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Financial aid questions

I've just started nursing school this spring and I have a question about the financial aid form. They ask about the amount of $ in your checking/savings accounts. Over the years I have been saving to buy a house so I have like $10,000 in my savings account. I really don't want to dip into my savings for school and living expenses. It took me a long time to save that much. Is it inevitable that I will have to plunder my savings to get through school?? Or am I still eligible for finacial aid in some way? Just wondering....thanks all!

lucky4timesover

Has 9 years experience.

Maybe this is dishonest, but I would not put that I had that much. My husband and I also have a savings account with a small amount of 5000 in it, but it is for emergencies like if he is hospitalized (only income earner), or deductibles for our insurances if we need them, or any other major necessity that we don't foresee. I did not put that on my financial aid form, because our income made us eligible and I didn't want our savings to knock us out. The reason we are able to make it on one income is because we are very careful with our money. Don't know if this helps you but good luck with your decision:) .

Sunny

Maybe this is dishonest, but I would not put that I had that much. My husband and I also have a savings account with a small amount of 5000 in it, but it is for emergencies like if he is hospitalized (only income earner), or deductibles for our insurances if we need them, or any other major necessity that we don't foresee. I did not put that on my financial aid form, because our income made us eligible and I didn't want our savings to knock us out. The reason we are able to make it on one income is because we are very careful with our money. Don't know if this helps you but good luck with your decision:) .

Sunny

not putting my savings on my application....do they check somehow?

lucky4timesover

Has 9 years experience.

I don't think they can w/o a routing number or account number, but maybe I am wrong. If they do then they should have found mine by now.

I'm sorry but what two of you are doing is basically dishonest. And if you are filing with FAFSA, which most univeristies require, they can find out about your sources of income, as well as savings. The best thing is to list all of your resources. You might price yourself out of the federal stafford loan programs with guarenteed interest but not entirely out of their loan program.

Grannynurse :balloons:

fleasle

Specializes in Transplant.

I've just started nursing school this spring and I have a question about the financial aid form. They ask about the amount of $ in your checking/savings accounts. Over the years I have been saving to buy a house so I have like $10,000 in my savings account. I really don't want to dip into my savings for school and living expenses. It took me a long time to save that much. Is it inevitable that I will have to plunder my savings to get through school?? Or am I still eligible for finacial aid in some way? Just wondering....thanks all!

At my school they randomly pick students each semester who have to go through a verification system. I have been picked twice in 2 years. Anyway, you have to prove all of the info put in the FAFSA, which included BANK statements, W-2, paycheck stubs, etc. So, if you have it in the bank, I would sure put it down. I had over $5,000 in savings (which I put on the FAFSA) and I still got a Pell Grant, not much, but I got one. The savings won't disqualify you from getting financial aid, but it will probably diminish any FREE money you would get as it contributes to your Estimated Family Contribution.

Flea

Honest or not, I'd put that money in another account, and leave a few hundreds in the old one. It's your hard-earned money, after all.

I have been picked for verification (for the FASFA) 3 out of 4 years and they have never asked for bank account statements. I just had to sent in all W2s and tax info. There is really no way they can check the amount of money in your savings or checking account. Besides, this would vary from day to day. I would just put an average in your checking account down. Regardless, you will probably still be eligible for loans. If you are planning on using that money anytime soon, I would not put that much down.

lucky4timesover

Has 9 years experience.

I have also been picked 2 out of 3 years for FAFSA verification and I never had to turn in bank statements. They simply wanted out W-2s and other tax forms. I realize that not declaring that money is dishonest, but hubby worked his butt off to put it up so we could have a cushion. We don't touch it period. My not declaring 5000 dollars is in my opinion a lot less dishonest than many women stating they are raising their children alone to get government aid when they have been living with the father for 8 years but don't get married so they can keep getting free food, help with utilities, and money to go to school. I am by NO means saying that this is what most women in the system are doing. I just happen to know 11 women who do this and to me that is 11 too many. So, maybe I am being dishonest, but it is the only help I get and I am not going to decrease it by claiming my savings that keeps my family afloat if something were to happen and we truly needed it.

devi, ADN, BSN

Has 12 years experience.

I wouldn't blame you. As long as you put down something, anything for the amount you have in savings. Don't leave it as '$0.00' of course...that would be suspicious.

I worked in a FA office for over a year, and my main job was processing students chosen for verification. It was a private college, and schools vary a little in their processes, but I never had a single student asked to verify the amount in their bank accounts...not by us or by the federal processing center.

