Give $$$ to Brother to lower EFC

thumper1
Sun, 06 Mar 2011 14:34:24 +0000

You can go to Fry 's, get a 'safe box" and leave the money in there



This is not accurate. Regardless of where the money is, it’s an asset. You can bury it in your backyard in coffee cans and it’s still reported as an asset.

If you GIFT it to your brother, it is his.

If you expect repayment from your brother, it’s a loan. IF you expect your brother to give this back to you, I would suggest that you draw up an agreement in writing. Otherwise your brother could very well spend the GIFT you gave him with no obligation to return it to you at all. And he would be well within his rights to do so.

I agree with Vballmom…you are looking at $2400 added to your EFC. I can’t think of a better use for your savings than your education. You should be proud that you are able to contribute to your education costs instead of looking for ways to hide this so that others will be paying FOR you.