I'm afraid to open a savings account- might affect my FAFSA expected family contribution.. HOW-?

[its meee]

Is there a MINIMUM or something that FAFSA goes by? I fill out a FAFSA every year, and every year i get basically a free ride to college because between my mom & all 7 kids in our family, the income is about 12k.

I'm afraid to open a high interest savings account with ING. I have $1,000 saved up at home, to save for a new car, but im afraid that if the government sees i have money they wont pay for my college.

My question is: How much can i save before it effects my Expected Family Contribution for my FAFSA application. Thanks
p.S No, i am not working.
and no of course im not 'lying' about my income, i just want to know how much is too much for FAFSA

[suzycrmchz]

I'd like to know this too....same scenario for me and my daughter.

[Run Lola Run]

I assume you are working ....b/c your SS number will show what kind of money you are making(FAFSA has access). I do not think 1,000 will make much of a difference.

But if you are lying about your income just to get that "free ride"...that IS illegal and can get you in trouble.

[SMS]

This is silly. Having $1000 in a savings account isn't going to make a difference. Just open it.

[Found-1]

You opening a savings account won't make a difference - one way or the other.
The only question this might effect on the fafsa is "As of today, what is your total current balance of cash, savings and checking accounts?".
Notice, you still report the amount (on the day you fill out your fafsa) if it's in a savings account, cash stashed under your mattress or buried in the backyard.
Also, remember this is not money earned by working so don't include it in the question about income earned from working. Also, if this is money left over from federal student grants you don't have to report it at all.
Good Luck.