Share post
Debt Consolidation Forums Budgeting and Personal Finance forums

Can depositing an amount in bank make it difficult for me to qualify for financial aid?

member profile picture
Posts: 1
Credits: 0

Recently I have got a pretty good amount (about $2000) from my relatives as gift. I wanted to deposit it into my savings account. But, my dad advised me not to do that since it may make it difficult for me to qualify for financial aid.Can that really happen? If yes, then what’s the best way to use that money?

If you take out a student loan, you can apply for a reduced loan amount and use the gift amount for your studies.

Sub: #1 posted on Fri, 11/25/2016 - 04:23

Good Nelly Good Nelly
Industry Expert
(Posts: 2827 | Credits: )

Are you a student? If yes, then it may impact your eligibility for financial aid.

You need to answer a bunch of questions regarding your income and financial assets when filing for FAFSA or other financial aid like CSS/Financial Aid PROFILE).

A dependent student also needs to mention his/her parent's income and assets.

Your cash in hand will also be granted as reportable assets.

If you have personal debts like credit card debts, due utility bills or rental, then make some extra payment with that money.

Sub: #2 posted on Fri, 11/25/2016 - 04:28

Sanders Patricia Sanders Patricia

(Posts: 1234 | Credits: )

Page loaded in 0.196 seconds.