So I a student at a Junior college, I have a account set up with my father and currently only have a around $2800 dollars in it, this a both checking and savings,. I don’t work and for the most part I received most of my money from FAFSA last year but I didn’t spend most of it, as I got books either on rent or PDF and college tuition is like $35 dollars after the California board of governers fee waiver. I worried resubmitting my FAFSA application will how much I have in my account affect how they determine how much I will receive
You report all money in your accounts on your FAFSA. If it is money from last year’s financial aid (loan or grants) you do NOT report it. However, you need to be able to show that it is from financial aid. If you received $2000 from FA that you didn’t use, was your balance always above $2000?
Well the account when made was the minimum balance type with $1500. They gave around $4200, I used around 1,200 I needed
If you received $4200 and spent $1200, then you should have $3000 left. You said you have $2800, so you have spent more than you think.
What you can’t do is have $4000 in the account and then spend $3000, and then replace $1000 with other funds and claim that you have $2000 from prior year’s financial aid. In this case, you’d have $1000 of FA left over, and you’d report the other $1000 in the account as an asset. Once you spend the FA, it’s gone and any new money in the account must be reported.