<p>Is anyone familiar with this? Columbia is asking for Documentation Regarding Trust Fund, but I can't figure out what kind of documentation that would be. Also, I've noticed many of you have been able to log onto the financial aid page. Am I the only one having trouble? I've tried calling and emailing, but haven't gotten through. I'm sure the office is probably busy beyond belief.</p>
<p>Do you have a Trust Fund?</p>
<p>Son’s dad filled out forms. Turns out it’s not really a trust fund, just one of those investment things under the gift to minors act.</p>
<p>Call early. I called at 9AM eastern a few days back and got through on the first try.</p>
<p>@KatCh614. I emailed them twice but got no reply. I’m trying to convince myself that they are just busy but it’s important that they answer my email since decisions are out soon. They say that I’m missing forms which I know I sent a long while ago. I hope this does not interfere with the my admission!</p>
<p>KatCh14–all colleges ask about trusts. the main issue is if its titled in your name they will want you to give 20 percent per year of it towards college tuition etc. Fair? well 529as no longer treat an account in child’s name as child assets. This is only fair for million dollar trust fund kids not a kid whose grandma left them 50k and it grew to 150k and parents are just avg. middle class. Fine if they were doing 200k or more but not fair otherwise as child i dependent with more assets than parent? Not a correct picture of family assets which is what CSS and G+FAFSA are supposed to do-not skew money picture because and account is titled in the worst way.In old days trusts wee targeted but in this economy. I have 100k home equity, 10k savings and 90k income and because myD has a trust we get NOTHING! Is that fair? Nt ny any stretch does it represent our family assets- and they want her a dependent even though her net worth is equal to mine?
UTMA is a trust and since its in child’s name most likley it will be assessed at 20 percent, looked into transferring funds my D had into that and it did not help. You want a 529a (although not sure putting after tax dollars into a college “401k” essentially will help. I think you need to title account in parents name or you will not get FA SAME HAPPENED TO ME from an old will/trust i had no clue, nor did lawyers that it could KILL any Fa chances. Good luck, talk to a CERTIFIED FIN. Planner unless money is less than say 70k…</p>
<p>waitlistman, I hear you. It does feel like we are being punished for setting aside funds so our kids can go to college, even though many people will say that isn’t the case. Sometimes I wonder if I should have hidden cash in a safe deposit box instead! Kidding, kidding, but I’m pretty sure you know the feeling.</p>
<p>anthonsmit, I never did receive a response to my email, so I ended up calling like troypozi said. Call first thing Monday, since financial aid decisions are coming out soon. If I remember right, the hours are 9AM-5PM.</p>
<p>@KatCh614. Did you get through to the office?</p>
<p>@anthonsmit - I did get through finally yesterday in the afternoon. I’m sure you’re still in school at that time. Maybe a parent can call for you?</p>
<p>Safe deposit box definitely not, but if my relative placed the trust in my name with stipulation it should be used for college unless medical emergency or something occurred that would have solved the problem. Sure the gains taxes would have been higher but that would be miniscule compared to the 20% a year that has to be applied towards the parent’s EFC, or even a stipulation to split it if another child is born after the testamentary death. Yeah, it still nice to have, but it is painful just for the way it was titled to get hit when our family is clearly in the overall FA category if this was willed in our name. Guess they thought we would spend it on a vacation to Fiji! LOL.</p>