Accident claim

thumper1
Fri, 11 Sep 2015 22:29:28 +0000

From your other thread, I believe this is an insurance settlement, right? I don’t believe these are considered “income”. BUT if the money is in the bank when you file your FAFSA or Profile, it would be an asset.

You could ask for professional judgment at each college. The financial aid officers can review your request…you would need to document the amount, the settlement, and the nature of what this will be used for in the future. It is possible that the financial aid folks will not count this asset. No guarantee…just a possibility.

You will need to ask for this professional judgment every year your child is in college.

Assets are assessed at 5.6% of their value for FAFSA purposes.

Will your child be attending a school that meets full need guaranteed for all? what about your income? The financial aid formulas are heavily weighted using income. So if your income is above a certain threshold, this might not matter.