<p>I find this on the college board calculator and in the CSS PRofile. what is a trust ?</p>
<p>a relative put some money into a money market mutual fund in the name of my son and she is named the custodian of it. she has full control of the acct. I could not even get any info on it, nor cd my son I was told - only the custodian ( I wanted to find out the current value of it). </p>
<p>Is this money market mutual fund considered a trust?</p>
<p>No, it’s an asset of your sons.</p>
<p>thanks. So the value of this mutual fund might go in question
?</p>
<p>You WILL need to list the current value of this account on the financial aid forms. it’s an asset that is your child’s.</p>
<p>Could be a 529 ( a trust). I think you would need to know who is the owner. </p>
<p>The relative could be the owner and your son the beneficiary-you would not need to report this. </p>
<p>The relative could be the custodian under a UGMA with your son as the owner/beneficiary- son would need to report this.</p>
<p>My guess that its a 529 because, the relative could be in a state that gives a tax credit/deduction for a limited amount of annual contribution.</p>
<p>if something is a 529 , would it say on the statement ‘529’?</p>
<p>I do not see ‘529’ on the stmt, but it does have the following info…</p>
<p><relative name=“”> CUST
<son’s name=“”>
IL UNIF TRANS MIN ACT
</son’s></relative></p><address of=“” relative=“”><p></p>
</address>
<p>That’s a UTMA which will become your son’s when he turns 21. It’s reported as a student asset.</p>
<p>vballmom…somewhere the OP said he could not get the value of this UTMA account. Won’t he need to put the value of that on the Profile?</p>
<p>Yes, he’d need to get the value from his relative. It probably seemed a good idea to create this account at the time, assuming it was set up years ago, but for financial aid it’s problematic. There’s a place at the end of the CSS for notes - he could give explanation there as to the availability (or lack thereof) of the funds in that account.</p>
<p>For funds in the student’s assets, what pct of the value does the college assume it would take -and add to the EFC - for its costs?</p>
<p>FAFSA calculates that 20% of a student’s assets are available and adds that to the EFC. If the student has $10,000 in a UGMA/UTMA, it will add $2000 to the total EFC.</p>
<p>And to add to the above…Profile schools will consider that UTMA account also. The amount they assume to be contributed probably varies by school.</p>