<p>My entire checking account right now contains monies received from financial aid (grant& loan $). I use that money to pay for rent and personal expenses every month. When filing FAFSA this year, I'm require to declare total amount of cash, savings, checkings, etc. What should I do?</p>
<p>Can you pre-pay your rent?</p>
<p>You don’t report money that is from financial aid.</p>
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<p>As far as not reporting student financial aid… If you are receiving work-study money from a campus job, do you have to include those earnings if you have them in your bank account? Or are you just talking about student loan money? Thanks for any clarification you can provide!</p>
<p>Whoops. S1 reported the total in his checking account, which included the proceeds from his Stafford loan for the semester’s off-campus housing expenses. On the other hand, how to distinguish what’s from the loan vs. his job? Probably did not make a huge difference in EFC.</p>
<p>I believe work study money that is in your account is reported as an asset (right Swimcatsmom?) but money from grants or Stafford loans is not. To be honest, my kid never has much IN her account. She uses her W-S monies to pay bills.</p>
<p>sorry for not clarifying earlier, but my account is about 90% student loans and grants, 5% work study money, and 5% from working at an internship. I have about $2500 altogether right now. What do I declare and how will they audit this, if at all?? Thanks!</p>