Is it ok to open up a bank account under your name if you are recieving financial aid from FAFSA for college?

Question

I want to open a bank accouunt in the bank but i dont know if that is going to affect the money i get from fiancial aid for college

Answer 1

Good question.  If you open a bank account it cannot affect your fasfa UNLESS theres a substantial amount in it.  

If you keep a low amount I say about under 500 i dont see how it could affect your aid but if you have 1000 it could affect it.  I would personally check with your FAA (financial aid administrator) to confirm

Answer 2

of course you can open up a bank account. Opening up an acount will not effect your fin aid at all.

Answer 3

You should be able to have a bank account without it affecting you negatively. At this point in your life you should have a bank account and start to establish yourself financially. So unless you have a lot of cash somewhere that needs to be deposited you will be fine. For more information on financial aid, check out this website:

http://www.schools2colleges.com/financia...