Financial aid questions

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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!

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.

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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.

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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.

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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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