FAFSA issues

[LIVINGWONDER]

When I fill out a FAFSA, and state my bank account, will a lot of money in my bank account hurt my chances of borrowing for my tuition. Here's the deal I have a lot of money in my savings account because of some land we sold. The money is in my savings under my name but we don't intend on spending it. So when I reveal it on FAFSA, will it affect the amount of money I can borrow. I was hoping to borrow the full amount of my tuition as well as some for food and living expenses. Will I get less now because of my savings account. Again any help would be appreciated. Thanks.

 

[SetaSouji??]

Yes it will.

 

[Nesagwa]

Yes it will.

To expand, anything (and I mean ANYTHING) that counts as income will put you in a higher bracket with the FAFSA and limit how much you can borrow and how much PELL grant you can receive.

Dunno how old you are, but anything your parents make will also bump you up if they make a certain amount and if you're still a dependent (under age 25 in most cases unless you can prove otherwise.)

 

[abasuto]

anything your parents make will also bump you up if they make a certain amount and if you're still a dependent (under age 25 in most cases unless you can prove otherwise.)

I've always found this very unfair.

I understand the logic why, but it assumes that all people ages 18-25 have supportive parents. One of my buddies has parents that are loaded. Father was an anesthesiologist, mother was a pediatrician. Figure over 325k a year salary between the two, not the mention several million in assets.

His parents kicked him out and disowned him day he was 18. He might as well of came from a orphanage, yet, he had major issues early on shit like this because they held it against him.

Georgia removed it, but when we first got our HOPE program (pays for college), they factored in your parent's income.

 

[NeoSneth]

If it is considerable, you should talk to someone about dumping it into an account that is not recordable on FAFSA. There are several methods to do this.
\