<p>Say one has a checking account with say $2000 on it, but it is a joint account with one’s legal guardian, as in many states, minors cannot open checking accounts themselves. Will FAFSA and individual colleges count this money differently than they would money that was merely on a guardian’s bank account, without your name being attached to it?</p>
<p>Forgive my painful ignorance of the Financial Aid process. Are there any good “one-stop” resources I can use?</p>
<p>If account is actually for the minor, then the money is claimed as being the minor’s for FAFSA.</p>
<p>As to one stop resource for FAFSA process: buy book How To Pay for College Without Going Broke by Kal Chany published by Princeton Review. Its updated every year.</p>
<p>So would cashing that money off the checking account before filing for FAFSA and proverbially putting it under one’s mattress be a good idea?</p>
<p>Do you need a good laptop or other essentials for college? Making those purchases prior to filing your FAFSA would be a good financial decision (IMHO). FAFSA will count any checking/savings money <em>on the day you file</em>, so making college purchases ahead of time and getting that money out of your name will benefit you in the long run.</p>
<p>If the account is in the parents name it is the parents asset. Plain and simple.</p>
<p>Whoever gets the 1099 where the interest is reported, is the owner of the account. Whoever pays the taxes on the interest and dividends (if any) is the owner of the asset.</p>
<p>If the amount of $$ in this account changes around the timeframe of FAFSA prep, then the amount of $$ inthe account is what is reported on the FAFSA on the day the FAFSA is filled out/submitted. </p>
<p>Cash is a funny thing. It is EXTREMELY liquid. As such, cash flows…</p>