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Is $7000 too much in savings for Questbridge? Someone please respond?

blink24blink24 Registered User Posts: 171 Junior Member
edited September 2016 in Questbridge Programs
There is a question on the app that asks for total amount in checking and savings account (not including retirement plans). My parents have $7000. Is that too high to be considered for finalist status? How much does the typical applicant have would you think(not income, which they already publish, but savings).

Replies to: Is $7000 too much in savings for Questbridge? Someone please respond?

  • badpunditbadpundit Registered User Posts: 64 Junior Member
    There is no way to know for sure. Income is definitely a factor, but savings might not be. I would strongly encourage you to apply.
  • CorncamMomCorncamMom Registered User Posts: 39 Junior Member
    I did some close reading, and Questbridge is looking for people who would have an Expected Family Contribution on zero on the FAFSA. If the family's adjusted gross income on their tax forms under $50,000 and meet some other requirements, such as filling out a 1040A or 1040EZ (or eligible to do so), assets are not considered at all. In that case, the $7,000 is not even considered. If your family does not qualify for a simplified Expected Family Contribution formula, you might still be fine. There are exemptions for small amounts of savings.
    Hope that helps.
  • DustyfeathersDustyfeathers Registered User Posts: 2,269 Senior Member
    Not saying that you should do this but perhaps it's possible to hold that amount of cash in travelers checks if you're deeply concerned. :-B
  • blink24blink24 Registered User Posts: 171 Junior Member
    @CorncamMom thank you! Since this post, this savings dropped to $4000(actually it's not even savings but just a checkings account my parents don't have a savings account). I think I should be fine then if they don't weigh this asset too heavily!
This discussion has been closed.