<p>The FAFSA asks for balances in checking/savings. Does anyone know the impact of a significant amount of cash (in checking savings) from a refiance that will be used for household repairs on financial aid for a private university in NY?</p>
<p>The cash will count as an asset available for education.</p>
<p>If you have not yet refinanced, wait, file the FAFSA first, then refi and take cash out.</p>
<p>If you already have the cash and it is a Profile school, it may not be a big deal, as they consider HE an available asset, though some schools protect a certain amount of equity based on income, so if you were on the cusp of that it would make a difference.</p>
<p>For a FAFSA school, can you prepay the expenses before filing FAFSA?</p>
<p>But, given that it is April, you should have already filed FAFSA; you might try a submission of the bank info showing the refi/cash out and showing the bids for the work and that you are engaged in serious repairs and are merely a “victim” of timing. I have no idea if this would work, but you could try.</p>