I have not filled out a FAFSA in years. I am going to be filling one out for the next school year, as a graduate student. I already started a form and briefly went through it. I had thought FAFSA takes into consideration your assets, savings balance, checkings balance? But I did not see this information being required on the FAFSA form.
It’s there…under student assets.
Question 41. But if you’re completing the form online, I think that skip logic may pass over that question for you if you qualify for the simplified needs test.
Ahh thanks. I missed that.
Do you guys know how much savings and checkings affect FAFSA aid determination? I have a decent chunk saved for purchasing a car, that I plan on doing during the summer. However, that would be after FAFSA’s deadline. Perhaps it would be more strategic for me to make the car purchase prior to submitting my FAFSA application?
Yes, that would be true, as far as financial aid is concerned.
^Does the EFC matter if there is no need based aid for grad school, only loans?
Well…this is grad school. Most aid for grad school is merit based and is based on the strength of your application, and the schools desire to have you in their cohort. It comes on the form of fellowships, assistantships, scholarships. Grants, tuition remission, sometimes work study, and loans.
Grad school financial aid is not based on financial need in most cases.
But grad students need to complete the fafsa if they want to take out unsubsidized Direct Loans.