How to Answer FAFSA Question #88: Parents Total Balance of Cash

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If your answer to question 58 was “Unmarried and both parents living together,” contact 1-800-433-3243 for assistance with answering questions 79-92.

88.  As of today, what is your parents’ total current balance of cash, savings, and checking accounts? Don’t include student financial aid.
  • $__ , __ __ __ , __ __ __

$2,000 Scholarship (Winner announced early August 2021) 

Application Deadline: July 31, 2021

Why are they asking this information?

This question asks you for the most current, combined amount of money in your parent/parents’ cash, checking and savings accounts on the day the FAFSA is filed. Even though they are reporting past tax return figures, the FAFSA gathers more current information, such as the answer to this question to gain insight into their current financial situation.

How to answer this question / fill out this section

Fill in the total combined amount from your parent’s or parents’ checking and savings accounts, as well as any additional cash they may have. This figure should reflect that total amount on the day you file your FAFSA.