FAFSA - How to report award money (EE Savings Bond) received from a private company

Paying for College
1

<p>Hello all,</p>

<p>How to report award money (EE Savings bond) on FAFSA?</p>

<p>Details are middle of last year my son was national winner in a scinece fair received $3000 as Award in the form US Treasury Bank's EE Savings bond.</p>

<p>As he is minor, I have to open account with Treasury bank and then opened his account which is linked to my account. But bond is on his name and his SSN is used.
Trasaction type is Gift.</p>

<p>My Question is on FAFSA, should I report this award money under student assests or parent assets?</p>

<p>Please advice.</p>

<p>Best Regards.</p>

2

<p>Because it’s in the child’s name it is a student asset.</p>

3

<p>Thank you.
That means colleges look into his award money every year and count 20% towards EFC.
Thats not fair. It is an award/Gift from a competition not income.</p>

4

<p>It reduces the student’s need. The student is better able to pay costs himself rather than other taxpayers or college donors paying.</p>

5

<p>The award/gift is income in the sense that the student received that money, which is able to be used to pay for college. It is money available to the student. If the student chooses not to use it for college, that is a choice, but the money is there and available to be used to pay for the reduced college cost.</p>

6

<p>Thanks to all.</p>

<p>Should I report EE Bonds under Student’s Investments or cash:</p>

<p>As of today what is the net worth of assets, savings, checkings?
OR
As of today what is the net worth of your investments, including real estate(not your mothers home)</p>

<p>Regarding Me:
Should I report Money in Brokerage account under Investments?</p>

<p>Thanks</p>

7

<p>Report the bond as an asset, but make sure you are only reporting the current value. My S received a $500 bond as an award in middle school & it wasn’t worth $500 yet when he started college. You can check the value online.</p>

8

<p>Pretty much if it’s not actual cash, a checking account, a bank passbook type savings account or a bank money market account, it’s an investment:</p>

<p>Assets (40–42, 88–90 for parents). An asset is property the family
owns and that has an exchange value. The FAFSA collects current (as
of the day of signing the FAFSA) data about cash, savings and checking
accounts, investments, businesses, and investment farms. Most assets
are investments, for example, college savings plans, Coverdell savings
accounts, real estate, installment and land sale contracts (including
mortgages held), trust funds, mutual funds, money market funds,
UGMA and UTMA accounts, certificates of deposit, stocks, stock
options, bonds, commodities, and precious metals.</p>

<p><a href=“http://ifap.ed.gov/fsahandbook/attachments/1213AVGCh2.pdf[/url]”>http://ifap.ed.gov/fsahandbook/attachments/1213AVGCh2.pdf&lt;/a&gt;&lt;/p&gt;

9

<p>Here’s a link to get current value of the bond.
[Calculate</a> the Value of Your Paper Savings Bond(s)](<a href=“http://www.treasurydirect.gov/BC/SBCPrice]Calculate”>Calculate the Value of Your Paper Savings Bond(s))</p>

10

<p>Assets and investments are treated the same, so if you put an asset in as an investment, or an investment as an asset, it doesn’t change anything in the formula.</p>

11

<p>For those with multiple savings bonds, you need to calculate their asset worth annually. The number does change…albeit small!</p>

12

<p>Thank you all for quick replies. I report as investment.
Its not paper bond. I think the current value is the amount is showing at account.</p>

<p>best regards</p>