<p>My father just passed away and they are about to distribute his trust. We have
applied for scholarship funds for fall of 2011. My parents are getting @200K and I the student is getting @ 50K. Do I need to amend my fasa application. We don’t have very much income and have qualified for other scholarships. How can I continue receiving aid under this situation. If I use the funds from the trust we will lose our house. thanks</p>
<p>Even if you don’t amend the FAFSA this year (someone else can answer that, I suspect), it will have to be reported as income next year and you will likely lose at least some aid. Assuming “the student” is you, colleges would expect that you would spend most of the money coming to you on your education. Not sure of the details that mean your family would lose their house… by “parents” getting $200K, I assume you mean your mom & stepdad? They didn’t have the $200K before and weren’t losing their house then, right?</p>