Does financial aid money in the bank count towards EFC?

[S693ee]

@circuitrider

Are you the parent? Did you take out a big loan and just not spend it all? Yeah, I think if it’s been earmarked for your child’s education, it should be reported. Commingling it with other funds was probably not a good idea, but, it’s not too late. A good accountant could probably untangle it for you.

It’s not a loan but pure FA money that doesn’t need to be repaid. Could you elaborate on the reporting part?
In addition to that, I heard that strictly FA money in bank does not count towards the EFC. Would you know anything regarding that?
Thanks.

Additionally, what if your EFC is like 0?