<p>So it is the time to fill out FAFSA and I am so confused!
So when I was a child, I got into a car accident and I only found out last year that I will receive something for it. Basically what I got was a savings account worth about 10k which i won't be able to access until i turn 18. So I don't know how I would put this information on my FAFSA. Would it affect my EFC very much? Does it affect me at all? Should I even put it in? As you can see, I don't know what to do. Any help would be GREATLY appreciated! :]</p>
<p>any assets that are reported as in the students name will be assessed at a rate of 20% by the Fafsa form. Students have no asset protection allowance.</p>
<p>You can do the math :-)</p>
<p>Hmm...someone needs to respond to this who is more of an "expert". If you are not yet 18 and don't yet have those assets in your name, I'm not sure HOW you put them on the FAFSA right now. Maybe someone else has this info.</p>
<p>Also, if this is a settlement from an accident, I believe it would be an asset, but not income...if you have to report it on the FAFSA....but again, I'm not sure about even this.</p>
<p>The settlement would be considered income in the year it was received, and an asset thereafter. It sounds like this savings account already exists, and is being held in trust for the student until the student turns 18. If the student is the beneficiary of a trust account, it is reported in the same manner as any other trust (UTMA account, etc.) as a student asset even if the student himself cannot access it. It's more than likely that the custodian of the account can access that money for the student's benefit.</p>
<p>If it's not a currently existing account, and you're just receiving the settlement from the other side this year, it's income and should be reported as such. And then it will be put into some sort of trustee account until you turn 18.</p>
<p>Either way, you have to report the $10,000 on FAFSA and/or Profile.</p>