<p>Agree, no downside as long as unexpected expenses don’t crop up! You mention that he’s an independent, so I’m assuming that means living off campus and having a vehicle. If so, he should plan to keep something as an emergency fund. Also, there are usually extra expenses in senior year - graduation, interview expenses (and wardrobe), moving expenses, GRE/grad school applications, etc. Make sure he has a plan or resources to cover all that and is not underestimating those!</p>
<p>If the money in the bank is the result of financial aid refunds, it should not be reported as an asset for FAFSA.</p>