How will a savings account affect my financial aid for college?
I’m fortunate enough to have financial aid that helps me cover much of my tuition and materials needed for college. Lately, I’ve been thinking about opening up a savings account to save up for braces, surgery, and other treatments or things I may need to pay for. I really don’t plan on using the money for college. However I’m concerned about how this account could affect my financial aid when I start building up a great amount of money into it. Can someone explain to me how, if at all, it may affect my fafsa application / financial aid?
- diLv 46 months ago
Worst case scenario, 20% of your net assets would be included in your estimated EFC - BUT this assessment is dependent upon your dependency status. For details, you can download the Family Contribution Guide which has worksheets and tables to calculate how & if a savings account would impact your eligibility.