Do I need to report parent's bank account on FAFSA where I'm listed as beneficiary?

No, you don't report bank accounts where you're only listed as a beneficiary. A beneficiary only means you'd receive the funds if the account owner passes away. Since you don't have access to the money now, it's not your asset. The FAFSA is looking for accounts where you are an owner or joint owner with current access to the funds.

i had this exact issue last yr! being a beneficiary isnt the same as being an account holder. beneficiary just means u get the $ if they die, but the $ isnt urs now. dont report it unless ur name is on the acct as an OWNER.

My dad put me as beneficiary on like 5 different accounts and my financial aid advisor told me none of that counts for FAFSA! Only accounts where YOU can walk into the bank and withdraw money RIGHT NOW count as your assets. Being a beneficiary is totally different thing.

Be careful with this! The ACTUAL rule is about whether you have ACCESS to the funds currently. Some banks set up beneficiary accounts differently. Can you withdraw from this account if you wanted to? If yes, then you MUST report it. If you're ONLY a beneficiary and can't touch the money until your mom passes, then it's not your asset for FAFSA purposes.

When my brother filled out his FAFSA last year, he listed an account my parents had set up with him as a beneficiary and it COMPLETELY messed up his aid calculation!! Took months to fix and he almost missed out on a $5,500 Pell Grant. Only list accounts where YOUR name is on it as an owner!!!!

I've been trying to call the Federal Student Aid hotline for DAYS to ask this exact question about my grandma's account! Always on hold forever then get disconnected. Finally I found Claimyr (claimyr.com) and they got me through to an actual FAFSA agent in like 15 minutes. The agent confirmed beneficiary accounts are NOT your assets unless you have current access/withdrawal rights. They have a video showing how it works here: https://youtu.be/TbC8dZQWYNQ - totally worth it with all the FAFSA chaos this year.

The key distinction for FAFSA reporting is OWNERSHIP vs BENEFICIARY status: 1. OWNERSHIP = You can access/withdraw funds now = MUST report 2. BENEFICIARY = You only receive funds upon death of owner = DO NOT report Check if you're listed as: - Sole owner - Joint owner - Custodial account owner - Payable-on-death beneficiary (this is NOT reported) FAFSA specifically wants assets you currently control, not future inheritances or beneficiary designations.

but wait i thought if ur parents claim u as dependent then ALL their money counts on fafsa anyway?? im so confused by this stupid form

Just to add one important warning - if this account is set up as a JOINT account (where both you AND your mom are owners) rather than just having you as a beneficiary, then you WOULD need to report it. Double-check the actual account structure with the bank if you're unsure. Some parents accidentally set up joint accounts when they meant to just add beneficiaries.

this is why the whole system is BROKEN!! my parents have money but won't help me with college, so I get screwed on financial aid because of their income but don't actually get any help from them! meanwhile my roommate's parents put all their money in her grandparent's names to game the system and she gets full grants. FAFSA is a JOKE!!

Just wanted to share my experience since I went through something similar! I was listed as beneficiary on my dad's business account and got super stressed about reporting it. Turns out the Financial Aid Office at my school has a worksheet they use to help students figure out what counts as reportable assets. They told me the same thing everyone here is saying - beneficiary status means it's not YOUR money until the account owner passes away. The worksheet specifically asks "Can you withdraw money from this account today without the other person's permission?" If the answer is no, don't report it. Sounds like you've got your answer, but definitely keep that bank confirmation from your mom in case your school's financial aid office asks for documentation later!

Just want to echo what everyone else is saying - you're absolutely right not to report this! I had a similar panic moment when I was filling out my FAFSA and found out I was beneficiary on my aunt's account. The key thing the financial aid counselor at my school told me was "beneficiary = future potential inheritance, not current asset." Since you confirmed with your mom that you can't access the funds and it's truly just a beneficiary designation, you're all set. Only report what's actually yours and accessible now (like that $1,240 in your checking account). Good luck with your FAFSA - sounds like you've got this figured out!

I'm glad you found this community! I went through the exact same confusion when I was a freshman. The beneficiary vs owner distinction is definitely one of the trickiest parts of FAFSA asset reporting. Since you've confirmed with your mom that you can't access the funds and you're only listed as a beneficiary (not a joint owner), you're absolutely correct not to report it. Just make sure to keep some kind of record - maybe a screenshot of your text conversation with your mom or a note from the bank - in case your financial aid office ever asks for clarification. The $37,500 would have significantly impacted your aid calculation if you had mistakenly reported it, so good thing you asked! Welcome to the wonderful world of FAFSA paperwork - it gets easier once you understand the key distinctions like this one.