Students!  Minimize the money in your bank accounts.

Students, beware of how much money you have in your savings and checking accounts.

THIS IS VERY, VERY IMPORTANT! Colleges and universities expect you (the student) to use virtually your entire savings to help pay for college. If you need to buy things (such as a laptop computer for next year), do it before you complete the FAFSA, CSS/PROFILE, and other financial aid documents.  Pay off loans, fix your car, buy upgrades in computer software, purchase clothes for college, etc.  Do whatever you can to reduce the amount of money in your name and report the reduced amount on the FAFSA and CSS/PROFILE financial aid applications.  

If you don’t, colleges will count the money in your savings against you and WILL REDUCE THE AMOUNT OF NEED-BASED SCHOLARSHIP AND GRANT MONEY YOU ARE ELIGIBLE TO RECEIVE.

NOTE: The “standard” college financial aid formula requires students to use 30-35% of their assets to pay for college each year before receiving government aid. In contrast, the same financial aid formula requires parents to use 5.6% of their assets.  For non-family members (such as grandparents, aunts, and uncles) the number is zero.