How to report assets on FAFSA, for both parents and the student, whether dependent (parent information required) or independent (no parent information required), is spelled out pretty well in the FAFSA instructions. Read the instructions carefully and ask questions if anything is confusing. For asset reporting on Profile, it’s not so cut and dried, especially for students who have certain assets in their own name. And since different Profile schools use the information collected on Profile in different ways when they distribute institutional need-based aid, it can sometimes be difficult to know how certain information should be reported. If in doubt, always call the school’s financial aid office and ask to speak with a knowledgeable staff person.
Another poster on this thread has stated that situations when a student-owned 529 account should be reported for need-based financial aid purposes as a student asset would only apply to students who are legally independent. This is not correct. As suggested upthread by momofboiler1, I would send a PM to this poster to explain why their position is not correct, but unfortunately the other poster is not accepting private messages. If this other poster will please tell me what kind of documentation or evidence will be satisfactory to support what I am stating, I will do my best to comply, but since the nature of internet forums like CC is generally based on personal experience and anecdotes, I’m not sure how successful I will be. In that case, I will need to let my words rest on whatever reputation I have established here.