<p>When filling out Fafsa it asks for balance of checking accounts (kids and parents) as of TODAY. What if the money is earmarked for property tax, car insurance, etc and will be different in a week? Do you just put what will be in there when you pay off your immediate bills? My d has 2800 in her checking account, but will be paying for her car insurance in a couple of weeks (1200). Do they force us to empty accounts for the day we are filling out the forms? Will they be able to check?</p>
<p>Ooo, good question! I don’t have an answer for you unfortunately, but have you talked to your guidance counselor or the college financial aid representative? I am sure they would be able to give you an excellent answer. I don’t know if this helps or not, but Good luck!</p>
<p>They don’t check based on the day you fill out the form. In your daughter’s situation I would put down 1600. It is just a rough estimate of cash on hand…they know it is not all just sitting there to pay for college. What is being looked for is a situation like my sisters where she has a six figure amount in her bank accounts due to the sale of a home and she will not be buying another. She will take a hit for having that much cash.</p>
<p>It is supposed to be the balance as of the day you file FAFSA, not adjusted for future expenses. Just tell her to pay her insurance before you file.</p>
<p>Yes, we have a separate checking account for bill paying where money goes in at the beginning of the month and all flows out by the end of the month, then money comes in and then it flows out and so on. I do the FAFSA toward the end of January every year. I don’t think they can check, but I generally make a screen shot of everything I pull on-line when I fill out FAFSA (or CSS) and put it in a file just in case. Timing it makes my responses legitimate and satisfies my personal ethical/moral center.</p>
<p>Schools COULD ask you to get verification of the amount in your account on the day you filed the FAFSA. I haven’t done it lately, but years ago I had to ask someone for that … when times were different & most people with high incomes & lots of interest income actually really DID have savings.</p>