Will i loose financial aid if i have a bank account?

Question

hi im in college, my parents say if i get a bank account with a credit card ill loose financial aid, are they lying to me cause they don't want me to have a bank account with a credit card, or is this true

Answer 1

they are lying to you.  you can get a bank account no matter what.  On the fin aid application you have to report any amount in cash, savings and checking accounts.  Not just the amount you have in the bank.

Answer 2

Wow!  Helicopter parents!

I have never heard of a college student that did not have:

1) At least one bank account in their name.

2) At least one credit card to run up outrageous amounts of debt which will take them years to pay off.

Yes, they are lying to you.  More importantly, why are you allowing them to have so much controll over you?  and your cash?  What have you done with all the birthday checks, graduation presents, earnings from your part-time job?  Just handed it over to them?  

Your financial aid is based on how much you earn, as reported on your 1040.  If you have a bank account with $1 in it, it's the same as having $1 in your piggy bank.  Unless you earned the dollar and was taxed on the dollar, it will not affect your ability to receive financial aid.