<p>filling out renewal FAFSA on almost the last day college will accept it! Can't quite understand about this (question 88)</p>
<p>question: What is the total net worth of your parents investments, including...trust funds (such as UGMA/UTMA accounts), money market funds, etc.</p>
<p>Do we include UTMA accounts held for siblings? I understand that we include 529 accounts for the student applying for aid, as well as for siblings, because those are really in the parents' names, but how about accounts in the sibling's names, since those do not actually belong to me as the parent. I'm just the custodian.</p>
<p>I am not so good at reading these forms, I'm afraid.</p>
<p>thanks for your help!</p>
<p>Don't include the UTMA accounts held for siblings. The student's sibling's assets don't get reported anywhere on the student's FAFSA.</p>
<p>It's confusing, in part, because they use the same boilerplate language to describe assets in the instructions for Q88 as for Q44 (student assets). </p>
<p>For financial aid purposes, custodial accounts (UGMA/UTMA) are considered assets of the child. That's bad news if the child is the student, since those assets get assessed severely in the formula. Not a problem (yet) if a sib's account.</p>
<p>529 College Savings accounts get reported as parental assets.</p>
<p>FinAid has a pretty good review of these topics here:</p>
<p><a href="http://www.finaid.org/savings/ugma.phtml%5B/url%5D">http://www.finaid.org/savings/ugma.phtml</a></p>
<p>And here are the FAFSA further instructions:</p>
<p><a href="http://studentaid.ed.gov/students/publications/completing_fafsa/2007_2008/ques5-5.html%5B/url%5D">http://studentaid.ed.gov/students/publications/completing_fafsa/2007_2008/ques5-5.html</a></p>