A little confused...

cptofthehouse
Tue, 29 Mar 2011 09:12:43 +0000

I’m not sure how this works because I don’t know how those assets are being held. You inherited the money a while ago. They should have been reported as an asset for FAFSA to begin with. It isn’t income because you have had the money Unless it is in some very specific account in a way that is exempt from reporting to FAFSA, and I don’t know any such thing, you were supposed to report it whether or not you could gain access to it or not. Otherwise anyone can just stick assets and stipulate that a kid can’t touch it until after college so that it doesn’t count for financial aid purposed. So you may already be in violation of some aid laws. You need to talk to those holding the account in trust and let them know your situation.

But, yes, anything not an asset of your that becomes an asset of yours in the course of the year is INCOME for FAFSA purposes.