If grandparent owned UGTM was "spent down" this year is it listed as "other payments"

Paying for College
1

<p>Grandparent set up UGTM a long time ago, then changed strategies before it got very large. Account was mostly “spent down” last year on testing etc. Total spent was around $1790 and about $585 remains. Where is the spent amount listed on FAFSA/Profile. Is remaining amount listed as student asset? Grandparent is the custodian of the account.</p>

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<p>It is not “owned” by the grandparent, it is owned by the child.</p>

<p>So the amount spent does not get reported anywhere, because it is legally the child spending his own money.</p>

<p>If there were profits on any of the funds that were spent, this is income to the child.</p>

<p>The balance is counted as a student asset.</p>

3

<p>Thanks! That is a very clear answer - now to go back and change my forms! I appreciate it.</p>