I’m filling out the FASFA and it is asking about my assets. I’m really broke and I’m use to putting down pretty low numbers but I took out a loan this semester and a good chunk of it is in my checkings/savings for use as payments for my housing. It seems weird that I would report this as money that I have because it’s just my loan. Can I report how much money I have not including this amount? Or will they see that as fraud? It just seems strange that I would get LESS student aid even though I am more financially stressed which is why I had to get the student loan.
The reason I am concerned is that technically I have money in my checkings and savings because of that student loan since what wasn’t used by the school was given to me. Will they understand that the money in my account is from a loan?
The FAFSA ‘help’ button tells you to exclude any proceeds from student loans or other aid. Follow the instructions and you’ll be fine.
What isn’t okay is to spend that money and replace it with income or other funds. If you received $3000 in Sept, spent it but got $3000 as a gift in Oct, you do have to report that second $3000. Some people keep the student loan money in a different account but it is not required.