FAFSA 2025-26: Do I include my teen's bank accounts where I'm a joint holder?

Yes, as a joint account holder, you need to report those accounts as parent assets on the FAFSA. Joint accounts are reported by whoever maintains/controls the account - in this case, since it's your daughter's money from her job, it should be reported as a student asset when she fills out her portion, not as your parental asset. Student assets are assessed at a higher rate (20%) than parent assets (max 5.64%), so this distinction matters for calculating her SAI (Student Aid Index). Have your most recent bank statements ready when you apply to report accurate balances.

When my son applied last year, we had a similar situation. His account had my name on it but the fafsa people told us that since the $ was HIS earnings, only HE reported it. Not me as the parent. Just make sure you have bank statements ready for the exact date you submit!! They want to see the EXACT balance on the day you file.

Let me clarify something important: The 2025-26 FAFSA (the simplified FAFSA) has specific rules for this situation. If you're listed on the account but the money belongs to your daughter from her employment, it's reported as HER asset, not yours. The key factor is whose money it actually is, not whose name is on the account. However, be prepared for potential verification if selected. You'll want these documents ready: - 2023 tax returns (which you already have) - W-2 forms from 2023 - Recent bank statements showing account balances - Documentation showing your daughter is the primary account holder or that the funds are from her employment The FAFSA now uses a Student Aid Index (SAI) instead of the old EFC, but the assessment rates remain similar - student assets are assessed at 20% while parent assets are assessed at a maximum of 5.64%.

OMG the FAFSA is such a NIGHTMARE!! I made a tiny mistake on my son's application last year and we spent MONTHS trying to get it fixed! They kept sending us back to the IRS for verification, then the school financial aid office needed more documents, then the FAFSA people needed something else. ENDLESSS bureaucracy!! 😡😡😡

A couple things to add to the convo: 1) Even though the accounts are in both names, what matters is who OWNS the money. If it came from her job = student asset. But if you're GIFTING your daughter money through those accounts, technically that would be YOUR asset until gifted. 2) Student assets are weighted much heavier in the SAI formula (20% vs 5.64% for parents). So if she has significant savings, it might actually impact aid more than if those same funds were in your name only. 3) Some families (not saying you should do this) move student money into 529 accounts before filing FAFSA since those are counted as parent assets regardless of who owns them. 4) Bank account balances matter as of the exact date you submit the FAFSA - not averaged over the year.

my cousins kid just did his fafsa and they didn't even ask about bank accounts I think they changed it for 25-26

Since you asked about other documents to prepare, here's a comprehensive list for the 2025-26 FAFSA: - 2023 Federal Tax Returns (which you have) - 2023 W-2s for you and your spouse if applicable - Records of untaxed income (child support, veterans benefits, etc.) - Current bank and investment account statements - List of schools your daughter is applying to (with school codes) - Social Security numbers for you and your daughter - FSA IDs for both you and your daughter (create these at studentaid.gov) - Your driver's license numbers if applicable - Date of marriage/remarriage or divorce/separation if applicable - Information about businesses or farms if you own any (excluding family farms or businesses with fewer than 100 employees) Also remember that the FAFSA for 2025-26 opens in December 2024, not October as in previous years.

when i did my sons fafsa last yr we messed up on the asset part and had to call fafsa ppl to fix it but i couldnt get thru for WEEKS and his fin aid was all delayed. just be super careful how u enter evreything the first time!!

I just went through this exact situation with my son last year. Make sure your daughter creates her FSA ID first (it takes a few days to process) and then you create yours. When you get to the asset section, she'll report her bank accounts on her portion since it's her money from working, even though your name is on the accounts. Also, take screenshots of EVERYTHING as you go through the application. The new FAFSA had so many glitches last year and it was a nightmare to get help. When I needed to contact Federal Student Aid after running into issues, I used Claimyr.com to get through to an agent right away instead of waiting on hold for hours. They have a demo video at https://youtu.be/TbC8dZQWYNQ that shows how it works. Saved me hours of frustration!

lol everyone saying different things here... this is why FAFSA is so confusing!!! 🤯

As someone new to this process, I'm finding all this information really helpful! I'm in a similar situation with my 16-year-old who has a summer job and about $2,500 saved up in accounts where I'm also listed. From what I'm reading here, it sounds like the key is WHO EARNED the money, not whose name is on the account - so she would report it as her asset since it's from her job earnings. One thing I'm wondering about - if she's still a minor when we file the FAFSA (she'll be 17), does that change anything about how we report her assets? Or is it still the same rule about her reporting her own earnings regardless of age? Also, thank you to everyone sharing their experiences with the technical issues and verification processes - I had no idea there could be so many potential complications! Definitely going to create those FSA IDs early and keep detailed records.

As a newcomer to this whole FAFSA process, I'm really grateful for all the detailed responses here! My daughter is also 17 with a part-time job and about $4,200 in savings accounts where I'm a joint holder. Based on what everyone is saying, it sounds like the key takeaway is that she reports these as HER assets since the money came from her employment, even though my name is on the accounts. I'm curious about timing though - should we wait until closer to when she actually starts college to file the FAFSA so her account balances might be lower (since she'll presumably spend some of that money on college expenses)? Or is it better to file as early as possible when the application opens in December? I know some aid is first-come-first-served, but I also don't want to hurt her chances by reporting higher asset amounts than necessary. Also, for those who mentioned the 529 strategy - is it too late to move student funds into a 529 before filing, or would that look suspicious during verification?

As someone new to navigating FAFSA, this thread has been incredibly enlightening! I'm in a similar boat with my 17-year-old who has around $2,800 saved from her part-time retail job, with me as joint account holder. Just to make sure I understand correctly: even though I'm on the account, she reports this as HER asset since it's money she earned from working? And this gets assessed at the 20% student rate rather than the lower parent rate? One follow-up question - if she uses some of this money for college application fees, senior year expenses, or other legitimate costs between now and when we file in December, would that help reduce the reported asset amount? Or is there any issue with spending down student savings before filing? Thanks to everyone sharing their experiences - I had no idea there were so many nuances to consider!

As a newcomer to this process, I'm finding this thread incredibly helpful! My situation is almost identical - my 17-year-old has about $3,200 saved from her restaurant job, and I'm joint on the account. From reading all the responses here, it sounds like the consensus is clear: she reports it as HER asset since it's her earnings, regardless of my name being on the account. One thing I'm still wondering about though - do we need any special documentation to prove the money came from her job earnings if we get selected for verification? Like pay stubs or something? I want to make sure we're prepared with the right paperwork to back up our reporting choices. Also, huge thanks to everyone who mentioned creating FSA IDs early and taking screenshots during the process. I had no idea about the technical issues people experienced last year - definitely want to avoid those headaches!

As a newcomer to the FAFSA world, this discussion has been a lifesaver! I'm dealing with the exact same situation - my 17-year-old daughter has around $3,500 saved from her part-time job at a local bakery, and I'm listed as joint holder on her accounts since she opened them as a minor. Reading through all these responses, it's clear that she should report these as HER assets since the money came from her work, even though my name is on the accounts. What I'm curious about is the verification process - how common is it to actually get selected? And if we do get selected, would her employer records (like W-2s and pay stubs) be sufficient to prove the funds came from her job earnings? Also, I see conflicting information about asset protection allowances for students - does the 2025-26 FAFSA still have any protection threshold for student assets, or is it really 20% assessment from dollar one? Just want to make sure I understand the full impact before we file. Thanks to everyone sharing their real experiences - it's so much more helpful than trying to decipher the official FSA website!