Should I Empty My Savings Account for FAFSA?
When it comes to paying for college, every penny counts. That’s why it’s important to consider all of your options when it comes to financial aid. One of the most important things to consider is whether or not you should empty your savings account for FAFSA.
The answer to this question depends on your individual financial situation. If you have college cash stashed in a checking or savings account in your name, it’s important to understand that for every dollar stored in an account held in a student’s name (excluding 529 accounts), the government will subtract 50 cents from your financial aid package.
If you have enough money saved to cover your college expenses, then it’s probably best to leave it in the account. However, if you’re relying on financial aid to help pay for college, then it’s probably a good idea to empty your savings account for FAFSA. This will help ensure that you get the maximum amount of financial aid possible.
When it comes to emptying your savings account for FAFSA, it’s important to remember that you don’t have to spend the money. You can use it to pay for college expenses such as tuition, books, and room and board. You can also use it to pay off any existing student loans or to cover any other college-related expenses.
It’s also important to remember that emptying your savings account for FAFSA doesn’t mean that you have to spend all of the money. You can use the money to invest in a 529 plan or to save for future college expenses.
Ultimately, whether or not you should empty your savings account for FAFSA depends on your individual financial situation. If you’re relying on financial aid to help pay for college, then it’s probably a good idea to empty your savings account for FAFSA. However, if you have enough money saved to cover your college expenses, then it’s probably best to leave it in the account.
