FINANCIAL AID PROBLEM, PLEASE HELP?

Financial aid help?

• hi there. i have been receiving financial aid for the last two years and my parents had a below average income. i also had a low balance of about $2000 in my only bank account.i am applying for financial aid this year too. last year, my parent income according to the tax file was $12000 and six house hold members. this year, parents income is $15500 and six house hold members. but this year both me and my dad has big balance in our bank account. am i going to have problem with the big account balance. also one of the financial aid agent in my school personally told me not to mention about the exact amount in the bank account. the only most important thing the financial aid cares about is the tax file and they never check one's personal bank account. is it true??? also the gross income $15500 be a problem??? what is considered to be the below average income??? please help

• Answer:

  Any financial aid officer that would advise you to withold information on the FAFSA is unscrupulous. That said, the income you are reporting here would still qualify you for a 0 EFC. As for the bank balance, a significant portion of your parents' assets (savings) will be ignored and again, should not impact your aid eligibility. You will be fine.