<p>Don’t lie, it’s illegal.</p>
<p>FAFSA counts 20% of a student’s assets, and only 5.6% of parents’ assets, towards your EFC. Your best bet is to gift it to your parents, this will lower your EFC by over $2400. </p>
<p>If you do leave it in your name, spend all your money your first year before spending any of your parents’ money. This will maximize your aid in years 2-4.</p>
<p>Not sure what you mean by “emptying my accounts”, what are you going to do with it, put cash under your mattress? You’d still have to report it.</p>
<p>Whether you can get grants or not depends on a lot of other information like your parents’ income and assets, the cost of the school, how much of your need the school meets, etc. Having money in your own name certainly doesn’t prevent you from getting grants, they just might be a little smaller.</p>