"Enter the amount you have in cash, savings, and checking accounts as of today"??

Paying for College
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<p>I only have a checking account. Is it better if I don't have much money in there? What's the usual limit to how much I should keep in there so that it won't look as if I'm "well-off" and don't need financial aid? :/ </p>

<p>And how does FAFSA or Collegeboard check/confirm the total amount of money that I have? </p>

<p>P.S. By asking "as of today," does it mean the day I fill in the blank for that question--or the day I officially started on the application?</p>

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<p>FAFSA /College board- won't confirm, however it is standard in my experience, for the college where your child attends to request 1040 & W-2 forms and possibly additional information as well.</p>

<p>I have no idea what usual limit is- but it probably would be better to put down what you have left after paying bills, instead of the day before the mortgage is due.</p>

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<p>Federal</a> Student Aid - IFAP: iLibrary - EFC Formula Guide
Check out the formula, there is $40-$50k+ in asset protection, if you don't have more than that don't worry about it. If you do, pay bills first.</p>

<p>Also if you have the cash in excess of the protected amount and have consumer debt, pay that down first.</p>

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<p>I usually have around 500 dollars when i fill out my fafsa. For every dollar a student has in cash or in a bank account, your efc will be increased by 20 cents. I've always wondered if i could fudge this number, as it is always the only thing keeping me from a 0 efc and a full pell grant. . .</p>

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<p>Why is it so difficult to understand "today"?</p>

<p>It's a snapshot...a point in time...similar to a balance sheet. Put whatever the number is on the day you submit the FAFSA. Make it as low a number as possible.</p>

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<p>Remember, however, that asset protection if for PARENT assets only...not student assets.</p>

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<p>Yes, a snapshot, one you don't want to look good for. You aren't applying for a car loan, you are applying for financial aid. After you have paid the bills or the day before pay day is a good point in time. Unfortunately these days it isn't difficult to look destitute for many of us!</p>

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<p>I've asked my D to not submit her FAFSA until approx. Jan 30th, the day before my payday. That way my checking and savings accounts will be at the low point for the month. I'm also making a few needed big purchases now, sending extra to credit cards, etc. to get my checking as low as possible.</p>

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<p>Yup, I always wait to file until there's nothing in the accounts. YOu think if both checking accounts are overdrawn, they'll up the aid a bit? :-)</p>

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<p>Ahhh, I have about a little below 2k left in my checking account. I guess time to spend down some? >.></p>