<p>Well-- hiding assets in that manner might be fraud, so I wouldn't do it. You'll have interest 1099's on record for your savings accounts, and that will raise a red flag if you show no assets (aside from the ethical argument).</p>
<p>Consider spending down on necessary college expenses before filing FAFSA, or legally sheltering some of these assets in a 529 college savings vehicle that can be assessed as a parental asset, since they have an asset protection allowance, and also get assessed at a much lower rate.</p>