<p>Should my parents and I report our assets information? The website based on our answers to the previous questions we did not have to report:
-Current investments.
-Current business and/or investment farms.
-Current balance of cash, savings, and checking account. </p>
<p>But, the FAFSA also says "Some schools may require answers to these questions to determine your eligibility for school aid."</p>
<p>I have applied to the following schools:
-Harvard
-Princeton
-Cornell
-Brown
-University of Pennslyvania
-University of Rochester
-University of Pittsburgh
-University of Delaware
-penn-State
-Vandebilt University
-university of Richmond
-George Washington University
-SUNY Binghamton
-Syracuse University
- Union College</p>
<p>I checked all of their websites but can't find anything specifying that my parents and I need to report our assests. Please give us some advice.</p>
<p>Some of those schools will require CSS profile in addition to FAFSA and they will ask about every nook and cranny of your finances down to your gold teeth. I think schools that want the additional info will get it from the profile and ones that just use FAFSA probably won't ask for it. If they do want it they will definitely let you know.</p>
<p>I know for certain that Rochester and Union require the Profile. Richmond has its own financial aid form, and requires 2006 tax returns. Check with the financial aid offices at each school you've applied to.</p>
<p>Hmmm...Some schools might not want the answers to the questions, but don't you have to give figures to those items on the FAFSA, which you then sign under penalty of perjury? I didn't think the responses are optional (but could be wrong).</p>
<p>Also, as swincatsmom points out, many of those schools will require profile and they will want those numbers.</p>
<p>Just pay attention to student assets, some of which are counted as parent assets on fafsa.</p>
<p>I just reread the question and realised I must have been half asleep or smoking something (joke) when I read it the 1st time. </p>
<p>-Current investments. ** yes you have to report this**
-Current business and/or investment farms. ** I think only family farms may be exempt from being reported and then have to meet certain guidelines**
-Current balance of cash, savings, and checking account. ** absolutely these must be reported**</p>
<p>check the link below for more help on answering the questions. It will take you through question by question. Click on Questions 87-89 for asset info. Prime residence and retirement accounts are amongst assets that don't have to be reported. Possibly farms. Investments & cash etc most certainly do.</p>
<p>Parent-owned businesses and farms only need to be reported on FAFSA if they have 100 or more employees. (New rule this year, I think.) They do have to be reported on the Profile.</p>
<p>Chedva, where did you see this? My mother runs a day care, but she is the only employee. Do you think she is required to fill the business supplement of the CSS profile?</p>
<p>I only know this from when I filled out the Profile for our family. My H is in a 2 person law firm which was recently incorporated. In one instance, I filled in that he was self-employed and was told by the Profile itself that the schools would require the Supplement. Then I did it as owner of a business, but not self-employed since he's an employee of the corporation, and was told the same thing.</p>
<p>Does your mother have a registered name for her business? Is she licensed as a business? Does she write off expenses on her taxes? Does she fill out a Schedule C? Does she pay self-employment taxes? If so, I believe she needs to fill out the Profile. But this is probably a question you should address to the financial aid offices of the schools you're applying to. You can do it anonymously; they'll give you an answer even if you don't give them your name.</p>