<p>You can give anyone you want a gift of money. If you give $13,000 or less, then it’s not taxable to you. The receiver never pays gift taxes, only the giver. But then it’s a gift, so it’s not your money any more. Can you afford to give away $12,000 and never see it again?</p>
<p>Assuming you’re a student, the effect of $12,000 on your EFC is $2400. Wouldn’t you rather actually have that money to use to defray your college expenses?</p>
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<p>Then it’s not a gift, it’s a loan. It’s still your asset if you expect to be repaid.</p>
<p>Use your intelligence to invest that money over the next 4 years instead of trying to game the system :)</p>