<p>I saw this question in an institutional FA app, and I assumed it was also collected in the FAFSA, but I cd not find it there when I looked at the SAR. I cd have have missed it. Pls point me to the number if you can - if it's there. thanks for any help.</p>
<p>No-- FAFSA doesn't ask this.</p>
<p>not directly asked, but siblings 529's and minor siblings' UTMA's are supposed to be listed under the general asset question---they list those items as belonging there--I called to confirm that, because on the profile you do not list assets held in siblings names--utma/ugmas--but do list all 529's</p>
<p>what are utma's ? in our case, siblings have mutual funds, in their names, that a relative is custodian over. the relative funded the assets.</p>
<p>The nomenclature is as follows:</p>
<p>relative name CUST
kid name
IL UNIF TRANS MIN ACT</p>
<p>(we are from Illinois.)</p>
<p>Please tell me if I would have (or should have ) aleady declared these sibling assets on fafsa. If not on fafsa, I would think that they should be considered the sibling's assets, and should be put in the institutional form, correct?</p>
<p>No they do not ask about assets in your sibling's names</p>
<p>I was at an FA seminar at DD's high school where a college FA officer said do NOT list siblings 529 plans. I called FAFSA and they confirmed that these should NOT be listed. They should be included in PROFILE.</p>
<p>thanks. seems like the vanguard mutual funds are not 529s or utmas.</p>
<p>Are you positive about the 529s? They are “owned” by parents with the child as beneficiary, therefore in the strictest sense are parental assets. UTMA is owned by the child, especially at age 18 so that’s a different matter.</p>
<p>I’d love to leave off sibling 529s is that’s allowed, but I was under the impression it isn’t.</p>
<p>
Only true if the parent is the owner. Not true at all for regular UTMAs owned by the student where the parent is the custodian, not the owner. A UTMA owned by the student is reported as a student asset, not a parent asset. So a siblings UTMA owned by the sibling with the parent as custodian would not be reported on FAFSA. We opened small stock accounts for both our kids where my husband was custodian because they were minors, but the kids were the owners (any sales of stock, or dividends were in their name and SSN). These are not reported as parent assets at all.</p>
<p>
</p>
<p>A 529 account is reported as a parent account whether it is owned by the parent with the student as beneficiary or owned by the student. But only the student’s 529 - not the siblings.</p>
<p>
</p>
<p>The quotes are from the instructions for completing FAFSA. </p>
<p><a href=“http://studentaid.ed.gov/students/attachments/siteresources/CompletingtheFAFSA10-11.pdf[/url]”>http://studentaid.ed.gov/students/attachments/siteresources/CompletingtheFAFSA10-11.pdf</a></p>
<p>If your Vanguard mutual fund is titled as you say:</p>
<p>
</p>
<p>then it’s a UTMA.</p>
<p>UGMA = Uniform Gift to Minor Act
UTMA = Uniform Transfer to Minor Act</p>
<p>These acts were created to allow minors (under 18 or 21, depending on the state) to legally hold property, with an adult custodian. All student UGMA/UTMA accounts must be included as student assets on FAFSA and Profile, regardless of who the custodian is. Sibling UGMA/UTMA accounts are not reported.</p>
<p>Parent-owned 529s with the student or sibling as beneficiary are reported on FAFSA and Profile. Note that there’s inconsistency in how the FAFSA help desk answers the question on whether or not to report sibling 529s. The FAFSA instructions don’t clarify; they simply state that an “asset” includes all 529s owned by the parent.</p>
<p>Student-owned 529s (aka UGMA-529s) are reported as a parent asset on FAFSA.</p>
<p>Sibling-owned 529s (aka UGMA-592s) are not reported on FAFSA.</p>