FAFSA and money in my bank account.

Paying for College
1

<p>I did some research with little to no help. I'm currently applying for FAFSA and I have $31,000 in my savings account. The money was a gift from my cousins out of country to my parents but it was more convenient to transfer money to my account. I was wondering would I lose out of my financial aid if I left that money in my savings account or should I transfer it to my parents?</p>

2

<p>It’s your parents money. Get it OUT of your account before you file FAFSA.</p>

<p>It will RUIN your aid chances since it will be considered money for college. </p>

<p>Deposit the money into your parents’ acct NOW.</p>

3

<p>You will be asked to pay 20% of it towards college and your parents 5.6%. it doesn’t mean you’ll get no aid.</p>

4

<p>The parents may not even be asked to contribute 5.6% if that amount is under the parent threshold. </p>

<p>Married parents have about a $45k protection in assets. If these parents don’t have much, then none of that money will be expected to go to college if the money is in the parents acct.</p>

5

<p>My parents are married and my older parent is 46. We also live in the state of NY and I go to college in the State in NJ. If possible, can you help me get the numbers? I’m seeing 44,500 but when I try to narrow it down and check a random college it said something like 17k.</p>

6

<p>Nobody will be able to figure out what you just said. What are you asking?</p>

<p>Are you a US citizen? Resident of NY, but looking for schools in NJ? What schools? What is 44,500? What is 17k?</p>

7

<p>Google EFC formula 2013 and you will get the link to the PDF of the actual formula itself. Print that out and work through it on paper. Then you will have a better estimate for your FAFSA EFC.</p>

8

<p>The family contribution is largely based on you parents’ incomes. Your asset would be tapped at 20% as noted by others. </p>

<p>Are you attending a Public or private university in NJ? If it is one of the NJ public universities, it probably won’t matter anyway as you they don’t meet full need for all students anyway. The $30k in your account will add $6000 (20% of that amount) to you family contribution.</p>

9

<p>just get the money OUT of your account . Period.</p>