My Parents are Not Rich... I promise!

[Ecstatic]

We were just filling out FAFSA (late, I know) and discovered that the paperwork makes it look richer than we actually are. Others' accounts are in my parents' names; it adds up to about $35,000 that is in my parents' name, but in reality they have no authority over this money. How will the FAFSA gods look upon this? Will it make my EFC incredibly huge? What should I do now? Transfer money from the accounts to separate accounts that have no connection to my parents?

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[Blue Tooth]

In case you missed it, your parent's money isn't counted when calculating your EFC. As a professional student, you're automatically considered independent and only your info is used to calculate yoru EFC. However, substansial amounts of money that your parents have can disqualify you from certain low interest loans and grants/scholarships. But the gov't and other agencies are more than eager (TIC) to give you unsubsidized loans to cover your expenses.

 

[Jamier2]

•••quote:•••Originally posted by Ecstatic:
•Will it make my EFC incredibly huge?•••••The EFC for professional school is based solely on your income, and doesn't take your parents' information into count. That information is used for some need based grants/scholarships I think. I know it isn't used to compute your EFC.

Hope that helps (I just asked something similar a while ago. )

 

[Ecstatic]

Argh. Thanks guys. Pretty dumb question looking back on it, considering I should know that at this point, especially after reading SMW's posts explaining this on the other thread, so I appreciate you not berating me for asking.

Thanks again. Your help is much appreciated.