How do I hide the fact that I have money from FAFSA?

Question

I have about $10k saved up for extra expenses for college (books, living, food...). I'm applying for financial aid. I hope to recieve all the financial aid possible since my family is low-income and is quite poor. The money I have was saved up bit by bit ever since I was little for college. I want to use this saved up money for emergency use or things that I need throughout college, at the same time, getting as much financial aid that I can. How can I keep the FAFSA from finding out? Will they be able to find out how much money I have in my bank account?

Answer 1

Lying to FASFA is sorta' illeagal....Just thought you might want to know...

Answer 2

Transfer it into somebody else's name (aunt, uncle, grandparent) and social security number, with the understanding that they will transfer it back to you when you request it.  That's the easy way to cheat the system.

Answer 3

Take it out of your bank account. It doesn't matter if you just hold it or whatever but you MUST take it out of the bank because once they get your SS# they will check to make sure that you and your parents don't have any money saved up. This is the government so they will know.

Answer 4

It is not worth it. Truly you cannot hide it. FAFSA is affiliated with the federal government. Allow the money to be accounted for and obtain the funds they allocate you.

It is better than them finding out later and requiring you to pay back that money. Of course they federal gov't will back it and you will have to one way or the other.

If you want to ensure that you have the monies for college then also apply for scholarships. Do it the legal upfront way avoiding problems and legal entanglements later.

Answer 5

You can't. Please don't cheat the system by defrauding them of your present assets. There are millions of hard-working students out there who don't have the savings you do and need that money. It would be an insult to those who really need it if people like you chose to cheat the system. Just don't.

And for the record, any money you withdraw WILL show up. Even if you withdraw all of it like the first poster suggested they can review your records and still see that it was there. There is no way of hiding it once you have put it into a bank.

Answer 6

Like someone said transfer the money to someone else bank account or withdraw it. They will see that you had it there but what matters more is your EFC on your fafsa. Thats what determines how much your family can afford. They will go off that. If you really do need the money, then you should be fine, though if your applying now then you waited too long. You can still get money but its a  first come first serve basis so you might not get what you could of gotten if you applied earlier. I for one applied back in January but now you know for next yr.

And your really not cheating the system because $10,000 is not a lot, especially when tuition can be twice that amount. I wouldnt worry about them coming to make you repay the money. That only happens when people who could afford the entire tuition, lie about how much money they actually make.

Answer 7

put as much as you can in a IRA and other retirement plans.

you will pay a 10% penalty on it when you withdraw it but it is not considered money the way FAFSA sees it.

Don't cheat the government then you just s***w the next person in line.