<p>I'm working on the SCC Profile and it asks about money in sibling's name. Sibling has a small cd of ~$10K. How much will this hurt for Finaid? Should I close it out and pay off bills? Thanks in advance.</p>
<p>The CSS Profile just collects as much financial info as it can. The schools decide how to use/interpret that info. You would have to check with the school.</p>
<p>Thanks Erin’s Dad. I had to run up to the bank so I asked about that account and it’s in her name with her SS# so I don’t think it can be considered “parent assets” in sibling’s name. It’s all her savings of bday and holiday money. It’s also not so much money in the scope of things so I am not worrying about it. Kelsmom helped me too so I think I’ve finished the CSS profile and will submit it today for the EA school before the next paycheck comes in!</p>
<p>There seem to be quite a few heated discussions about this and some other aspects of fin aid so I was surprised at some of the past answers from “You MUST declare it” to “Absolutely NOT.” The question itself is unclear and seems to be subject to interpretation just because it says “parents’ assets in sibling’s name.” If it just said money sibling has, that would be one thing but parent asset? Then people said any money a kid has really belongs to the parent so it just is a slippery slope.</p>
<p>There seem to be quite a few heated discussions about this and some other aspects of fin aid so I was surprised at some of the past answers from “You MUST declare it” to “Absolutely NOT.” </p>
<p>i’ve seen this too. and insane part of it is that most people, not all of course, are hipocrites. for those that say… you must declare it. i bet you they jump through a lot of loopholes though =D.</p>
<p>fidoprincess, I think the point of the question is to catch parents trying to hide assets by putting them in a sibling’s name-- not to take the child’s birthday or newspaper delivery money.</p>
<p>I think the question is silly because what parents would try to hide money in the sibling’s name and then be honest enough to declare it on the CSS Profile? As I said before, if it didn’t say “parents’ assets”, the question wouldn’t be open to debate.</p>
<p>I also had someone tell me that no one would believe that my 12 year old has received $10K in bday and xmas money but it’s true. How would one “prove” that? I don’t know but there are no copies of her bday checks. The only thing we could show would be our statements of deposits right after her bday and xmas, I guess? Exactly how detailed will our records have to be and how closely will they be looked at? I find it interesting that they want to know all about every single source of income and assets but don’t care one bit over what expenses are. Someone said expenses are a “choice” and that’s why they aren’t counted but I would think there is a basic level for cost of living.</p>
<p>Finally at my old age, I understand “necessary evil” with the finaid requirements! Had I know 17 years ago, I surely would have done things differently.</p>
<p>Are you saying that you have 2 or more kids and ONE younger child has a CD with $10k from Bday money, but the other one doesn’t? That would seem odd. Why would one child be gifted with large bday checks and the other one not??</p>
<p>A basic level for cost of living is included in the calculations. However it is not adjusted (much) for location.</p>
<p>mom2ck, It wouldn’t seem odd to me. It’s not unusual here for kids to have 4-figure bank accounts after their bar or bat mitvah. I guess it’s possible the older one had spent his/her account (on a great trip or a car or a computer and summer program). Or maybe the kids are half-siblings and one has significantly richer relatives (?a generous grandma), or one kid had a job as a child model/actor, or one kid was the beneficiary of a lawsuit. </p>
<p>fidoprincess, I’ve never heard of someone being asked to show old deposit slips. I would put down the truth, explain if I thought it was necessary and be willing to explain again. Just tell the truth and let the chips fall where they may. Really, it’s all you can do and, for all you know, it may not make a big difference in the end.</p>
<p>2collegewego, you guess it! He spent his. Sibling is starting to spend hers with a school trip next week.</p>
<p>mom2collegekids, ds went to Europe and some other trips and he also bought a car so his money is spent. At the time, we really wanted him to go on the big trip. It was a school trip over the summer and he went to Italy, Greece, cruise through Greek Islands and a few other stops right after 10th grade. It seemed like a great educational opportunity at the time when college was looming but not so close and we didn’t have so many money worries then. We were still counting on the grandparent owned 529 at the time. Then, he had to have a car because the school bus wouldn’t pick him up in time for early classes so we did that but did buy a used car and are not making payments. $10K doesn’t go very far at all and ds actually had a bit more since he was older! </p>
<p>I’m not going to worry about it anymore, whatever happens, happens and ds is sure to get into some college and be happy-lol! Thanks for all of your replies.</p>
<p>^^^</p>
<p>Looks like you have a valid explanation. But be prepared to explain that. Otherwise it will look like the parents parked some money in a younger child’s acct while the incoming college student has nothing.</p>