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I suffered some back injuries last year while working and now I have a five figure check from the workers comp insurance company. I attend an in-state school and currently have financial aid and scholarships. I want to cash this check and put some into my checking account and then use the rest to invest into a bond fund, some into a Roth IRA and some into a permanent life insurance policy like universal or whole life.
My concern is that this money is going to make me ineligible for financial aid and scholarships. Does anyone know what implications cashing this check and then using that money to fund these different investments will have on me?