What contributes to the EFC?

swimcatsmom
Wed, 27 May 2009 14:05:44 +0000

Kelsmom - I didn’t think you did have to report any financial aid money left in the bank on the day you file FAFSA. On the asset instructions it says



41. Total current balance of cash, savings, and checking accounts. Include the balance of your (and your spouse’s) savings and checking accounts as of the date the FAFSA is completed. Do not include student financial aid.



I took this to mean that any cash in the bank that is from financial aid refunds is not reported. My daughter gets a ‘refund’ and part of it still is in the bank awaiting rent and utilities on the day she files FAFSA. Doesn’t actually make a difference for us as we qualify for the automatic 0, but may for other people.