<p>I don’t know where to put it because it is not technically a trust fund; it’s technically my parents’ money. Right now I have it listed in the explanation/special circumstances box.</p>
<p>If it’s your parent’s money, then shouldn’t it be listed as a parent asset?</p>
<p>Econ, if your parents control the RESP, then it is very similar to the US 529 ed plan in that it will be assessed as an asset at the lower (5.6% for FAFSA, for example) rate towards EFC. If, however, it’s a plan owned by a grandparent or someone else, that is in YOUR name, unfortunately you must report however much will be disbursed the coming school year – and it is treated as STUDENT income and reduces your “need” by about 50% of the amount.</p>
<p>So, if your grandparents opened it and it’s in your name, and they plan to give you $10,000 (just an example) for your first year, then you report that amount (or about a quarter of the value of the whole fund) as income you expect to receive toward your attendance at college. But it will impact your expected contribution by 50% or $5,000 for example.</p>
<p>For this reason many people transfer such accounts held by others to the student’s parents, who then claim the account as an asset at the lower percentage rate, I believe.</p>
<p>My grandpa has around 50k in an resp but it isn’t in my name. Again it is technically his money. Is that ok?</p>