Bank Account and high school?My parents don't want me to have a bank account b/c we're a low-income family, and one day I will go to college. They think if I have a bank account, colleges will less likely give me grants and scholarships, (because then I'll have to pay all the money for college,) and they will charge my family a lot... |
I don't think your parents know what they are talking about.
While it is true, you will have to include what your balance is in your bank account or what you make at a job, I highly doubt you as a high school student are pulling down serious money that may impede your ability to get grants. Since your parents are low income, their inclusion on the FAFSA isn't going to kill your chances.
My son has a bank account and got grants and scholarships that paid for his schooling.
Seems to me either your parents are ignorant as to what they are claiming or they just don't want to be cosigners on an account with you. You cannot open a bank account when you are under 18 without them.
Hello,
Yes, assets that belong to the student will result in a greater reduction in financial aid. The financial aid formula counts the following financial resources as being available to pay college expenses:
1. 20% of a student's assets (money, investments, business interests, and real estate)
2. 50% of a student's income (after certain allowances)
3. 2.6%- 5.6% of a parent's assets (money, investments, certain business interests, and real estate, based on a sliding income scale and after certain allowances)
4. 22%-47% of a parent's income (based on a sliding income scale and after certain allowances)
Hope this helps!
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Brad
