Institutional Method : Siblings' Assets

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Discus: Financial Aid and Scholarships: April - August 2003 Archive: Institutional Method : Siblings' Assets
By Easydoesitmom (Easydoesitmom) on Sunday, July 13, 2003 - 06:10 pm: Edit

I was looking over a financial aid form ( Institutional Method ) and I was shocked to see SIBLINGS' ASSETS as one of the financial aid calculations .
Questions : How much weight is placed on siblings' assets ? My college-bound child did not work as long as her sibling and she was not a saver , but her younger sibling is . Can I place the money saved in his own IRA ?
Will that IRA count towards one of his assets when he applies as a dependent child ?

By Momof2 (Momof2) on Sunday, July 13, 2003 - 11:03 pm: Edit

Are you working on the PROFILE form? If so, have you read the detailed (pop-up) instructions for this question? This seemed sort of a trick question to me. I believe it referred to parental assets placed in the sibling's name, rather than assets actually belonging to the child.

By Easydoesitmom (Easydoesitmom) on Wednesday, July 16, 2003 - 12:07 pm: Edit

So if the siblings' assets are in his own name ( and S.S. # )at the credit union , then it seems I don't have to worry about his account subtracting financial aid for his older sister ??? My 14 years old ( soon to be 15 ) has had a paper route , therefore , the savings . There is no way that this money belongs to the parents !

By Momof2 (Momof2) on Wednesday, July 16, 2003 - 05:53 pm: Edit

I remember we studied the pop-up PROFILE instructions intently on this one. As I remember, the question was under the Parents' Assets' Section and said something like "value of assets HELD IN THE NAME OF the student's siblings under age 19." Per their own instructions, we believe they meant parental assets we just placed in the kids' names, such as for tax purposes, NOT money from the sibling's earnings and gifts which righfully belongs to that child. Therefore, our answer was $0. My advice is to read the instructions very thoroughly and let your conscience be your guide.

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