Any money in your bank account that was financial aid money is not reported on the FAFSA for upcoming years.
There is no spot on your IRS tax return for bank account balances. The only reference to your bank account money is any interest you received from your financial institution in excess of $9.99. I doubt that you will get that mich interest on this account.
This money is financial aid surplus money, right?
Just make sure you keep good records of your actual college expenses, financial aid awards, etc. start a file, and keep the paper copies of these.
You do not need to spend the money now of it is financial aid surplus money. That is not counted on your future FAFSA.