<p>I am a nontraditional student. Both my children have saved up quite a bit of money and I was thinking about starting up savings accounts for them, but I am concerned if that money will then count as my assets since my name will have to be on it also (they are young children).</p>
<p>Should I just keep them saving outside of the banks so my financial aid is not affected?</p>
<p>Why would ‘saving outside of the banks’ have a different effect on your financial aid than saving ‘inside’ of the banks?</p>
<p>If the children’s SSN is on the account, it’s their money not yours.</p>
<p>Why would the money have to be in your account?</p>
<p>The OP probably needs to put an adults name on the account, just so someone else has access if need be, to take money out, etc. OP, could you ask a grandparent to be jointly on the children’s account, so your social would not be? My father is on both of my children’s accounts, but the balances are low. I am on my daughter’s checking in case she is not able to access her account for some reason and needs me to help her out, but we keep the account relatively modest - what college kid has a ton of spare cash, anyway?</p>
<p>Since the children are minors and minors cannot hold financial instruments directly, the accounts must be held by an adult for the benefit of the minor. The father’s name can be on the account as custodian. Since it’s the children’s accounts, it is their Social Security Numbers that should be on the account and they are the owners.</p>