A student’s assets will have a far greater impact on a family's eligibility for financial aid than their parents’ assets. An asset is essentially any money that you have readily available (such as money in a savings or checking account) or something that can provide financial benefits in the future, such as property or stocks.
- Student's assets count for more. Colleges will generally expect families to use up to 20 percent of the assets owned by a dependent student to pay for college. This is true even if the student's assets are funded with other people's money. On the bright side, a custodial 529 college savings plan owned by a student, where the student is both the account owner and beneficiary, is counted as a parent asset if the student is a dependent child.
- Parents' assets count for less. Colleges will expect parents to use up to 5.64 percent of their assets toward college.
- Protected Assets. The asset protection allowance was eliminated in the 2023-2024 FAFSA, which means all of a family's assets are taken into account in the federal aid calculation.
Parents’ vs. children’s assets The CSS Profile formula, which you’ll also see referred to as the institutional formula, assesses parent assets at 5% compared to the FAFSA’s maximum of 5.64%. The CSS Profile does not provide parents with an asset protection allowance. The institutional formula assesses child assets, which would include all custodial accounts, at 25%. The CSS Profile does require parents to share their estimated home equity on the aid application. What schools do with the home equity information will vary by institution, so at some schools, the chance of getting financial aid could plummet while at other institutions the odds wouldn’t be jeopardized even if a family were living in an exclusive zip code.
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