Fafsa/css rules about sibling 529s

[Anonymous]

I just read they changed the rule about sibling 529s on the fafsa last year, so that parents no longer declare money in 529 accounts under a sibling's name. I can't find anything about whether this rule changed for the CSS as well. Does anyone know?

[Anonymous]

If Mom and Dad own two accounts benefiting Janie and Jimmy, those accounts go on CSS profile in parents assets. I just did it a week ago, it says include parent assets.

If Janie and Jimmy each owns their own 529 (which is unlikely), list Janie's as her asset on her 529. And Jimmy's as his asset on his 529

[Anonymous]

Anonymous wrote:If Mom and Dad own two accounts benefiting Janie and Jimmy, those accounts go on CSS profile in parents assets. I just did it a week ago, it says include parent assets.

If Janie and Jimmy each owns their own 529 (which is unlikely), list Janie's as her asset on her 529. And Jimmy's as his asset on his 529

thank you! This is my understanding as well. I did not know the FAFSA rule had changed until this morning... which means we need to resubmit for all three kids.

[Anonymous]

Anonymous wrote:I just read they changed the rule about sibling 529s on the fafsa last year, so that parents no longer declare money in 529 accounts under a sibling's name. I can't find anything about whether this rule changed for the CSS as well. Does anyone know?

Oh it must be Nov 15th

[Anonymous]

Anonymous wrote:If Mom and Dad own two accounts benefiting Janie and Jimmy, those accounts go on CSS profile in parents assets. I just did it a week ago, it says include parent assets.

If Janie and Jimmy each owns their own 529 (which is unlikely), list Janie's as her asset on her 529. And Jimmy's as his asset on his 529

Oh what happened to Larla and Larlo, did they already graduate or something?

[Anonymous]

Anonymous wrote:

Anonymous wrote:If Mom and Dad own two accounts benefiting Janie and Jimmy, those accounts go on CSS profile in parents assets. I just did it a week ago, it says include parent assets.

If Janie and Jimmy each owns their own 529 (which is unlikely), list Janie's as her asset on her 529. And Jimmy's as his asset on his 529

Oh what happened to Larla and Larlo, did they already graduate or something?

They don't have 529s because their parents can cash flow college, obviously. 529s are for poor people.

[Anonymous]

Do parent net worth looked at while determining merit scholarships?. Should we send FAFSA to all the schools where we apply?

[Anonymous]

Anonymous wrote:Do parent net worth looked at while determining merit scholarships?. Should we send FAFSA to all the schools where we apply?

Some merit scholarships are need-aware, yes. Also some schools giving merit scholarships require the FAFSA because even though the kid will get the merit either way, the school accounts for it differently if your kid is Pell grant eligible. It’s probably easier to send the FAFSA everywhere than to figure out each school’s policy.

[Anonymous]

Anonymous wrote:Do parent net worth looked at while determining merit scholarships?. Should we send FAFSA to all the schools where we apply?

Some scholarships are combination merit and need. If you have no need, then those scholarships aren't for you.

If you are not eligible for need-based aid from the school, then you submit FAFSA only to schools that require it for non-need-based merit. Not many schools do, however.

[Anonymous]

Anonymous wrote:I just read they changed the rule about sibling 529s on the fafsa last year, so that parents no longer declare money in 529 accounts under a sibling's name. I can't find anything about whether this rule changed for the CSS as well. Does anyone know?

FAFSA no longer considers the cost of a sibling in college, so it would make sense that FAFSA doesn't consider a 529 account in sibling's name.

CSS collects data differently, however, and some colleges still consider sibling college costs. Use the college's Net Price Calculator for an estimate.

[Anonymous]

The current FAFSA asks almost no questions if you let it do an IRS lookup against your and your child’s SSNs. I had pulled together a lot of documents waiting to fill it out and I didn’t need any of them. We didn’t do the CSS, so I don’t know about what that wants.

[Anonymous]

How will they verify the parents net worth mentioned in FAFSA application. Is it the school or the Govt verifying?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If Mom and Dad own two accounts benefiting Janie and Jimmy, those accounts go on CSS profile in parents assets. I just did it a week ago, it says include parent assets.

If Janie and Jimmy each owns their own 529 (which is unlikely), list Janie's as her asset on her 529. And Jimmy's as his asset on his 529

Oh what happened to Larla and Larlo, did they already graduate or something?

They don't have 529s because their parents can cash flow college, obviously. 529s are for poor people.

If grandparents are around and willing, coulda put that $ in grandparents 529 as loophole. Don't need to indicate/show theirs when filling out the forms you speak of