4 kids – all have savings accounts since birth. Each account has kid’s soc # on it, as well as parents SS# as we are joint owners.
not a ton of $ in these accounts, but i’m wondering if their assets:
thanks for any thots you have
Who does the money in the accounts belong to? If any of the accounts contain funds belonging to students that a FAFSA is being completed for, that money is reported as an asset of that student. If the account contains funds for a sibling for whom a FAFSA is not being completed, that money is not reported; it does not belong to a parent or a student who is required to report it.
M: thanks. just read the "moving money out . . . " thread where you and others have commented about this quite a bit. today is the first time ever i’ve thot about these things. so behind!
another question: 2 college kids in same family. Kid 1 has a 529, and Kid 2 does not; does the 529 from kid 1 affect the formula for Kid 2?
If the child is under 18 and it is joint with parent, it goes on FAFSA as assets because it belong legally to parent.
For FAFSA: If the 529 that kid 1 has is a student-owned 529, the answer is no; this is not reported anywhere on kid 2’s FAFSA. If the 529 that kid 1 has is a parent-owned 529 (kid 1 is named as the beneficiary), the answer is yes; this is listed as a parent asset on line 91 of kid 2’s FAFSA.
This is not true. If the funds in an account are owned by the student, regardless of the student’s age and regardless of how the account is titled, they are reported on FAFSA as student assets.