Does a Savings Account Affect the Amount of Financial Aid Received?

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When applying for federal aid, the application will ask how much money is being held in a savings account. Find out why money in a savings account can prevent a person from taking out too many loans with help from a financial aid officer in this free video on student financial aid and loans.

Part of the Video Series: Student Financial Aid
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Video Transcript

Hi I'm Brooke Kramer and I'm a financial aid officer at Argosy University and today we are going to talk about a savings account and whether or not it effects your student loans. When you, it is a great idea to start a savings account because it is going to help you when you start colleges. When you complete your free application for federal student aid which is required when you want to apply for federal aid it will ask you how much you have in savings. Now again it is important that you have savings because your family and yourself are expected to pay part of the cost when you go to school so the more you have in savings the more you are going to be able to pay for your school out of pocket. That also means that you are going to be able to hopefully take out less in loans and have less to repay back when you leave school. If you need any additional information about whether a savings account affects your student loans you can go to the FAFSA.ed.gov or you can talk to your local advisor or go to argosy.edu and look up Argosy University, Salt Lake City.

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