^^ They do if the balance is ever over $10,000 even for a day. See Schedule B.
They also have to report any income from those foreign accounts. US Citizens report ALL worldwide income. If they rent out that foreign property, that income has to be reported to. I’m sorry your questions might open a can of worms, but you don’t want to be part of fraud - either with financial aid or with taxes.
I just glanced through the online FAFSA PDF. I don’t see a section to report foreign assets? Am I mistaken? I’m confused now.
There is no separate section or questions for “foreign” assets. All assets of the same type are reported together: cash, savings, and checking accounts are reported by the student in question 41 and the parent(s) in question 90; certain investments, including real estate (but not the student’s primary home) are reported by the student in question 42 and the parent(s) in question 91; the net worth of certain businesses and/or investment farms are reported by the student in question 43 and the parent(s) in question 92. These assets are reported here even if they are “foreign” assets.
Foreign assets are reported with the amounts converted to US dollars at the exchange of the day that the FAFSA is completed.
Assets are assets…doesn’t matter if they are foreign or not!
Update: After disclosing all of the important information that I discovered through everyone who was nice enough to comment on this thread, my parents have agreed to hand over all the information (documents). Once again, thanks a lot for your help, everyone!
If your parents are concerned that they cannot afford to pay your efc, you may need to apply to colleges where you have a good chance of receiving enough merit$ to exceed your need annd reduce your efc. If you need suggestions, you could start another thread.