I think I filled out 2017/2018 CSS profile question SA-170A wrong. It asks for “the total value of all of the trusts of which you are a beneficiary”. This is under the “Student’s Assets” section. I put our life insurance policy value–is this correct? It makes it look like my son has a huge trust but really it’s only if his dad or I die. I requesting a revision in our aid for the remainder of this academic year and I’m reviewing what I sent it and discovered this.
I do NOT believe life insurance policies are considered “trusts”.
If your kiddo is NOT the beneficiary of a trust, the answer would be $0.
Most students are not beneficiaries of trusts.
If the life insurance is in an ILIT, then you’ve got a trust. Plain vanilla life insurance, owned by the parents, does not constitute a trust.
Not a trust.
Thanks for responding. Do you think it’s worth correcting now or would it be better to schedule a phone appt with an advisor at the school?
You need to contact the college(s) to find out how to make this correction for EACH school.
They will tell you what to do. You cannot correct the Profile online.
Definitely…contact financial aid department tomorrow. First thing.