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41. Total current balance of cash, savings, and checking accounts. Include the balance of your (and your spouse's) savings and checking accounts as of the date the FAFSA is completed. Do not include student financial aid
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According to this, I obviously do not include financial aid.</p>
<p>The thing is, if I enter a number, and they check my account info, how do they know what is my earned income money and what is left over financial aid money?</p>
<p>I mean, say I have $500 in accounts, but I enter $100 on the FAFSA. How would they know I am not lying and what would they think? What effect does this do in the grand scheme of things?</p>
<p>I am sure it is one of the more significant questions. I have an idea of the answers, but I want to hear others.</p>
<p>Why do you have financial aid money in your account? Perhaps you should use it for whatever it's intended for. You could buy groceries or pay rent in advance (if it's for living expenses)...or pay tuition for next term now (if it's for tuition expenses).</p>
<p>It asks for what amount you have in your account as of the day you sign and submit your FAFSA. So it is just a snapshot.
In other words those amounts fluctuate on a daily basis. I have Direct deposit of my paycheck, which significantly increases the amount, but we pay all of our bills out of the acct which brings it down to 200 dollars. I make sure I put down the true amount that is usually in my acct at the end of the day.</p>
<p>I don't think that is the money amount that makes a big difference. It is your salary and investment accounts that is where the bulk of your assets are, true? That is where you need to be more accurate.</p>
<p>Thumper--the student might well have FA money in their account for living purposes. It's not necessary to pay it out ahead of time; the question assumes one might not have. I believe one should just follow the instructions as asked, and assume they understand that the student will subtract money that came from FA, as instructed to do so, thus there will be a difference, which as was stated above, is just a snapshot.</p>
<p>My DD had financial aid money in her account, but living off campus her rent was not being prepaid. Her financial aid officer said to deduct the amount of the financial aid deposit.</p>
<p>So, assume you get a deposit of $2000 in January and you have $2100 in your account, you would report $100 as the value. I always printed a copy of the online stmt which showed the total value and the finaid deposit</p>
<p>^^ My daughter is the same. She lives off campus and she receives a check for excess scholarship/grant money and also twice monthly checks for her WS earnings. These are used to pay monthly expenses such as her rent, and bills, and food. She does not prepay these expenses. Any money in the bank from these are not reported as part of her assets. Money left over from her summer earnings (Har Har) would be I suppose.</p>
<p>Thanks for the input. More is always welcome.</p>
<p>I was thinking that FAFSA would see left over financial aid money in an account as reason to give a student less in the future. In a sense, a way to give enough to cover expenses for everyone but not so much so that people "sit on excess help." In short, FAFSA gives a student a higher EFC.</p>
<p>I personally do not do this; however, I am careful of where and how I spend my financial aid, hence my situation.</p>
<p>To be on the safer side, I think I will do some spending this weekend, cover some expenses, and go from there with a lower balance. It shouldn't be too bad, I hope.</p>
<p>Again, Psych, they don't assume the money is "left over." Many students, especially those who live off campus, will be spending the money throughout the semester on legitimate expenses, and the FAFSA form acknowledges that.</p>