joint account and fasfa?

<p>I have two joint bank accounts with my mom, does anyone know how does this affect my financial aids? : ( do they count toward my asset or my mom's? or even split evenly?</p>

<p>also can anyone tell me more about "protected assets"? like how what's the limit on it.</p>

<p>any answers will be appreciated : )</p>

<p>When an asset is jointly owned then the part of the asset that belongs to each person s/b reported as their asset. If the account is an interest bearing one then the SSN # under which the interest is reported is really the owner.</p>

<p>Dependent students have 0 asset protection. 20% of the student asset goes to the FAFSA EFC.</p>

<p>Parents have asset protection based on the # of parents and the age of the older parent. It can be up to around $84,000 for a 2 parent family where the older parent is 65 or older. It is less the younger the parent is. it is less than half the amount when it is a single parent family (odd and unfair, but true). Up to 5.6% of unprotected parent assets may go to the EFC.</p>

<p>Certain assets are not reported on FAFSA at all - primary home and retirement accounts are the main 2 (that is actual retirement accounts such as IRAs, 401ks etc - not just $$$ ‘pegged’ for retirement).</p>

<p>: ( thank you, mom…</p>

<p>: ) thank you swimcatsmom, also do you know if stock portfolios count toward the retirement plans or whatever? I know my parents invest in stocks not with 401k or IRA, but through regular trading accounts, do they count? or are they just simply assets? </p>

<p>again, appreciated your reply!!</p>

<p>Stockportfolios are assets. They do not count as retirement accounts unless they are specifically retirement accounts such as IRAs, 401ks etc.</p>