Certification of Finances - HELP!
hrhrhr111
0 replies1 discussionsRegistered User Posts: 1 New Member
Hi! I was recently admitted as an international transfer student on a financial aid and I have some trouble with filling out the Certification of Finances Form.
1. My parents and I combined our savings and collected all the "parental contribution money" into my bank account. Does it mean that I am supposed to put all that amount only in the 8a section ("Personal and Family Savings") with a bank's signature and just put $0 in the 8b "Parents" section (as it states that this section is only for "money available from sources other than savings" so I guess that the family contribution goes into the 8a section) ?? Is my parent's signature still required if I put the entire amount only under 8a section with a bank's signature?
2. I'm confused about question "Do you have any emergency funds once you arrive in the US?" Do they mean someone in the US or am I just supposed to write something like "parents' savings" or nothing at all?
3. "What is the total amount of money you expect to have when you arrive at this institution?" Does it include all the funds for college (for instance, $70,000) or just the money I bring with me in my wallet?
I'd be very grateful if someone could explain it. Thank you!!!
1 replies 1. My parents and I combined our savings and collected all the "parental contribution money" into my bank account. Does it mean that I am supposed to put all that amount only in the 8a section ("Personal and Family Savings") with a bank's signature and just put $0 in the 8b "Parents" section (as it states that this section is only for "money available from sources other than savings" so I guess that the family contribution goes into the 8a section) ?? Is my parent's signature still required if I put the entire amount only under 8a section with a bank's signature?
2. I'm confused about question "Do you have any emergency funds once you arrive in the US?" Do they mean someone in the US or am I just supposed to write something like "parents' savings" or nothing at all?
3. "What is the total amount of money you expect to have when you arrive at this institution?" Does it include all the funds for college (for instance, $70,000) or just the money I bring with me in my wallet?
I'd be very grateful if someone could explain it. Thank you!!!
Replies to: Certification of Finances - HELP!
Here's how I would answer the questions.
1. If your family has sufficient savings that you can pay your EFC for all years until you get your degree, then you can leave section 8b blank.
Oftentimes, students rely on their parents' future income to pay their EFC for later years. That's what goes into section 8b. E.g. you might project that your parent will give you $7,000 in 2020-2021 from earnings between now and then.
2. Savings or a credit card would both be good sources of emergency funds.
3. The question "What is the total amount of money you expect to have when you arrive at this institution?" is a bit confusing. Some people have interpreted this to mean money that you will have available for personal expenses after you arrive in the US, including money in bank accounts but excluding money earmarked for billed expenses (such as tuition, room, board, health insurance). This would be a good question to ask for clarification about.