Do student savings accounts need to be reported on FAFSA? Will they verify balances?

Yes, you absolutely need to report your daughter's savings account on the FAFSA. All of a dependent student's assets must be reported, including checking and savings accounts, investments, etc. The new FAFSA still requires this information even with the simplifications. You don't need the actual account number for the FAFSA form - just the total balance as of the date you're filling out the application. However, if your daughter is selected for verification (which happens randomly to about 30% of applicants), you may need to provide bank statements later to prove the balances you reported were accurate.

they DO check balances!! my son got flagged for verification last yr and we had to send in ALL his bank statements. such a pain but u dont want to mess it up

The verification process is random for most people, but they do target some applications for verification if there are inconsistencies. For student assets under $10,000, there's actually a simplified reporting threshold where they won't impact the SAI (Student Aid Index) calculation. But you still need to report it accurately. And yes, if you're selected for verification, you'll need to provide documentation showing the account balances as of the date you submitted the FAFSA. This usually happens after you've submitted your FAFSA but before financial aid is finalized.

when i did my fafsa last fall i just put down approximate balances for my accounts and nobody ever asked for proof lol. maybe i just got lucky tho

I was having the EXACT same issue with my son's application. The FSA website kept timing out when we tried to input his asset information, and I couldn't get through to anyone on the phone for help. I wasted almost 3 days trying to reach someone. Then I found this service called Claimyr that got me connected to a real FAFSA agent in less than 30 minutes. The agent confirmed that we need to report all student savings but don't need account numbers for the application itself. They have a video showing how it works at https://youtu.be/TbC8dZQWYNQ - it was so much better than waiting on hold for hours. Definitely check out claimyr.com if you need to talk to someone directly about verification questions.

Yes report everything!! I didn't report my daughter's small investment account ($2k) thinking it was too small to matter and we got flagged for verification. Had to resubmit EVERYTHING and it delayed her aid package by almost 2 months!!! Not worth the risk.

One important point that hasn't been mentioned: the impact of student assets is actually higher than parent assets on the SAI calculation. Student assets are assessed at 20% while parent assets are assessed at a maximum of 5.64%. So your daughter's $3,800 could potentially increase her SAI by about $760 (20% of $3,800). Just something to be aware of when calculating potential aid.

Quick update on asset reporting for the 2025-2026 FAFSA: The Department of Education has implemented the Student Aid Index (SAI) which replaced the older Expected Family Contribution (EFC). Under current rules, if your family income is below certain thresholds, some assets might not impact the calculation. But even if assets won't affect the calculation, you still must report them accurately. The verification process can compare your reported assets with tax records and bank information if you're selected for review.

Just wanted to add that you should take screenshots or print out the account balance on the day you submit your FAFSA! I learned this the hard way when my daughter was selected for verification and I couldn't remember the exact balance I had reported. The bank statements they wanted had to match the date of submission, not just any recent statement. Having documentation from that specific date saved us a lot of headaches during the verification process.

Great advice from everyone here! Just to add one more tip - if your daughter's savings account earns interest, make sure to also report any interest income on the FAFSA. Even small amounts of interest count as student income and need to be included. Also, if she has any cash gifts from relatives for birthdays or holidays that she hasn't deposited yet, those technically count as assets too on the day you file. I know it seems like a lot to track, but being thorough upfront really does save headaches later if you get selected for verification!

Just wanted to share my experience as someone who went through this process last year! We reported my daughter's savings account (around $4,200) and weren't selected for verification, so we never had to provide bank statements. But I'm really glad we were accurate because I've heard horror stories about people who estimated and then got caught during verification. One thing I wish someone had told me earlier - if your daughter is planning to use some of that savings for college expenses before you submit the FAFSA, you might want to consider the timing. Since student assets are assessed at 20%, spending down some of those savings on legitimate educational expenses (like a laptop for college, SAT prep courses, etc.) before filing could potentially help with your aid calculation. Just make sure any purchases are truly for educational purposes and keep receipts in case of verification! The good news is that $3,800 isn't a huge amount in the grand scheme of things, and many schools have their own institutional aid that might help offset any impact on your federal aid eligibility.

Hi Lia! I went through this exact same situation with my son last year. You definitely need to report your daughter's savings account - all student assets must be included on the FAFSA regardless of the amount. The good news is you don't need the actual account number for the application, just the balance as of the day you submit. A few practical tips from my experience: 1) Take a screenshot of the online balance or get a printed statement on the exact day you submit the FAFSA - this will save you if you're selected for verification later, 2) Remember that student assets are assessed at 20% versus parent assets at around 5%, so her $3,800 could potentially increase your Student Aid Index by about $760, and 3) If she needs any legitimate college prep items (laptop, textbooks, etc.), consider purchasing them before filing since it reduces reportable assets. The verification process isn't as scary as it sounds - only about 30% of people get selected and it usually happens after you submit but before aid is finalized. Just be accurate with your reporting and you'll be fine! Good luck with the application process!

