If i make a bank account, will colleges see that i have one and give me less money for financial aid?

Question

If i plan on making a bank account in the next week or so and i plan on having a few grand in it will colleges know and consider giving me less financial aid? Im going into my senior year of high school...thank you

Answer 1

Short answer: Probably.  When you fill out your FAFSA (I am assuming you are in the United States), you will have to list any savings you have. This would include any money you have in the bank.  Therefore, they will consider the money when figuring out your financial aid and possibly give you less.

Answer 2

They don't do background checks. Too expensive. Its an honor system. If a person applies for welfare benefits... the welfare department DOES asset checks. So its possible but they won't.

Answer 3

When you complete the FAFSA they are asking you what you have in your account at that point in time.  If you apply in January (the start of the next application cycle) it would be to your benefit rather than waiting until summer begins and you have more money in savings.

I would not suggest lying on your FAFSA.  Lying on your FAFSA is a federal offense and there are severe penalties if you are caught.  If you are selected for a process called verification then ALL of the information on your FAFSA application will be checked for accuracy.  30% of all applications are selected for verification.