joint tendency???

[theunc31]

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So I'm not sure how technical this is or if anyone has run into a similar situation, but here it is. I will be applying to medschool for 2006. My mom has something called a "joint tendency" with my name/ssn on it. Although it is her money, I was wondering if I would have to claim it as an asset on a FAFSA application. My parents are not paying for medschool for me, and my mom doesn't want to have to spend the money in this account. Any help would be greatly appreciated.

Thanks,
theunc31

 

[mpp]

I think you mean 'joint tenancy'. And yes, legally, it is money that belongs to you, so you must report it on the FAFSA. However, you don't technically have to spend any of the money you report on FAFSA...you just need to report it.