<p>That is certainly how I understand it. My daughter has lived off campus since sophomore year. Her financial aid exceeds her direct school costs so the balance is refunded to her and she uses it to pay her rent, bills, and food. The money sitting in the bank at the time we file FAFSA is usually all from her financial aid refund (and from WS in the years she had WS). We do not report the money in her account that is from financial aid. </p>
<p>I don’t know about profile as she is at a FAFSA only school.</p>