<p>
No, you have to list the value as an asset. Even though she cannot access it, it is still considered a student asset as far as FA is concerned. Restrictions on a trust do not protect the trust from the FA calculation (except in rare and usually court ordered situations). Any income she receives from the trust will be income. The value of the trust is an asset.</p>
<p>finaid has some more detailed information
[FinAid</a> | Saving for College | Trust Funds and Financial Aid](<a href=“http://www.finaid.org/savings/trustfunds.phtml]FinAid”>http://www.finaid.org/savings/trustfunds.phtml)</p>