Hi Lia! I just went through this process with my daughter and wanted to share what I learned. Yes, you absolutely need to report that savings account - even though $3,800 seems small, the FAFSA requires all student assets to be reported accurately. Here's what helped me get organized: I created a simple checklist with all her accounts and their balances on the day we planned to submit. Make sure you check the balance on the actual submission date, not days before, since account balances can change. Also, keep in mind that while you don't need account numbers for the FAFSA form itself, having all the documentation ready just in case of verification is smart. One thing that surprised me was learning about the 20% assessment rate on student assets versus the much lower rate for parent assets. It might be worth having a conversation with your daughter about any legitimate college expenses she could cover with her savings before filing - things like required textbooks, a laptop for college, or test prep materials. Just make sure to keep receipts for anything purchased for verification purposes. The process seems overwhelming at first, but once you gather everything and submit, it's a huge relief. You've got this!

Hi everyone! I'm new to this community and currently going through the FAFSA process with my oldest child. This thread has been incredibly helpful - I had no idea about the 20% assessment rate on student assets versus the much lower rate for parents! My daughter has about $2,200 in her savings account from summer jobs and birthday money over the years. Reading through all these experiences, I'm definitely going to take screenshots of account balances on submission day and gather all documentation beforehand just in case we get selected for verification. The tip about timing legitimate college expenses before filing is really smart too - she needs a graphing calculator and some AP prep books anyway. One question for those who've been through verification - how long does that process typically take once you're selected? I'm worried about it delaying financial aid decisions if we get flagged. Thanks so much for all the detailed advice - this community is amazing!

Hi Lia! I just completed the FAFSA process with my twins and wanted to share some additional insights. You absolutely need to report that savings account - accuracy is key! One thing I haven't seen mentioned yet is that if your daughter has a custodial account (UTMA/UGMA), those are also considered student assets and assessed at the higher 20% rate, even though parents typically manage them. Also, if she has any 529 education savings plans in her name, those count as student assets too (though parent-owned 529s are assessed as parent assets at the lower rate). Another tip: if your daughter works and files taxes, make sure the asset information on the FAFSA aligns with what's reflected in her tax return regarding any interest or dividend income from those accounts. Inconsistencies there can trigger verification. The verification process isn't too bad if you're organized - we got selected and it took about 3 weeks total. Having everything documented from the start made it much smoother. Good luck with the application!

Hi Lia! I just went through this exact process with my daughter last month. Yes, you definitely need to report her savings account - all student assets must be included regardless of the amount. The good news is you only need the balance, not the account number for the FAFSA itself. Here's what I wish someone had told me: student assets are assessed at 20% while parent assets are only around 5.64%, so her $3,800 could potentially add about $760 to your Student Aid Index. It might be worth considering if she needs any legitimate college expenses (laptop, textbooks, test prep materials) before you submit, since that would reduce the reportable assets. Also, definitely take a screenshot of the exact balance on the day you submit your FAFSA! If you get selected for verification (happens to about 30% of applicants), you'll need documentation from that specific date. The verification process isn't too scary - it usually takes 2-4 weeks if you respond quickly with the requested documents. One last tip: make sure any interest income from the account is also reported as student income on the FAFSA. Even small amounts count! Good luck with the application process!

Hi Lia! I'm going through the exact same situation with my son right now, so I totally understand your confusion! From what I've learned reading through all these helpful responses, yes, you definitely need to report your daughter's savings account on the FAFSA - all student assets must be included regardless of the amount. The key things I'm taking away from everyone's advice: 1) You only need the account balance for the FAFSA form itself, not the account number, 2) Take a screenshot or print statement on the exact day you submit in case of verification later, 3) Student assets are assessed at 20% vs parent assets at around 5%, so her $3,800 could potentially increase your SAI by about $760, and 4) Consider any legitimate college expenses she needs (laptop, textbooks, etc.) before filing since that reduces reportable assets. This community has been so helpful - I had no idea about the different assessment rates for student vs parent assets! It's great to see so many people sharing their real experiences with the verification process too. Makes the whole thing seem much less intimidating. Good luck with your daughter's FAFSA!

Hi Lia! I'm also navigating the FAFSA process for the first time with my daughter and this thread has been incredibly educational. Just wanted to add one more consideration that might be helpful - if your daughter has any pending deposits or checks that haven't cleared yet, those technically count as assets too on the day you file. I learned this when my daughter had a birthday check from her grandmother that she hadn't deposited yet. It was only $100, but technically it should have been included in her cash/checking account balance. Also, if she has any prepaid debit cards with balances on them (like from gift cards she's loaded money onto), those count as assets as well. The asset reporting really is more detailed than I initially expected, but everyone's advice about being thorough upfront to avoid verification issues later makes so much sense. I'm definitely planning to do a complete "asset inventory" with my daughter the night before we submit to make sure we capture everything accurately. Thanks to everyone who shared their experiences - this has been so helpful for us first-time FAFSA families!