<p>I am an independent student whose FAFSA was selected for verification. On the forms I recieved from my school it asks how much I had in cash/bank accounts/assets at the time I filled out my FAFSA (1/30/2010). Because of my income I was not even required to enter this information . . .</p>
<p>My question is do I need to go back in my bank records and find out how much I had in my checking account on 1/30/2010? I proabably had two or three hundred dollars. Since this is different than what I put on my FAFSA (I didn't put anything because I wasn't required too) will my aid be reduced? </p>
<p>They may adjust your FA package in light on the monies you had in your account…and…it may support the fa package they plan to give you based on what you originally posted. Before putting anything “down” contact your schools FA office for clarification…you might approach it by saying something like…You appreciate their efforts to help you with FA, and that you have received this request. You want to know what information exactly they are seeking. Explain that you felt you had answered correctly, and are happy to assist…then listen…your interpretation of what they are seeking may not be what they actually are looking for…G’Luck! APOL-a mom</p>
<p>Yes, put it on the form. You are being asked for it, so there is a reason. I assume this is a FAFSA-only school. If, after verification has been completed, you are still eligible for automatic 0 or simple needs formulas (the two that allow you to skip assets when completing the FAFSA), the money in your bank account will STILL be ignored. However, if you end up in the regular formula because you answered something incorrectly (it happens all the time with the "are you eligible to file a 1040A/1040EZ, by the way!), they won’t have to come back & get the info from you. They are avoiding hassles by requesting the info up-front, most likely. I think it’s a great idea. I really detest the fact that students can skip the asset info, because too often it results in an unofficial EFC & we have to go back to get the info. If we don’t need it we ignore it, but it is much easier to have it in the first place!</p>
<p>This thread is relevant to the two other similar recent threads and Kelsmom’s post is useful.</p>
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<p>I wanted to clarify. If we qualify for the automatic 0 EFC, then we get to skip the “student’s assets, cash, savings account, and checking account” question, right? </p>
<p>I already know that we can skip the “parents’ assets, cash, savings account, checking accounts” question if the parents’ AGI is below $57,000.</p>
<p>Actually, it’s if your parent income is less than $50,000 AND you meet one of the other requirements (eligible to file 1040A/EZ OR dislocated worker OR someone in the household has received federal means tested benefits within the past 24 months).</p>
<p>Yes, student assets can be skipped if it’s auto 0 formula. Note that some state scholarship/grant programs require you to report assets … if your state is one that does, you may be required to report assets regardless of formula.</p>
<p>Would you happen to know if California (more specifically the CAL Grant) requires the students to report assets? Also when you mean “assets” do you mean just property that the student owns like cars, etc. or do you mean anything in general that the student owns like car, property, cash, savings account, and checking account?</p>
<p>I am not at all familiar with Cal Grant, although I know someone will answer that.</p>
<p>Assets include cash, money in the bank, savings bonds, stocks, bonds, real estate, mutual funds, CD’s, that type of thing … it’s spelled out in the FAFSA directions. It doesn’t include qualified retirement funds, primary family residence, or “things” (such as cars, diamonds, boats, etc).</p>
<p>What is my household size if my parents are still living at home, my brother is in college, I obtained a BS degree from college and I’m 22 years of age but I am still depending on financial support from my parents, and there is no one else living in my parents’ house or depending on my parents for financial support?</p>
<p>Is the household size 3 or 4 for my brother when he fills out the FAFSA? </p>
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<p>Having prior bachelors degree is an issue. Are you 2nd undergrad degree, post bach degree, or graduate student?</p>
<p>I do not yet have a Bachelor’s degree. I may have a BS degree if I decide to graduate Summer 2011 (in 3 years), but I haven’t decided if I want to take a 4th year or not. I am a 3rd year right now without a BS. Can you give me answers based on 4 different scenarios on whether or not I would be counted as a 4th person?</p>
<p>A. I have a BS, but I am unemployed, I stay at home and receive support from my parents, I’m 22 years old.</p>
<p>B. I have a BS, I go to graduate school but I still live with my parents and they support me and I’m 22 years old.</p>
<p>C. I have a BS, I go to graduate school out of state, 22 years old</p>
<p>D. I have a BS, I make $45,000 per year, live with my parents, 22 years old</p>