I have $7k in my check in student account.
Will it affect the amount of grant i receive?
And will transferring this amount to my parents account help me in this case?
Are you filing FAFSA right now? Yes, it will most likely affect your EFC unless you are Automatic $0 or Simplified Assets - OR if you won’t qualify for a Pell grant anyway.
It all depends on other parts of your FAFSA, how much your parents make, have in assets.
Much depends on what your parents earn. If it’s low enough, then your assets won’t count.
You can put the money into a 529 account and then it counts as a parent asset.
You can also give the money to your parents and then they use the money to pay for your expenses. However, if your parents are low income, then it may be difficult for them not to use the money for family needs.
Maybe it’s best to open a 529 if your assets would count.
Wait…what is that money from? Is it from a grant or school loan? If so, then it doesn’t count.
You can put that money anywhere you want…but it is still YOUR money…but…
If it goes into a 529 it will be assessed for FAFSA purposes as a parent asset at 5.6% of its value. If you keep it in your account.,.20% of its value.
But you may be doing this song and dance for no good reason. The fafsa EFC is based largely on your PARENT income.
If younare a HS senior now…it’s getting a little late to apply for aid.