Forgot to report paper bonds on FAFSA

cptofthehouse
Mon, 13 Jan 2014 16:13:47 +0000

When you ask such a question here on the board, the answer is going to be to do the right thing regardless of the possible adverse consequences in getting financial aid. So your last statement is totally irrelevant.

What you should do is to redo the FAFSA including those assets which will change your EFC by about 5.6% of the market value of those bonds in your name if it is over your asset protection allowance. The ones in your students names will increase the EFC by 20% of the market value. You don’t have to report the ones in the other kids’ names for FAFSA purposes.

For CSS PROFILE, you then have to report those assets as you did on the corrected FAFSA, and how they handle the amounts is up to the individual schools PROFILE will also ask for the value of the bonds in the siblings names and will add that to family assets.

That is the right thing to do. You leave off an asset, whether it is in a shoebox under your bed, or an account you overlooked, you are supposed to report it and it’s supposed to be included in the PROFILE too. It is no less an asset just because you forgot about it.