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When you apply for government aid and they ask you to list your bank accounts, do they check online accounts? |
When you apply for government aid and they ask you to list your bank accounts, do they check online accounts? No they don't (how can they?) Financial aid isn't as Big Brother as I thought it was when I was a college student. The Dept of Ed (AKA DOE) does select 1 in 3 files for a process called "verification." In that case 1040s are automatically required & the college might question your (parents') assets based on what info (dividends, ineterest income) that the 1040 reveals. Now, if you/your parents have filed--or could have filed the EZ tax form--& earned less than $50,000, you qualify for something called "asset bypass" where the assets are excluded from the formula the DOE uses to calculate the infamous "estimated family contribution." AKA (EFC) Hope that helps! Source(s): 20 years in the field Well, yeah. If you live in the US, nothing is private. Bet your *** they do, plus more. Yes. Look at it this way, they are trying to help thousands of people with financial assistance and the people who make the least are the neediest here in the U.S. So if you have it apply your portion and let them fill in for the rest. http://www.iefa.org -------> International Students on the web <---- http://www.about.com --->Great search engine and information site for everything <--- http://www.ed.gov/index.jhtml --> Dept. of Education for any questions<-- http://www.fastweb.com You are suppose to include all savings you have including checking, savings, and cash. If you are concerned with them possibly verifying checking or savings accounts, which is possible but not likely, simply withdraw your money and keep it as cash, and slowly put money back in. However, most of the verification they do is with the tax returns. But if you're paranois like me, just take the money where they can't account for it;-) |
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