<p>Does having a student checking account affect your Financial Aid. Would it increase your EFC? I'm a senior next year and with my job over the summer, Im thinking about opening up a checking account. But I'm not sure whether or not this is a good move in regards to the effects it might have on my EFC/ fin aid. Please help!</p>
<p>On the FAFSA, they ask you how much you have in your savings and checking accounts...If you have a lot in your checking account, it might hurt you but if you have like 10 dollars in it, then it probably won't.</p>
<p>Whether or not you have bank accounts will not matter. You should receive a 1099 or W-2 from your summer employer. You will be required to report the income on FAFSA. Might as well protect it in a bank account rather than keep cash at home.</p>