<p>I will be filing the FAFSA since my son lives with me primarily. My son has a bank acct which I am the adult listed which I will report but he also has a couple accts that his dad has control over which means I have no knowledge of the balances and no control over the accts. Are these accts required to be listed as my sons on the FAFSA? I assume for the Profile his dad will need to list them on the NC Profile. Also what qualifies as child support? Just the amount that is the monthly transfer payment ordered by the court? We have a somewhat creative settlement where I pay 100% of private high school tuition but his father then has to contribute for other associated costs, like extra curriculars, lessons and other extraordinary expenses like braces. Are these considered child support? I can’t find a clear definition.</p>
<p>I believe you would only report the money you have actually received from the NCP as child support. If you are applying to colleges that require the CSS Profile there are questions regarding paying tuition/private school for younger siblings. The amount you pay for the younger child would be reported there, your Ex would report what he pays towards private school fees on the NC Profile (if the NCP Profile is required by the college). If you are dicussing the college applicants’ high school tuition I do not think that is counted (just younger siblings). </p>
<p>The accounts you hold for child would be reported on your forms, the Ex will report his account for student on his forms.</p>
<p>If the accounts belong to the student then they must be reported as his assets. For instance if they are UGMA accounts then they are his asset an s/b reported as student accounts on FAFSA. If they are joint accounts with dad but do not belong to the student then only the portion that belongs to the student would have to be reported.</p>
<p>Thanks for your help. I was thinking the accts would transfer to my son when he turns 18 on Thurs. but I just realized that it does not happen in our state (WA) until 21. So I guess I will try to find out from his dad what his accts are because it looks as if they get split in 2 for FAFSA purposes if they are joint but get allocated to my son if they are UGMA type accts. And I don’t recall what they are and don’t know if his dad will give me the information so that I can file the FAFSA accurately. Our settlement does stipulate that all of the money goes toward college.</p>
<p>Awkward situation. If they are UGMA accounts they are supposed to be reported as student assets because they belong to the student. Does not matter what was said in a divorce settlement.</p>
<p>If they are joint accounts, doesn’t the $ get reported as belonging to the person whose social security number is associated with the account (as primary owner)? I had been told to report the $ depending on who gets the interest reported to the IRS (and receives the 1099 I think).</p>