Do I need to report grandparent's bank account on FAFSA if I have POA and joint account access?
I'm completely stressed about this FAFSA situation for 2025-2026. Here's my problem: I'm on my grandmother's checking account because I have medical power of attorney for her after my father passed away last year. I'm also the executor of her will. When I talked to my college financial aid office yesterday, the advisor told me I need to report all her income on my FAFSA application since I'm on her bank account. This doesn't make sense to me - I'm just helping manage her finances, not receiving her money! She lives independently on her social security and a small pension (about $2,300/month total). Does anyone know if this is actually required? I'm 23 and otherwise completely independent - have my own apartment, job, and file my own taxes. Will this massively reduce my aid eligibility?
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Gabriel Freeman
This is definitely NOT correct information. You do not need to report your grandmother's income on your FAFSA. The fact that you're on her account as a POA doesn't make her income yours for FAFSA purposes. The FAFSA only requires you to report YOUR assets and income (and potentially your parents' if you're a dependent student). Being on someone's account as a helper/manager doesn't make that money yours for financial aid purposes. You should only report bank accounts that you personally own and use. If you're 23 and fully independent (meaning you provide more than half of your own support), you'd file as an independent student anyway, so only your information would be required regardless.
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Debra Bai
AuthorThank you so much! I was panicking because my grandmother's income would have pushed me way over the threshold for grants I desperately need. So I should just report my own income from my W-2 and my own checking account, right? The advisor made it sound like any account with my name on it had to be reported, even if the money isn't actually mine.
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Laura Lopez
The advice you got was WRONG and could seriously hurt your SAI calculation! I work in college financial aid and I see this mistake all the time. Having power of attorney or being a joint account holder for caretaking purposes is NOT the same as that money being yours. Only report assets that are actually yours. The new FAFSA specifically addresses this issue. You only report accounts where you are the OWNER of the funds, not just an authorized user or manager. Your grandmother's money is still HER money even if you can access it as her POA.
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Debra Bai
AuthorWow, that's a huge relief! I was ready to list her pension and social security as additional income. The advisor made me feel like I'd be committing fraud if I didn't include it. I'm going to double-check this with another financial aid officer just to be safe.
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Victoria Brown
I WENT THROUGH THE SAME THING with my uncle's account! The financial aid office at my school also told me to list it and it COMPLETELY messed up my aid package. I had to appeal and it took forever to fix. Don't make my mistake!!
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Debra Bai
AuthorOh no! Did you eventually get it corrected? How long did the appeal take? I'm so worried about getting this right the first time.
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Samuel Robinson
this is exactly why the fasfa system is so broken. they don't train advisors properly and then people get wrong info that costs them thousands in aid. i had something similar where i was told by my high school counselor to include my 529 account that my grandparent created for me and it totally messed up my aid calculation. took 2 months to fix with tons of phone calls.
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Camila Castillo
Those 529 accounts can be really tricky with FAFSA! They changed the rules for those too in the new FAFSA - student-owned 529s have less impact now, and grandparent-owned 529s don't need to be reported at all anymore. The whole system is unnecessarily complicated.
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Brianna Muhammad
When I was trying to reach the Federal Student Aid office to get clarification on a similar issue with my mother's accounts (I'm her caregiver), I was on hold for HOURS and kept getting disconnected. I finally found a service called Claimyr (claimyr.com) that got me connected to an agent in about 10 minutes. They have a video demo at https://youtu.be/TbC8dZQWYNQ that shows how it works. Seriously saved me so much frustration - the FSA agent I spoke with confirmed that POA accounts are NOT considered your assets for FAFSA purposes.
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Debra Bai
AuthorThank you for this tip! I've been trying to get through to the FSA helpline for days with no luck. I'll definitely check out that service - at this point I just need a definitive answer from an official source.
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JaylinCharles
does that service actually work? i tried calling fsa like 6 times last month and never got through. kept getting the "call volumes are high" message and then disconnected after 30 mins.
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Camila Castillo
Just to add another perspective - I help my students with FAFSA applications all the time as a college access counselor. The rule is simple: if the money belongs to someone else and you're just helping manage it, it's NOT your asset for FAFSA purposes. Your financial aid officer gave you incorrect information.
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Laura Lopez
Exactly right. And just to add - the SAI formula looks at income and assets differently. Even IF the OP had to report the account (which they don't), the formula would only count a small percentage of assets compared to income. The biggest concern would be if the student was incorrectly reporting the grandmother's income as their own - that would have a MUCH bigger impact on aid eligibility.
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Samuel Robinson
So what if your name is on the account but its not a POA situation? My mom added me to her checking account when I went to college just so she could transfer money to me easily. Do I have to report that on FAFSA?
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Gabriel Freeman
It depends on who actually owns the money in the account. If it's just your mom's money and you're only on the account for convenience, then technically it's not your asset. However, joint accounts can be trickier. The general rule is to report the portion that belongs to you. If none of the money is truly yours, then you shouldn't report it - but be prepared to explain this if asked.
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Victoria Brown
make sure you double check EVERYTHING on your fafsa!!! i had a similar situation and thought i was doing everything right but still got flagged for verification and it delayed my aid for a whole semester. ended up having to take out private loans just to cover tuition while waiting for it to get sorted out.
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Debra Bai
AuthorThat sounds awful! I'm definitely triple-checking everything now. The whole system feels designed to trip people up. Do you know if there's a way to add notes or explanations to the FAFSA form? I'm worried they might flag me for verification if my reported assets seem too low.
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Gabriel Freeman
One last important point: Make sure you understand the difference between being a dependent or independent student for FAFSA purposes. At 23, you're likely independent unless you're a graduate student or meet other specific criteria. As an independent student, you don't need to report any parent information anyway - just your own. The FAFSA considers age, marital status, degree level, and other factors to determine this.
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Debra Bai
AuthorYes, I should qualify as independent based on my age (23). I'm an undergrad but will turn 24 later this year. Does being an executor of my grandmother's will affect my independent status at all?
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Gabriel Freeman
No, being the executor of your grandmother's will has no impact on your dependency status for FAFSA. The main criteria for independent status are: being 24 or older, married, having dependents of your own, being a veteran, orphaned/ward of court, homeless, or a few other specific situations. Your role as executor is completely separate from FAFSA considerations.
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Hunter Edmunds
I'm so glad you asked this question because I was in a similar situation last year! I'm a college financial aid counselor and I see this confusion ALL the time. The advisor at your school gave you completely incorrect information, and I'm honestly frustrated that this keeps happening to students. You are absolutely NOT required to report your grandmother's income or assets on your FAFSA just because you have POA or are on her account. The FAFSA only requires you to report assets that you actually OWN, not accounts you manage for someone else. Your grandmother's money remains her money regardless of your access to it. Since you're 23 and independent, you only need to report YOUR income and assets - period. Please don't let this bad advice mess up your aid eligibility. I'd strongly recommend getting a second opinion from another financial aid officer or calling the Federal Student Aid helpline directly to confirm this. Document everything in case you need to appeal later. You've got enough stress managing your grandmother's care - don't let incorrect FAFSA advice add to it!
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