Does having a personal loan count as an asset & reduce the amount of aid I get?

<p>bump - help! CSS is due in two days and I’m trying to get this done tonight. This problem is still not resolved. I’m caught in a frustrating situation where my parents borrowed a lot of money that they still owe back to the lender. They can’t transfer all the money back right now. I don’t even think they’re really going to do anything with it besides screw up my FA.</p>

<p>The money is sitting in a checking account. I’m caught between not reporting it and trying to find out how to explain this sticky situation on my CSS Profile. I’m not comfortable enough to lie and face the consequences of lying on your profile but I’m told that the assets aren’t reported on tax forms/W-2. How would they know if I didn’t include it? </p>

<p>On the other hand I am really leaning towards being truthful - I mean, is there really any other choice? - but this is going to stick me with a huge tuition bill that is going to end up with me being forced to turn down some great colleges just because my parents screwed up. Yes it is possible that they could loan me that huge amount of money instead of starting up the business that they wanted but it is risky. I cannot say for certain that my parents won’t leave me hanging unable to pay.</p>

<p>How do I go about reporting this on CSS?</p>