<p>my daughter is going to be applying for financial aid next year and was wondering how much does a savings account matter? my mom and other daughter have my name as
co-owner in case of emergency and they have: 20,000,5000, and 3000 in a regular savings. should I remove my name or does it really matter? thanks</p>
<p>If it’s not your money and is not reported under your name and SSN, it may not matter. I have several accounts that are in my control, but are not my assets. Could you be listed as a beneficiary instead? There is a FAFSA help line which may be able to answer definitively.</p>
<p>You do have an asset protection allowance, based on the age of the older parent of the student. Reportable assets above that amount are going to affect her EFC by a small percentage each year.</p>
<p>Under whose SSN is the account being reported? If it is yours, then you are required to include it as part of your assets for FAFSA. Otherwise, you do not. If the account under your other daughter or any other of your children’s SSN, PROFILE and a lot of other college’s fin apps will want it reported though FAFSA will not Only if it is under your mother’s SSN, is the amount not reportable at all.</p>
<p>“…they have: 20,000,5000”</p>
<p>Wow. Is there a space missing there? :)</p>