teacher and is looking at the comma after "received"! But she said she can see how it would be confusing so she isn't sure either. They are both nervous because that money is already gone for important things and isn't there for next year anyway.</p>
<p>Do I put that money down on the form? Is there a certain amount? What if I "gifted" it, as my dad calls it, to them to pay for things? Is that different?</p>
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<li> Also, my dad and I have a bank savings account (just a regular account, not any educational thing) with both our names on it because I was under 18. We did it so one of my parents could have access if necessary plus I think you have to when your aren't 18. But my dad doesn't think it's a custodial account, because either one of us can withdraw or deposit just like any regular account. Is there a way to tell? I'm almost 19 now, my dad's name is still on it. Our credit union is closed today because of the weather so we can't call them. Thanks!</li>
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<p>It is not made clear what you can exclude from the “money received or paid on your behalf”. I think of it as someone paying your rent, your car payments, and that sort of thing – but not graduation gifts. That is an interpretation, though, and I’m not a FAFSA authority. Others will disagree and say you should report any amount over $x dollars (people’s ideas about how much will vary).</p>
<p>Be aware that amounts you report for the question will get counted as untaxed income to the student, which is the least protected pool of money. I don’t remember the formula, but something like 50% (?) of the amount will be considered as available for college expenses.</p>
<p>Since it is mostly spent or given away to your parents, you don’t have much left that would be considered an asset, so that’s probably not a big deal, but if it’s considered untaxed income then it could be. Of course it doesn’t really matter if you’re not going to qualify for aid anyway. Have you done an EFC estimation calculator?</p>
<p>I don’t know the answer to the bank account question. Most people on this board say the way you determine whose account it is, is by looking on the 1099 interest statement and seeing who the interest is payable to. That seems reasonable to me, but I don’t really know that it’s a legal definition or anything.</p>
<p>The bank account thing is usually addressed by the person to whom the 1099 goes and by consistency, so what a family does for one kid, they do for the next, even if that is no longer in their favour.</p>
<p>It can also be determined by intent- is that YOUR money from a paper route or part time job or is that Dad’s money that he put aside to spend on you?</p>
<p>I just posted a related post on an earlier thread. When I read the financial aid (FAFSA) official handbook, it appears that “money received” is ANYTHING. It says cash, gifts, loans, if someone paid your medical bills, etc… I don’t understand it myself. I thought loans were never included anywhere on the FAFSA. And graduation gifts of cash are not necessarily for support of the student. It even says that if the parents are not married, any money not “officially” included in the child support agreement given to or paid on behalf of the student from the non-custodial parent is considered untaxed income! It makes no sense to me. We are confused, too. </p>
<p>As for the bank account, you’ll probably have to ask your bank. My husband and college student have a savings account with both of their names on it, opened when our child was under 18. Husband signed on it since son was a minor, and we thought it was a custodial account. But it was actually a typical joint savings account, according to our bank. You will probably want to check with the bank to be sure.</p>
<p>If the money is in a bank account…regardless of how it got there…you report it as an asset. You do not report gifts as “income”.</p>
<p>My kids got money as gifts from grandparents and such for graduation in June. By the time we filed the FAFSA, that money was LONG GONE…out of the accounts. Had been used to pay for necessary college expenses and items (computer, instruments). My guess is that is what happens with most graduation gift money…it isn’t still IN the accounts by the time the FAFSA is filed in Jan or Feb…it has been used.</p>
<p>But gifts like cash gifts after graduation apparently have to be reported in the “money received” question, right? The question which comes right after the “untaxed income” question? Of course, there is hardly any money left from my own graduation gifts so I hardly have any of it anymore.</p>
<p>We were reading this section and it even says loans (I think it means from other people, not like a bank loan). We are so confused. Don’t even know how you’re supposed to know what to do to be honest if it’s so unclear.</p>
<p>I definitely have been told NOT to include cash in the account which is a proceed of financial aid. Thus if you student lives off campus and gets grant money towards living expenses, you do NOT include that money as cash in their account, I have gotten this from 5 different schools, on the phone and in writing</p>
<p>I think regular “gifts” do not get reported on the FAFSA. Do you plan to report all of your birthday presents too? Or gifts your parents put in holiday cards or care packages? If something is being paid on your behalf…like your tuition or your rent or utilities, etc…you report THAT. I don’t believe you report birthday or Christmas or graduation presents regularly…unless they are in your bank account and then they are included in the assets.</p>