Jump to content

Menu

Saving for College and FAFSA Question


Recommended Posts

I understand that on the FAFSA, I must report all savings in a savings account.

 

If I save money from work for college and keep it in an envelope, do I have to report that?

 

I don't want to do anything that is illegal or will get me in trouble if found out, but I know if I report it, I'll have that much less in grants, and again I'd be stuck not being able to afford college so I'd be back to not being able to attend.

 

Can someone explain to me how this works?

 

Thanks.

Link to post
Share on other sites

Cash is treated the same as a savings account. Can you put the money in a retirement account?

 

http://www.fafsa.ed.gov/fotw1213/help/fotw31cF4c.htm

What is your total current balance of cash, savings, and checking accounts?

Add the account balances of your (and your spouse’s) cash, savings, and checking accounts.

Link to post
Share on other sites

So money in an ira isn't reportable?!?! I'm an idiot....no wonder Andrew didn't get more help! We have lived on unemployment for the last year and a half, but i have money in an ira that i inherited when mom died last year. And i included it in the total savings on the fafsa!!!

Link to post
Share on other sites

Before you do anything, contact the Hefar Group: http://www.hefar.org

 

They specialize in how to best declare your assets to get you the lowest FAFSA number possible. They do not charge for their services. They do not bug you with ads or unsolicited phone calls. They are an investment firm that has chosen to specialize with info on college students and to give that knowledge away, with the hope that at a later date you might go with them for financial investments. There is no catch.

 

I am NOT in any way affiliated, nor have I used their services -- I just know about them through several friends who very successfully lowered their FAFSA expected family contribution numbers by using advice from the Hefar Group. None of them has been called or bothered in any way by Hefar -- my friends were the ones who have done all the initiating of contact.

 

BEST of luck in your financial journey to college! Warmest regards, Lori D.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...