Will Financial Aid office ask me about my my own assets?

Paying for College
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<p>Filed the coming year's FAFSA a while ago. My parents had an AGI of around 19300, and filed a 1040A. I guess this qualifies me to skip questions about my(the student's) income and assets. I had no income this year, but I have a bit of assets. Around 10 grand in the bank, all from previous years' Financial Aid (all grants).</p>

<p>I found it kinda funny that they didn't ask about my assets or income. When it comes time for my school to process FAFSA's, will the school ask me about my assets? And if they do and I tell them about the 10 grand from fed/state grants I have in the bank, will that dramatically increase my EFC? In other words, is saving Financial Aid money penalized?</p>

<p>I go to a California community college and the cost to attend these colleges is minimal. My plan was to pile up financial aid I got from attend community college and spend it all on housing and such when I transfer to a University of California. I'm worried this plan might not work out as well as I thought it would... =/</p>

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<p>Your parents qualify for the Automatic 0 EFC formula. That is why no other information is required.</p>

<p>Some colleges may ask for student information, but I don’t think UC does. Others here probably know the answer to that question.</p>

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<p>One word of advice - check the tax code. I believe that you must report and pay taxes on (depending on income level) of all grant money that exceeds your true costs of attendance. Any moneys you “bank” may very well become taxable.</p>

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<p>Oh, man, I missed that. Yup, sounds like OP may owe some federal & possibly state taxes. Check the tax code (federal & state).</p>

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<p>I would rephrase that to whatever grant aid exceeds qualified expenses instead of exceeds COA. Just so the OP isn’t confused what they would and would not be taxed on :)</p>

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<p>That is true … but if OP reads the publication, that will be clear.</p>