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| *Women health>>>AIDS |
Will this factor into my expected family contribution (EFC) for college financial aid? |
I'm in a dramatic situation... basically between a rock and a hard place. Last Feb my uncle passed away leaving my mother $50,000 in stocks for retirement. My mom cashed in the $50,000 to put a down payment on a home. I'm a sophomore in college and my tuition is $25,000/yr. I got a lot of merit aid, on top of need aid and some big scholarships. But, will this 50k be factored into my mom's overall income next year? She's a single mother making $25/yr, my dad doesn't pay child support... I have no idea what to do. If it is counted toward my EFC then do I loose my federal aid? That's about half of my aid, and a lot of the reason a smart, poor kid like me can go to college is because of student loans and grants. Please help. If your mom no longer has the money, then she doesn't have an asset that must be reported on the FAFSA. The FAFSA asks for the value of assets today. However, selling the assets described may have generated capital gains that may show up on her tax return. If you are selected for verification, she may be asked for a statement of the value of the assets generating capital gains/interest. She would simply write a letter stating that while she received a sizeable asset, she sold it and no longer has it. Showing proof of the sale and that the proceeds were used to purchase a home will prove that she doesn't have an asset she needs to report on the FAFSA. So the answer to your question is NO...the inheritance should not impact your EFC. If you are still considered a Dependent Student based on the dependency questions on the FAFSA (born before 1/1/1984, married, etc.) then what was left to your mom will factor into what your EFC will be. Once you've completed the FAFSA and received your EFC, talk to a financial aid officer at your school to see if your situation is appealable. They may take the inheritence into account and remove it from the calculations, but most likely not. It doesn't hurt to ask though. If an appeal is denied, then,unfortunately, you will have to make due with what is awarded to you with the higher EFC. When it comes time to do next's years FAFSA, you won't have the inheritence issue. But, as I said, you should talk to a financial aid officer at your school. She/he/they will be able to offer you the best information/guidance for your situation. Good luck! You can go to : www.studentloanchoice.biz or www.estudentloans.biz it's about unique student loans solution. Good luck |
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