<p>One of the colleges that my son applied at has their own financial aid request form. This is in addition to submitting a CSS Profile and the FAFSA.</p>
<p>In their own finaid form, it asks the question "Have your parents saved their money in your siblings' name?"<br>
My younger child has her own savings account but it is money received from grandparents, aunts/uncles, over the years (mostly Christmas and birthday money which she never touches). Since it is not money that we have given her, do I say yes or no to the above question?</p>
<p>That is (probably) small potatoes. I’d probably say “No”. They are wanting to know if you have socked away some big bucks for college for that offspring – ie, they are gauging the depth of your resources.</p>
<p>The amount in her account is about $4800. It’s not that much but it might be enough to be considered as a “resource”. I was really planning to say “No” as you suggested. But I worry that if we ever get “audited”, there’s no way to prove that it did not come from us. Do colleges really audit parents’ financial resources this extensively?</p>
<p>I was thinking it should be reported, even though it’s a relatively small amount (in the scheme of things). I think what the college is looking for is whether the parent is trying to hide money by moving it to a sibling’s account. You’re clearly not trying to do this, so I think it just shows your honesty by reporting it.</p>
<p>I don’t regard my kids savings and bank accounts, such as they are, as money I have saved in their names. It is their money, not ours, and not money we have saved in their names. They each have bank accounts and a little in savings bonds.All is their own money. </p>
<p>In our case the only money I would think would fall within the question would be something like 529 accounts where we saved money in their names but the money could have still been moved to the other of we chose to do so. We don’t regard that money as theirs really - it is money for college and will be used how best we see fit. But their own accounts, no I would not consider them money we have saved in their names.</p>
<p>The first $50,000 or so of money saved for a younger sibling for college expenses should not count as a resource in financial aid, but it apparently does.</p>
<p>Yea, I had the same question about investments that my daughter has in her own name that is not my money and that I did not put into her account.</p>
<p>The answer for FAFSA and Profile would be “no” because they also ask separately about the student’s assets. So I would assume that the answer would still be no for the college.</p>
<p>No, this question is not in the CSS Profile.
I’m wondering if the college is asking this question because they meet 100% of the student’s need so they are being extremely thorough.</p>