<p>The FAFSA asks you to list the "total current balance of cash, savings, and checking accounts."</p>
<p>Is a joint bank account considered as one's personal cash savings? </p>
<p>Any answers to this would be really appreciated.</p>
<p>Yes. It is legally cash that you can have. There are specific rules are whose assets belong to whom, and the way they are titled. It is important how accounts are titled because if they are attributable to the student even if the parents' names are on them, they are counted as student assets and are subject to the 35% hit.</p>
<p>Thanks jamimom, for the prompt reply. </p>
<p>If an account is titled in another person's name (other than parent or student), but the student or parent shares it with the person, then whose asset is it? Should either the parent or student then list it in the FAFSA, even if it is not titled in their name?</p>
<p>I'd be grateful if you would also expain the reference to the 35% hit.</p>
<p>It depends on the assets. For example for US savings bonds, if the student's name is on the bond, it is a student asset, regardless of who is primary, guardian, etc. If the money does not have the student's name on it, legally it is not the student's. The 35% hit is what federal methodology uses to calculate a part of what they feel students should contribute to their education. Two families with identical finances but Family A's student has $10,000 in assets in his name. Automatic $3500 of it earmarked for college tuition the first year. Family B has no money in the student's name, but $10,000 in family assets. They are only assessed $560 on that asset. Big difference. Financial planning is crucial.</p>