FAFSA Question: Do you have to report the amount you have in your college checking account?

Paying for College
1

I’m currently on the “Student Financials” portion of the 2021-2022 FAFSA.

“As of today, what is your total current balance of cash, savings, and checking accounts?” I’m not sure what to answer for this question.

Since I was going to be a first-time college freshman in Fall 2020, my mother opened a college checking account for me with our go-to bank in early May of this year. Her name is on the account along with mine. She deposited over $4k and I recently received a financial aid refund from my college of around $1k, so the balance is at around $6k.

Do I have to report that amount of ~$6k for that question? My name IS on the account, but so is my mother’s, and technically the $4k in there is also hers; I don’t work, either, so I don’t file my own taxes and also have no income of my own. I am a dependent student.

As for the college refund of $1k, I clicked the question mark next to the question and it took me to this page: https://studentaid.gov/2122/help/student-cash-savings-checking . On that page, it says “don’t add student financial aid into your account balances.” Does the $1k refund still count as student financial aid I don’t have to report (if I have to)?

2

If your mother is a custodial parent, one of you will have to report on FAFSA the money in the checking account that didn’t come from a financial aid refund. You and your mother need to figure out how much of that $4,000+ is yours and how much is hers, and report it accordingly.

3

Agree with @BelknapPoint

The $1000 financial aid refund doesn’t get reported. The other money does get reported and you need to figure out who it really belongs to.

As an aside, you could have also opened your own checking account in your own name. Most banks have a college student account option. But in terms of reporting the money…it doesn’t matter who has the account. It matters whose money it is.

4

You only need to disclose the balance amount on the day you file FAFSA. Its a snapshot in time. If you have $50 today and file FAFSA and come into $5k tomorrow it doesn’t get disclosed.

5

@FriendoftheDevil

You have to report the asset amount as of the day you file your financial aid application…unless you have spent the money or given it away.

If this student removes the $4000 from the checking account and puts it in a jar, it still needs to be reported.