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Parental Asset Information 20172018 Academic IW Financial Aid Office Donaldson Campus 1115 N. Roberts Helena, MT 59601 Phone: (406) 4476916 Fax: (406) 4476397 financial aid helenacollege.edufinancialaid
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How to fill out parental asset information
How to fill out parental asset information
01
Gather all necessary documents related to your parental assets, such as bank statements, investment statements, property deeds, and retirement account statements.
02
Start by identifying and listing all the different types of assets your parents own. This can include cash, savings accounts, stocks, bonds, real estate, vehicles, businesses, and retirement accounts.
03
Once you have a comprehensive list of assets, gather the current market values or appraisals for each asset. This information may be found in the respective account statements or by consulting with a professional appraiser.
04
Provide details on any outstanding debts or liabilities associated with the parental assets. This could include mortgages, loans, or outstanding balances on credit cards.
05
Fill out the necessary forms or sections on the parental asset information document provided by the relevant institution or organization. Follow the instructions carefully and ensure all required fields are completed accurately.
06
Double-check all the information you have provided to ensure its accuracy and completeness. Make sure you have included all pertinent details, such as account numbers, property addresses, and contact information for financial institutions.
07
Submit the completed parental asset information form to the intended recipient. This could be a financial adviser, tax professional, government agency, or educational institution, depending on the purpose for which the information is required.
08
Keep copies of all the documentation and forms submitted for your own records. This will help in case of any future inquiries or verification requests.
Who needs parental asset information?
01
Parental asset information may be required by various entities or organizations, including:
02
- Educational institutions: When applying for financial aid or scholarships, the institution may request parental asset information to assess the family's financial need.
03
- Government agencies: In order to determine eligibility for certain government benefits or assistance programs, such as Medicaid or subsidized housing, parental asset information may be required.
04
- Financial institutions: When applying for loans or mortgages, banks and lenders often require detailed information about parental assets to assess creditworthiness and determine loan terms.
05
- Tax professionals: Parental asset information may be necessary for accurate tax preparation and reporting. It helps in determining taxable income, deductions, and potential capital gains.
06
- Estate planners: When creating a comprehensive estate plan, parental asset information is essential to ensure proper distribution of assets according to the parents' wishes.
07
- Insurance companies: Some insurance policies, such as life insurance or long-term care insurance, may require parental asset information for underwriting and determining coverage limits.
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What is parental asset information?
Parental asset information is the details of assets owned by the parents of a dependent student that are required to be reported for financial aid purposes.
Who is required to file parental asset information?
Parents of dependent students are required to file parental asset information for financial aid purposes.
How to fill out parental asset information?
Parental asset information can be filled out online or on paper forms provided by the financial aid office. It typically requires detailed information about the parents' assets.
What is the purpose of parental asset information?
The purpose of parental asset information is to assess the financial need of a student and determine their eligibility for financial aid.
What information must be reported on parental asset information?
Parents must report details of their bank accounts, investments, real estate, and other assets owned when filling out parental asset information.
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