FAFSA confusion - reporting joint bank accounts with my 19yo son as parent asset?

This is a common question with joint accounts! On the FAFSA, you should report these accounts as BOTH your assets AND your son's assets, but split the value. Since your son earned all the money, you could reasonably report a small percentage (like 10%) as your asset and the rest as his. The key is to not double-count by reporting the full amount in both places. Make sure you're using the correct asset reporting sections - parent assets significantly impact SAI less than student assets do.

Actually, the Federal Student Aid guidance on this is pretty clear - if you're a co-owner on the account, you report based on INTENDED USE and CONTRIBUTION, not just legal ownership. If these accounts were funded entirely by your son and are intended for his use, you should report them as 100% student assets. You're right to be concerned because student assets do impact the SAI more heavily than parent assets.

Ugh, now I'm even more confused. One person says split it 10/90, another says 100% student assets, and now 50/50? I really need clear guidance on this. I've been trying to call Federal Student Aid for two days with no luck - keeps disconnecting after 30 minutes on hold. Anyone know how to actually get through to a human there?

Let me clarify with the most current guidance. For 2025-2026 FAFSA, the official FSA handbook states that for joint accounts, you should report based on the portion the person actually contributed AND plans to use. So if your son contributed 100% and it's for his college/expenses, it SHOULD be reported as 100% student assets. However, if you can document that some portion was gifted by you or other family members, that portion could be considered a parent asset. And yes, you're correct that student assets are assessed at 20% while parent assets are assessed at a maximum of 5.64% in the SAI formula.

my sons college financial aid advisor told us to just take my name off all his accounts before filing FAFSA and then it's super clear - his money is his alone. worked for us last year! just go to the bank and remove yourself as joint owner

I swear FAFSA questions make me want to pull my hair out!!! Last year I reported our joint account wrong and got flagged for verification and it took MONTHS to resolve. I ended up having to provide bank statements for EVERY ACCOUNT with both our names on it. They even made me explain why my name was on his account in the first place. NIGHTMARE. My advice is call FSA directly and get their answer in writing somehow.

Here's the definitive answer based on the latest FSA guidance: The key factor is CONTRIBUTION and INTENDED USE, not legal ownership structure. 1. If your son contributed 100% of the funds through his earnings, and the money is intended for his education/use, then it should be reported as 100% student assets. 2. If you've contributed some funds (gifts, deposits from you), that portion should be reported as parent assets. 3. The most important thing is to not double-count by reporting the same dollars in both places. 4. If you do decide to remove yourself from the accounts, doing it well before FAFSA submission (at least 1-2 months) is advisable to avoid verification flags. Hope this helps clarify things!

As someone who just went through this exact situation last year, I can confirm what others have said about reporting based on contribution rather than legal ownership. My daughter had a joint savings account with me that she funded entirely through her part-time job earnings. I initially panicked and almost split it 50/50, but after speaking with our high school guidance counselor (who deals with FAFSA questions constantly), I reported it as 100% student assets since she earned and deposited all the money. We weren't selected for verification, so it seems like this approach was correct. The key documentation I kept was her pay stubs and bank statements showing the deposits came directly from her employer. If you're still unsure, many high school guidance counselors have experience with these exact scenarios and might be easier to reach than FSA directly!

Just wanted to chime in as someone who works at a financial aid office - you're getting mostly good advice here! The guidance about reporting based on contribution and intended use is absolutely correct. Since your son earned all $11,600 through his job, it should be reported as 100% student assets on the FAFSA. The fact that you're a joint account holder for convenience/oversight doesn't change the ownership from a FAFSA perspective if you didn't contribute any funds. One tip: if your son has other savings goals (like a car purchase) that aren't education-related, you might want to document what portion is truly intended for college expenses, though this gets into more complex territory. The documentation approach others mentioned (keeping pay stubs showing direct deposits) is spot on for potential verification purposes.

I went through this exact same confusion with my daughter's accounts two years ago! After multiple calls to FSA and speaking with our college's financial aid office, here's what I learned: since your son earned ALL the money himself through his job, you should definitely report it as 100% student assets, even though you're technically a joint owner. The key is WHO contributed the funds and WHO intends to use them - not the legal ownership structure. I made the mistake of initially splitting it 50/50 and got selected for verification, which was a nightmare. Keep those pay stubs and bank statements showing the money came from his employer - you'll thank yourself later if you get selected for verification. Also, for future years, consider having him open his own accounts once he turns 18 to avoid this confusion altogether. The impact on your SAI will be higher since student assets are assessed at 20%, but it's the honest and correct way to report it according to FSA guidelines.

