Just like with moving a child’s savings to a parent account, putting personal savings in a business account doesn’t change ownership of the money.
@thumper1
You’re right, but this does come into play in Calif with the UCs . That is a huge state and the UCs are FAFSA only.
There are a ton of small B owners playing fast and loose with income, savings, assets, etc …and none of it gets counted on FAFSA.
Even for an OOS kid who’s applying to a UC, the situation can cause too much aid to be awarded. A student who would normally have an EFC of - say - $20k if the small B were counted, suddenly has a Pell EFC and gets a ton of aid.
Instead of paying $20k + $23k for a UC (plus loans), suddenly the OOS student is paying only $23k and getting Pell and UC aid. It’s really kind of gross.
I hope that at some point, the UCs become CSS schools…even if they don’t ask for NCP info.