So I'm try to fill out FASFA so that I can return to graduate school in September. I'm almost done, but I have a question. Question 43 on the form asks you to state the balances of all you and your spouses checking and savings accounts. It also say "do not include any student financial aid".
So here is the question:
The balance of all our checking and savings accounts that my wife and I own is ~$50,000. However, between the two of us we have about $47,000 in student loans outstanding. $12,000 of the that $50,000 is left over money from my wifes financial aid - that is to say it is literally the actual financial aid checks. The remainder of the $50,000 is money that we both earned over the last 7 years while working and going to school. Basically we paid for everything during undergrad with financial aid money rather then our wages since the interest rate on those federal loans is 2.9%.
In our case, is the proper answer to Question 43:
A) $50,000 (our actual balance);
B) $38,000 (our balance - $12,000 of actual student loan checks);
or
C) $3,000 (the net worth of our savings & checking - our total outstanding student loan debt?
Thanks for any help.
PS I plan to call customer service on Monday, but I wanted to see what any experts on here might have to say.