<p>my efc was 0 for this school year. after receiving some scholarships and grants, i ended up with about 1500 left over from tuition and housing plus another 1,000 from family as a graduation gift. i currently have them in a savings account to earn interest.</p>
<p>i also am doing work study so i use the money i make there to pay for monthly expenses.</p>
<p>i was wondering if having all that money in my savings account will affect my efc next year since fafsa ask how much money you have in your account?</p>
<p>also, i have a subsidized loan. should i pay that off all at once or just and make monthly payments after i graduate? (Which option will yield a higher credit score?)</p>
<p>Having $2,500 will cost you $500 in lost financial aid as your money will be assessed at 20%/yr. Making loan payments are good for your score and the first $2,500 of interest is tax deductible.</p>
<p>For this question:
"What is the total current balance of your cash/savings/checking accounts?"</p>
<p>FAFSA says:
"Do not add student financial aid into your account balances."
(from FAFSA on the web)</p>
<p>So, if you had non-work study earnings or gift money in a savings account, that would have to be included on the FAFSA. If you had grants, loans or work study money in a savings account, that portion would not have to be included.</p>
<p>That is how I understood the instructions (someone, please correct me if I am wrong).</p>