<p>I am a rising senior who will be going to college next year. Now, I have a job that pays pretty well, and with that comes a dilemma. I do not currently have a bank account under my own name. Now, in the new USNews College issue, there is brief mention of the fact that it is harmful (in regards to financial aid) to have a bank account with a large sum of money in it under the student's name as the expected student contribution % is far higher than that of parents. So what should I do? Will it really be that harmful for me to have a bank account with a decent sum of money in it? If so, what is the alternative?</p>
<p>I haven't heard that, but I guess it could be true. If colleges do check, you should be fine as long as you don't have like $10,000 in it.</p>
<p>yea lol I'm opening my own account but it will not have a large sum of money in it because I don't make that much and most of my money is going towards my school trip to France next summer. </p>
<p>Like apmcavoy said, if you have a lot (I'd say from $5,000 up) then I would put it under your parents' name(s).</p>
<p>yes- dont do it because colleges will take ALL money that is in the bank under your name, figuring the only expenses you have are college-related. however they only take a percentage of money from parents' accounts. i dunno this is what my dad told me</p>
<p>Colleges expect students to contribute at least 50-70% of his or her savings account. </p>
<p>Which is why my bank account currently has $10.63 in it (paid for trip to France and Germany this summer). And when my aunt out of nowhere mailed me a $1500 check (shocked the crap out of me), we deposited it in my parents' account.</p>
<p>I think it depends on the individual school...definitely they'll take more of your money than your parents' though. I guess you have to decide personally if it's worth it to you.</p>