Do funds in the custodial account affect eligibility for financial aid of the beneficiary?
Yes. A Custodial account may impact an application for college financial aid.
If the student owns the account, it counts toward their own net worth. If their legal parent(s) own the account, it counts toward the net worth of the parent(s).
For more information on filing a FAFSA, refer to the Federal Student Aid website.“Kids Portfolio” is a custodial UGMA / UTMA account. Money in a custodial account is the property of the minor. This type of account is a Non-Discretionary Managed account.
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