interest income from savings account

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interest income from savings account

Postby truth85 » Mon Jan 21, 2013 2:59 am

In 2012 I had 30K in my savings account but now as of jan 21 2013 about 14K after poaying off my car. I recently got a letter from my bank stating that I received $12.04 in interest income for the year of 2012. I have been going to college since the year 2009 with no problems with fasfa and getting financial aid/grants & loans but I am now afraid that I will not be eligible for finacial aid for the year of 2013 and future years until I graduate bcause of the amoubt in my savings and the $12 dallor interest. Am I in trouble of not getting approved now? id
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Re: interest income from savings account

Postby pahern11 » Fri Feb 08, 2013 8:46 pm

Having $16,000 in your savings account will not make leave you ineligible for financial aid. While this amount will decrease the amount of financial aid that you qualify for. I came across an article earlier this week that you may be interested in checking out discussing advice for filing the FAFSA: http://www.studentloannetwork.com/tips/financial-aid/5-tips-for-filing-your-fafsa/
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Re: interest income from savings account

Postby steve.blank » Sat Feb 16, 2013 10:02 am

The interest of $12 should be no problem.
There could be a problem if in the past years you have not been reporting your assets as you should have been.
Assuming you acquired the $30,000 after you filed your previous FAFSA, you would now only report the amount you have as of the date you file the new FAFSA.
Depending on your other FAFSA information and the cost of your school, your eligibility for aid may be reduced, but not necessarily eliminated.
Steven Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
203-250-7761
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