<p>I had $1000 from work in my account in August. Next, I received a financial aid refund of $4000. Then I made another $500 from work during the fall semester. Now, Dec 30, I have $1500 in my account, after paying rent and food, etc.</p>
<p>I'm not supposed to count financial aid as part of my bank account balance. But how much do I say is from each?
Do they assume I spent my work money first,
so that all that is left is aid, since $1500 - $4000 = 0?
Or is my financial aid money spend first,
so that the full $1500 left in there is from work?<br>
Or do they assume a ratio,
so ($1500)/($4000+$1500) * ($1500) = how much remaining is from work?
Or is there a rolling chronological order to income and expenditures,
so my first $1000 was spent, but the more recent $500 is considered still in there?</p>
<p>I could just pay all my rent in advance, but that would not leave much for food and other expenses if I don't get my new aid when I need it.</p>
<p>And is it how much is in there when I file, or how much is in there Jan 1?</p>
<p>Thank you. </p>
<p>You start with that $4000 in financial aid refund that you received. That is the maximum amount you can say is financial aid money in your account if you didn’t take out a cent from the account, right? So then you look at your bank balances from that date on, and the lowest daily balance you have had between now and your filing FAFSA is your maximum financial aid balance as long as it does not exceed $4000. I you had a day when you had a zero balance, then that is the amount you can exempt. You assume that you take out all other money first, but once you dip into that $4K, you cannot replenish it. You can’t go below that $4k and then put it back in. Once it’s out, it’s out. So you look for your lowest balance. </p>
<p>It’s the amount in your bank account (and other places) on the day you complete FAFS minus your lowest daily balance since you put the money into the account.</p>
<p>You have less than $4k, so any remaining money is your FA. You spent your earned money first. </p>
<p>BTW…was any of that FA money from a loan? </p>
<p>Not necessarily remaining money. If at any point in time she had less in her account, and then added money , she can’t make it up. The instant she went under $4K in that account after putting the aid money in there, that becomes the new balance even if she put it back. </p>
<p>All of the aid in my account is from Stafford loans. It has been a steady decline with a few small spikes from work that soon were spent. The most recent spike is from reselling some textbooks, but that will soon be spent on my new textbooks.</p>
<p>OK. So the lowest point in my account that is lower than the financial aid is what I can claim as financial aid. If it goes down to $500, and then I make $500, bringing it to $1000, then I claim only $500 as financial aid. But if I spend $500, the remaining $500 is still all financial aid.</p>
<p>Thank you.</p>