Fillable Assete Household Asset Information

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Assete Household Asset Information

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2019-2020 Household Asset Information or
Discrepancy Resolution Form
SECTION A: STUDENT INFORMATION
Student Name:
MC ID#:
Please complete all sections of this form before printing it for submission. This form is being requested to either a) collect
information that was not originally provided on your Free Application for Federal Student Aid (FAFSA) or b) to resolve
information that was submitted to our office that implies asset information should have been included on your FAFSA that was
not. The Office of Student Financial Aid (OSFA) may use this information to correct your FAFSA. If this form does not resolve the
discrepancy, the (OSFA) may request further explanation or documentation. If you have questions about completing this
form please contact the OSFA.
PLEASE COMPLETE ALL SECTIONS OF THIS FORM
INSTRUCTIONS:
Information provided on this form should be as of the date you signed your FAFSA.
• Student asset information should be included in the column labeled “Student/Spouse”. If the student is married as of today,
both spouses’ information should be added together and included in the column labeled
“Student/Spouse”.
• If parent information was included on the student’s FAFSA, the parent(s) whose information was provided on the FAFSA
should be added together (if necessary) and included in the column labeled “Parent”. If parent information is included, at
least one parent must sign this form.
• Additional information defining the terms used on this form and what is considered an asset are available on page 2 of
this form.
• If the answer is zero or the question does not apply, enter 0. Do not leave any question blank.
• Provide the values as whole dollar numbers - do not include cents.
SECTION B: ASSET INFORMATION
Student/Spouse Information Requested Parent
$
What was the balance of all cash, savings, and checking
accounts?
$
$
What was the net worth (see page 2) of investments, including real
estate? Do not include the home you live in.
$
$
What was the net worth (see page 2) of your current businesses and/
or investment farms? Do not include a family farm or family
business with 100 or fewer full-time or full-time equivalent
employees.
$
SECTION C: CERTIFICATION
I / We certify that all the information contained on this form is complete and correct. NOTE: If you purposely give false or
misleading information, you may be imprisoned and/or fined up to $25,000. I / We understand that this form must be signed and
submitted with all other requested documents before my financial aid will be processed. The student and parent must sign this form.
Electronic signatures are not accepted.
Student Signature (must be signed in ink)
Date
Parent Signature (if necessary)
Date
Montgomery College Office of Student Financial Aid
Germantown Rockville Takoma Park/Silver Spring
Phone: (240) 567-5100
FinancialAid@montgomerycollege.edu
SEE PAGE 2 FOR IMPORTANT DEFINITIONS
M
Office use only Code: ASSETE/ FA ASSET FORM EVEN
Office of Student Financial Aid
Phone : (240)567-5100
Email: FinancialAid@montgomerycollege.edu
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This page is for informational purposes only
DEFINITION OF TERMS AND WHAT IS CONSIDERED AN ASSET
Cash, Savings, and Checking means the cash-out value of all such accounts.
For example, if you were to withdraw all funds, how much would you have?
Net Worth means current value minus debt. If net worth is negative, enter 0.
For example, if you were to sell the asset (rental property, etc) and pay off any debt associated with the asset
(outstanding loan balance, etc), how much would you have left over?
Investment Value means the current balance or market value of these investments as of today.
Investment Debt means only those debts that are related to the investments.
Investments include real estate (do not include the home you live in), trust funds, Uniform Gifts to Minors
(UGMA) and Uniform Transfers to Minors (UTMA) accounts, money market funds, mutual funds, certificates
of deposit, stocks, stock options, bonds, other securities, installment and land sale contracts (including
mortgages held), commodities, etc.
Investments also include qualified educational benefits or education savings accounts (e.g., Coverdell
savings accounts, 529 college savings plans and the refund value of 529 prepaid tuition plans). For a student
who does not report parental information, the accounts owned by the student (and/or the student’s spouse)
are reported as student investments. For a student who must report parental information, the accounts are
reported as parental investments, including all accounts owned by the student and all accounts owned by
the parents for any member of the household.
Investments do not include the home you live in, the value of life insurance, retirement plans
(401[k] plans, pension funds, annuities, non-education IRAs, Keogh plans, etc.) or cash, savings and checking
accounts already reported in the previous question. Investments also do not include UGMA and UTMA
accounts for which you are the custodian, but not the owner.
Business and/or investment farm value includes the market value of land, buildings, machinery, equipment,
inventory, etc. Business and/or investment farm debt means only those debts for which the business or
investment farm was used as collateral.
Business value does not include the value of a small business if your family owns and controls more than 50
percent of the business and the business has 100 or fewer full -time or full-time equivalent employees. For
small business value, your family includes (1) persons directly related to you, such as a parent, sister or
cousin, or (2) persons who are or were related to you by marriage, such as a spouse, stepparent or sister-in-
law.
Investment farm value does not include the value of a family farm that you (your spouse and/or your
parents) live on and operate.
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Assete Household Asset Information

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Completed 7 April 2020

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