How Should U.S. Savings Bonds Be Input on the FAFSA Form?
Filling out the FAFSA can qualify students for financial aid for college or graduate school.
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The free application for federal student aid, or FAFSA, allows the federal government, as well as colleges and universities, to determine how much assistance a student qualifies for. When filling out the FAFSA, you need to include the current value -- not the face value -- of any savings bond you have as an investment asset. If the bond is registered in the child's name, it counts as an asset owned by the child for FAFSA purposes. If it's owned by the parent, it gets reported as a parental asset, which has a lower impact on the student's potential aid.
Look up the current value of the savings bonds using the Treasury Department's website. You need to know when the bond was issued and the type of bond to figure its current value.
Step 2Add the current value of any savings bonds held in the child's name to the child's other investment assets, such as stocks, bonds and mutual funds. Report this total as the amount of the student's investments in response to question 44 on the FAFSA.
Step 3Add the current value of any savings bonds held in the parent's name to the parent's other investment assets, such as stocks, bonds and mutual funds. Report this total as the amount of the parent's investments in response to question 88 on the FAFSA.
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Based in the Kansas City area, Mike specializes in personal finance and business topics. He has been writing since 2009 and has been published by "Quicken," "TurboTax," and "The Motley Fool."