<p>Many schools will expect students to contribute $3,000 from summer earnings every year- and that amount is factored into EFC.
Not putting it in an acct won’t change that amount.
Additionally, schools will expect often times, to receive signed copies of 1040 forms including w-2s, so unless you are a drug dealer or otherwise are paid under the table, your income will be known to them.
However, you can save a bit by spending part of it down on things you need for college- prebooking airfare, updating a computer, or even new shoes, will lower the amount you will be expected to contribute</p>