FAFSA reporting question: Joint savings account with non-relative's name - required to include?

Yes, you absolutely need to report it. FAFSA requires ALL accounts where your name appears as an owner - doesn't matter who the other person is. Since your name is on the account, it's considered your asset and must be included in your FAFSA application.

i had something sorta like this. my uncle (not blood related) put money in account with my name. financial aid office told me if my name is on it, i gotta report it no matter who else name is there too

The previous responses are correct, but let me add some context about how this affects your Student Aid Index (SAI). Student assets are assessed at 20% for FAFSA calculations, meaning about $1,560 of that $7,800 would be considered available for college expenses. This could potentially increase your SAI by that amount, reducing need-based aid. However, this is more favorable than parent assets which are assessed at a lower rate (usually between 2-5.64%). The good news is that your $7,800 won't dramatically change your aid eligibility in most cases, especially if your family's income is the main factor in your SAI calculation.

WAIT HOLD UP!!! This might not be right for your situation. Is this a CUSTODIAL account or just a JOINT account? There's a BIG difference! If it's a custodial account (like UGMA/UTMA) then yes, it's yours even though you can't fully control it yet. But if it's just a regular joint account and you don't actually use the money or contribute to it, you MIGHT have a case to exclude it. Did your mom's friend set this up specifically as a custodial account???

You need to find out exactly what type of account this is. Call the bank and ask if it's a custodial account (UGMA/UTMA) or just a regular joint savings account. If it's custodial, it's definitely your asset for FAFSA purposes. If it's just joint, you might have a case to exclude it if you can prove you don't have effective access/ownership. Truthfully though, FAFSA rules typically consider any account with your name on it as yours, regardless of who contributed the funds. Your best approach would be to: 1. Determine the exact account type 2. Report it accurately on your FAFSA (don't risk verification issues) 3. Contact your school's financial aid office after receiving your aid package to explain the situation 4. Request a professional judgment review based on the special circumstances Many schools have some discretion to adjust your aid package when there are unusual financial situations.

When I was trying to reach FSA about a similar asset question, I kept getting disconnected after waiting for over an hour. A friend recommended trying Claimyr.com to get through to an actual person at Federal Student Aid. They have this service that holds your place in line and calls you when an agent is ready. Saved me hours of frustration. They have a video showing how it works at https://youtu.be/TbC8dZQWYNQ if you want to check it out. For complicated situations like yours, sometimes you just need to talk to an official FSA rep.

After reviewing the situation more carefully, I should clarify an important point: For the 2025-2026 FAFSA, the asset reporting rules ask specifically about accounts owned by the student. The key question is whether you have legal ownership/access to the funds. If this is truly a joint account where you have equal access rights to the money (can withdraw without the other person's permission), then yes, it counts as your asset. However, if it's an account where you're just a beneficiary but can't actually access the funds independently, the reporting requirements might differ. Gather documentation about the account structure and ownership before completing your FAFSA. When in doubt, call the FSA helpline for an official determination for your specific situation.

whatever u do DONT leave it off the form if ur not sure!! my cousin did that and got flagged for verification and it was a HUGE mess. took months to fix and delayed all his aid

Smart approach! Just wanted to add that when you do talk to the bank, ask specifically for a copy of the account agreement or signature card. This will show exactly what type of account it is and what rights you have. Also ask if there are any restrictions on withdrawals that require both signatures - this could be important for determining true ownership for FAFSA purposes. Having this documentation will make your conversation with FSA much more productive and help if you need to do a professional judgment appeal later.

As someone who just went through this process last year, I want to emphasize how important it is to be completely transparent on your FAFSA. Even if including that $7,800 feels scary, it's much better than dealing with verification issues later. One thing that might help ease your concerns - many schools have emergency aid funds or additional scholarships that aren't tied to your FAFSA. Once you're enrolled, you can often apply for these separately. Also, work-study programs and small scholarships can help offset any reduction in aid from reporting this asset. The 20% assessment rate on student assets sounds harsh, but remember that's spread across your entire college career, not just one year. So even in the worst case scenario, you're looking at maybe $300-400 less in aid per year, which is manageable compared to the thousands you could lose if there are verification problems. Good luck with getting the bank documentation sorted out!

Just want to add another perspective here - I work at a financial aid office and see these situations fairly often. The advice you've gotten is solid, but I'd also suggest asking your mom's friend about the original intent when the account was set up. If she has any documentation showing it was meant as a gift/custodial arrangement specifically for your education, that could be helpful context for a professional judgment appeal later. Also, don't stress too much about the 20% assessment rate. Most students I work with are surprised to learn that the impact is usually much smaller than they expect, especially if your family qualifies for need-based aid in the first place. The Pell Grant eligibility thresholds are pretty generous, so unless you're right on the borderline, this probably won't affect your core aid package dramatically. One more tip - when you call the bank, also ask if they can provide a letter explaining when the account was opened and who made the deposits. This kind of documentation can be really valuable if you end up needing to explain the circumstances to your school's aid office.

This thread has been incredibly helpful! I'm actually in a somewhat similar situation - my grandmother set up a college savings account with both our names on it when I was young, and I've been wondering about FAFSA reporting too. The advice about getting all the documentation from the bank first before calling FSA makes so much sense. It sounds like being transparent is definitely the way to go, even if it means reporting assets that might reduce aid slightly. Better safe than sorry with verification issues! Thanks to everyone who shared their experiences and expertise - this community is amazing for navigating these confusing FAFSA situations.