You don't have to show anyone your bank statements and the school won't ask for them. I would not put this money down I had in savings b/c you will need it for an emergency. Furthermore I limit who I tell about my bank account hence the reason the school will not ask for you bank statement if you get picked for verfication. The only time I ever showed bank statements to anyone was when I bought a home.

I would say for people who just tell about their bank accounts and/ or even give bank statements in cases where there are not trying to secure a mortgage that its very dangerous b/c you are setting yourself up for someone to come along to get that info. I worked at a bank for a year and it happens all the time. I always ask myself do they really need to know this information or are they just asking to see if a person is gullible enough to tell them.

fleasle

Specializes in Transplant.

You don't have to show anyone your bank statements and the school won't ask for them. I would not put this money down I had in savings b/c you will need it for an emergency. Furthermore I limit who I tell about my bank account hence the reason the school will not ask for you bank statement if you get picked for verfication. The only time I ever showed bank statements to anyone was when I bought a home.

I would say for people who just tell about their bank accounts and/ or even give bank statements in cases where there are not trying to secure a mortgage that its very dangerous b/c you are setting yourself up for someone to come along to get that info. I worked at a bank for a year and it happens all the time. I always ask myself do they really need to know this information or are they just asking to see if a person is gullible enough to tell them.

Yes, they can ask for bank statements and some schools do. I could not locate my school's online form, but I found one at another school that specifically says to attach a bank statement and have a bank employee verify your average daily balance. The website for this form is http://web.odu.edu/af/finaid/quality_assurance/depend.pdf

scroll to page 9. In this case it is for verification of a parent's income, but some require independent students to submit the same info.

Anyway, it is not being gullible to do what you are asked to do to receive FREE money from the government or attain a loan, it is called being honest.

True, student loans are not a mortgage, but they are a loan nonetheless.

If you file taxes you have to enter interest income earned. If you have to turn in

tax forms they will be able to calculate how much you have in savings by the interest you declared. If you are not declaring it to the IRS, they will find out. Banks and credit unions notify the state and federal tax authorities of interest they pay.

AnnaN5

Specializes in AGNP. Has 7 years experience.

If you file taxes you have to enter interest income earned. If you have to turn in

tax forms they will be able to calculate how much you have in savings by the interest you declared. If you are not declaring it to the IRS, they will find out. Banks and credit unions notify the state and federal tax authorities of interest they pay.

Our financial aid officers always told us that if money in your savings/checking account is in there for a specific purpose like paying rent, car payment, etc that you do not have to put it down. They said only to count the "extra" money that you have in your accounts. I always assumed that was true since it came straight from the FA office.

Yes, they can ask for bank statements and some schools do. I could not locate my school's online form, but I found one at another school that specifically says to attach a bank statement and have a bank employee verify your average daily balance. The website for this form is http://web.odu.edu/af/finaid/qualit...ance/depend.pdf

scroll to page 9. In this case it is for verification of a parent's income, but some require independent students to submit the same info.

Anyway, it is not being gullible to do what you are asked to do to receive FREE money from the government or attain a loan, it is called being honest.

True, student loans are not a mortgage, but they are a loan nonetheless.

I did not say to lie what I am saying is don't even put down you have a an account. If a form says attach a bank statement why on earth would someone just do that even if it does say that. In a school financial aid office you forms can go through a couple student workers hands then finally to and fa officer I would not just put my bank information out like that. Everyone needs to protect their own private information.

Most financial aid is not "free money" and has to be paid back eventually.

Checking and savings can earn interest and you do have to report it but banks report backup w/holding to the irs.

lucky4timesover

Has 9 years experience.

I don't believe in lying to the IRS. I never said that I don't report my income and savings to them. The IRS could put a lien on my home or account if I didn't claim all of my income. BTW we do have another small account with both of our names on it and this is the one that I report to the school. Just because I have some money put up doesn't mean we didn't eat beans and potatoes a few times a month to be able to do that. Like I said we are very careful with our money but we don't have alot to spare. I don't qualify for that much of a pell grant, what pays for my school is student loans. I have to PAY that money back. I am not asking anyone for a free ride. I also agree with what kimhaw said about everyone seeing your bank and financial information. The website for OD wanted the market value of your home as well. That is ridiculous. Since I own my own home and it isn't a shack I should be penalized. I don't think so. In my opinion if the federal governement is happy with what I give them then the school should be happy too. After all, it is FEDERAL money that I am getting not state or the schools. Sorry for the long rant. :)

Sunny

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