I am a grandparent I have a custodial stock account for a grandchild. When filling out a FAFSA application does the money in the account have to be listed as an asset to the child. He will be receiving grant money. Thank you
Terry Says: According to Mark Kantrowitz of www.Edvisors.com, one of the leading experts on financial aid for college, this is an interesting wrinkle — having a grandparent as custodian of an UGMA account. Here’s what his site says:
Only assets in the student’s name, the parent’s name (if the student is a dependent student) or the name of the student’s spouse (if the student is married) are reported on the FAFSA. Assets held by others, such as a grandparent, aunt, uncle, cousin or sibling, are not reported on the FAFSA but may be reported on the PROFILE. Here’s a link to that page on the Edvisors site. If you’re wondering about that word “PROFILE”, it is the CSS Financial Aid Profile, which may be required by some schools.