As a newcomer to FAFSA, I'm learning so much from this discussion! I had no idea there were so many nuances to reporting assets. One question I have - if someone is unsure about their account type like the original poster, would it be worth scheduling an appointment with a financial aid counselor at their prospective schools before submitting the FAFSA? It seems like getting professional guidance upfront might save a lot of headaches later, especially for complex situations like joint accounts with non-relatives. I'm also curious if different schools handle professional judgment appeals differently, or if there are standard practices across institutions?

This is such a helpful thread! As someone who's currently preparing my FAFSA, I had no idea about the complexities around joint accounts with non-relatives. Reading through everyone's experiences really highlights how important it is to gather all the documentation first before making any decisions about reporting. I'm particularly grateful for the advice about calling the bank to get the account agreement and asking about withdrawal restrictions - those are specific details I never would have thought to request. And the perspective from @Mei Lin about working in financial aid is invaluable! It's reassuring to hear that the actual impact is often smaller than students expect. One thing I'm taking away from this discussion is that transparency really is the best policy, even when it's scary to report assets that might reduce aid. The verification horror stories are definitely motivating me to be completely honest on my application. Thank you all for sharing your knowledge and experiences - this community is such a great resource for navigating these confusing financial aid questions!

As someone new to the FAFSA process, this entire discussion has been incredibly enlightening! I had no idea that joint accounts with non-relatives could create such complex reporting situations. Reading through everyone's experiences really drives home how crucial it is to understand exactly what type of account you have before filling out your FAFSA. The step-by-step approach that's emerged from this thread seems really solid: 1) Get detailed documentation from the bank about account type and ownership structure, 2) Contact FSA for official guidance on your specific situation, 3) Report everything accurately on your FAFSA, and 4) Be prepared to work with your school's financial aid office for a professional judgment appeal if needed. What strikes me most is how much better it is to over-report and potentially appeal later than to under-report and face verification issues. The verification horror stories mentioned here are definitely motivation to be completely transparent, even when it's nerve-wracking. Thank you to everyone who shared their expertise and experiences - especially those working in financial aid who provided insider perspectives. This community is such a valuable resource for navigating these complicated situations!

Wow, this thread has been absolutely incredible to read through as someone who's just starting my FAFSA journey! I'm dealing with a somewhat similar situation where my older brother opened a joint savings account with me a few years ago to help me save for college, and I've been totally confused about whether I need to report it. Reading through all the advice here, especially from @Mei Lin who works in financial aid, has really clarified the importance of getting proper documentation first. I love how this community broke down the exact steps: get bank documentation, call FSA for official guidance, report accurately, and be ready to appeal if needed. The point about being transparent even when it might reduce your aid package really hits home. Those verification horror stories are definitely enough motivation to report everything honestly! It's also reassuring to learn that the actual impact of reporting student assets is often much smaller than we fear - that 20% assessment rate spread over multiple years sounds way more manageable when broken down like @Carmella Fromis explained. Thank you all for creating such a helpful resource for those of us navigating these tricky FAFSA situations for the first time!

As someone completely new to FAFSA and financial aid, this entire discussion has been absolutely invaluable! I'm just beginning to understand how complex asset reporting can be, especially with joint accounts involving non-relatives. What really stands out to me is how everyone consistently emphasizes transparency and proper documentation over trying to minimize reported assets. The step-by-step approach that's emerged here - getting bank documentation first, calling FSA for official guidance, reporting everything accurately, and being prepared for potential appeals - seems like such a solid framework for handling these tricky situations. I'm particularly grateful for the insights from @Mei Lin about working in financial aid and @Carmella Fromis's perspective on the actual financial impact being more manageable than it initially seems. Those verification horror stories are definitely motivation enough to be completely honest on the FAFSA! This community has created such an amazing resource for those of us navigating these confusing waters for the first time. Thank you all for sharing your experiences and expertise - it's making the FAFSA process feel much less overwhelming knowing there are knowledgeable people here to help guide us through these complex situations!

As someone who's brand new to the FAFSA process, this thread has been incredibly educational! I had no idea that joint accounts with non-relatives could create such complex reporting situations. Reading through everyone's experiences really emphasizes how important it is to understand the exact nature of your accounts before filling out the FAFSA. The collective wisdom here seems to point toward a clear strategy: gather all documentation from your bank first, get official guidance from FSA, report everything transparently on your FAFSA, and then work with your school's financial aid office if you need to appeal later. The emphasis on honesty over trying to minimize assets really resonates - those verification stories are scary enough to keep anyone on the right path! What's particularly reassuring is learning that the actual impact of reporting student assets is often much smaller than we initially fear. The breakdown of how the 20% assessment rate works in practice makes it feel much more manageable. Thank you to everyone who shared their expertise and experiences - this community is such a valuable resource for those of us just starting this journey!

As a newcomer to this community and the FAFSA process, I'm amazed by how thorough and supportive this discussion has been! Reading through everyone's experiences with joint accounts and asset reporting has been incredibly educational. What I'm taking away from this thread is that transparency and proper documentation are absolutely crucial, even when it feels scary to report assets that might impact aid. The four-step approach that's emerged here - getting bank documentation, consulting FSA, reporting accurately, and being prepared to appeal - provides such a clear roadmap for handling these complex situations. I'm particularly grateful for the insights from financial aid professionals and the reassurance that the actual impact is often more manageable than we initially fear. Those verification horror stories are definitely enough motivation to stay completely honest on the FAFSA! As someone just starting this journey, this community has made the FAFSA process feel much less intimidating. Thank you all for creating such a valuable resource and for emphasizing doing things the right way rather than trying to cut corners. This thread will definitely be my reference guide as I navigate my own asset reporting questions!