<p>Hello
If I $4000 in savings/checkings account can this affect my financial aid, this is not my money It's my mother but she ask me to save it in my account.</p>
<p>Help me
Thank you</p>
<p>Yes it can. It’ll effect your financial aid more in YOUR account than if it were in your mom’s account where it belongs (since it’s her money.) $4000 isn’t so much that you’ll not qualify for financial aid but if you are in the position were every penny counts, you want to make sure that money is counted as your mother’s savings… not yours. </p>
<p>Before you file FAFSA take the money out, hand it to your mom, then it is clearly “hers”, then after you file FAFSA, you can put it back in your account to save for her. </p>
<p>Um…if the money is in YOUR account,it’s your money. </p>
<p>Why in the world are you holding $4000 of your mom’s money? Give it back to her…tomorrow!</p>
<p>There might be a garnishment order against his mother’s account or some other reason she doesn’t want to co-mingle the money with her other funds.</p>
<p>If the money is hers, she’ll need to declare it on the FAFSA filing day whether it is in her hand or in an account</p>
<p>She probably put it there before submitting FAFSA for OP’s older sibling. ;)</p>
<p>^^
Doesn’t sound like the mom has enough assets to affect FAFSA EFC.</p>
<p>Give the cash money to mom right before you file FAFSA, she’ll list it as HER asset (no biggie there), and then after you file FAFSA, she can hand it back to you and you can put it back.</p>
<p>It’s not your money so you shouldn’t have to declare it as YOUR asset, so try this work-around.</p>