FAFSA last year applied

Paying for College
1

<p>Hi, first of all. I am new to this boards and well I would want some advice. This is my last year of college I will not continue school this is my last year. I won't reapply again for the FAFSA since this year will do it. Now my question is I have some left over funds and I want to start putting it on a savings account at the moment.</p>

<p>"Total current balance of cash, savings, and checking accounts. Include the balance of your (and your spouse's) savings and checking accounts as of the date the FAFSA is completed. Do not include student financial aid"</p>

<p>Now I quote that because it says to date I have already completed my aid back in March I already got awarded and all. Also it says do not include student financial aid, but either way I have a lot of left over saved from all the times I have been in college I also work for workstudy and live with my parents. I saved a lot basically not paying rent and I don't spend like crazy. Its crazy I guess I am very conservative and spend wisely in things I really need. Would there be a problem if I started to put the left overs of my last award to a savings account? I mean I don't want problems and if it does happen because I put my left overs in the bank I don't want deduction from my aid just because I saved the leftovers etc.</p>

2

<p>You’re in your last year of college now, so you’re not filing FAFSA this year. Why are you worrying about it? No, there’s no problem putting it into a savings account. Even if you were filing FAFSA, proceeds of student aid are not reportable assets. But, at this point, it’s a non-issue as the asset valuation is done as of the day you file FAFSA, subsequent changes in assets aren’t a factor.</p>

3

<p>Thanks for the reply. Well I applied this year (sorry for my confusion) being that next year 11-12 I wont apply again. I will be graduating on Spring of 2011. Will there still be an issue? By reading the last sentence and I agree that assets and money changes it shouldn’t be a factor right?</p>

4

<p>If you have already applied, there is no need to change asset valuation now unless you made an error on your original application. At no time are proceeds from student aid reportable…even if they’re in a savings account.</p>

5

<p>No errors on the aid I reported the little bit I have in my bank account. The thing is I have some left overs of my last aid check (not in my bank account) and some left over cash that I didn’t spend on the fall of 09. If I was to put that in my bank account within a couple of weeks would that be an issue? Thanks once again for the reply.</p>