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06.24.08 | FAFSA Tip: Use rent to improve your financial aid eligibility
One of the little known aspects of the FAFSA is that legally, you have to be truthful about your financial status at time of application. Let’s say you file on February 15 and you have $500 in your checking account for rent. On your filing, you have to declare that $500 in your checking account as a resource on the FAFSA, and it will count against your financial aid eligibility.
Let’s say that your rent for $450 is due on the 20th. Ask your landlord if you can make a payment on the 14th for the month instead of the 20th. If they agree, you can legally declare on the 15th that you only have $50 in your checking account, even if the check hasn’t cleared yet, because that money is no longer yours.
Got a pile of cash from a break or vacation of hard work? Take care of as many expenses as you can for the year ahead before you file your FAFSA. Make an extra payment or two on your rent, buy necessarily supplies, etc. Doing so will improve your eligibility for financial aid (and probably reduce some stress, too).
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