I graduated high school just May of this year and I’m a 17-year-old incoming college freshman for Fall 2017. I do not work at the moment, nor have I ever, but do plan to during the school year. I will be turning 18 in a few months. I filed my FAFSA as a dependent child on time before the March 2017 due date and completed all the requirements for financial aid. I know approximately how much aid I’m receiving and I know approximately how much my tuition fees will cost for the upcoming school year. So that’s all been done weeks and weeks, if not a few months, ago.
Today, my dad took me to open my first bank account and I deposited $500 into the account. (I have that money saved up over the years and wanted to deposit it so I wasn’t going around carrying so much cash.) I will be attending Sac State, and I linked my new bank account to enroll for eRefund, to have refunds from financial aid directly deposited into my bank account. When I told my mom of my deposit, she freaked out and said that I should have done just $50-$100 because that much money in my bank account would decrease my financial aid by a lot. Because she freaked out, I got scared out of my mind and was told to withdraw the money.
I know I must honestly tell FAFSA of the financial information concerning me and my family, and I did not report false information when filing FAFSA back in February. Basically, my question is “Will $500 in my new bank account that was opened awhile after I filed for financial aid through FAFSA decrease the amount of aid I’m receiving for Fall 2017 and Spring 2018, or affect it at all?”