I just wanted to add one more perspective as someone who's been through this process multiple times with different kids. The consensus here is absolutely right - report based on contribution and intended use, not legal ownership. Since your son earned all $11,600, it should be 100% student assets. But here's something I learned the hard way: make sure you're consistent across ALL your FAFSA sections. If you report his bank accounts as student assets, don't accidentally include any of that money when answering parent asset questions later in the form. The FAFSA has a way of asking about the same money in different sections, and double-counting is a red flag for verification. Also, take screenshots or print copies of your completed FAFSA before submitting - if you do get selected for verification, having that reference makes the documentation process much smoother. Good luck!

I'm a college student who just went through this exact situation last year! My mom was on my checking account from when I was a minor, and we were so confused about how to report it on my FAFSA. After doing tons of research and talking to my college's financial aid office, we learned that it definitely should be reported as 100% student assets since I earned all the money from my part-time job. The fact that she was still a joint owner didn't matter - what mattered was that I contributed all the funds and intended to use them for college. We kept all my pay stubs and bank statements showing the direct deposits from my employer, which turned out to be really smart because I did get selected for verification. Having that documentation made the process much smoother. Just wanted to confirm what everyone else is saying - go with the contribution-based approach, keep good records, and you'll be fine!

I just wanted to thank everyone who contributed to this thread - as someone new to the FAFSA process, this has been incredibly helpful! The consistent advice about reporting based on contribution rather than legal ownership makes perfect sense now. I'm dealing with a similar situation where I'm a joint owner on my daughter's savings account that she funded entirely through her summer job earnings. Based on everything shared here, I'll report it as 100% student assets and make sure to keep all her pay stubs and bank statements for documentation. It's also really valuable to hear from people who went through verification - knowing what to expect and how proper documentation helps makes the whole process less intimidating. Thanks for creating such a supportive community where we can all learn from each other's experiences!

As someone who just went through this exact scenario with my son last month, I can definitely confirm what everyone else is saying here! We had the same situation - I was a joint owner on his checking and savings accounts from when he was younger, but all the money ($9,800 total) came from his job at a local restaurant. After reading through the FSA guidelines and speaking with our high school's college counselor, we reported it as 100% student assets since he earned and deposited every dollar himself. The key thing I learned is that FAFSA cares about who contributed the funds and who intends to use them, not the legal account structure. We kept all his pay stubs showing direct deposits and didn't get selected for verification, so it seems like we did it right. One tip - I organized all his employment documentation in a folder before filing, just in case. It made me feel much more confident about our decision!

I'm new to FAFSA but dealing with a very similar situation! My 18-year-old daughter has a joint savings account with me that has about $6,500, all from her part-time job at Target. Reading through all these responses has been so reassuring - the consistent advice about reporting based on who contributed the funds rather than legal ownership makes perfect sense. I was initially worried about getting it wrong and affecting her aid eligibility, but now I feel confident reporting it as 100% student assets since she earned every penny herself. I'm definitely going to follow the advice about keeping all her pay stubs and bank statements organized in case we get selected for verification. It's amazing how helpful this community is for navigating these confusing FAFSA questions - thank you all for sharing your experiences!

As someone who works as a financial aid counselor at a community college, I wanted to jump in and confirm what many of you have shared - you're all giving excellent advice! The key principle for joint accounts on the FAFSA is indeed contribution and intended use, not legal ownership structure. Since your son earned all $11,600 through his employment, reporting it as 100% student assets is absolutely the correct approach. I see this situation constantly with students whose parents are co-signers on accounts from when they were minors. The documentation everyone mentioned (pay stubs showing direct deposits) is exactly what we look for during verification if selected. One additional tip from our office: when your son does eventually open his own accounts (which I'd recommend for future FAFSA cycles), make sure he understands that student assets above the asset protection allowance are assessed at 20% in the SAI formula, so having some basic financial literacy about managing those funds strategically can be helpful. Great job everyone for helping each other navigate this confusing process!