What do I do???

Paying for College
1

<p>Currently I am a rising sophomore. I have a full scholarship (tuition, room & board, fees) given to me through my school but from an outside donor. This scholarship has several requirements, one being that my family’s total income is less than (I think it is, it might vary by 2-3k) 25k. This is not a problem as my mom is unemployed and my dad makes very little money. However, my grandpa died a few years ago and unexpectedly left me and my brother around 25k in a CD. Now apparently the bank says the CD is matured and we have to collect the money. </p>

<p>Will this mean I lose my scholarship since I have so much money in my name, even though it is one time income? I obviously will be seeing very little of this money since my mother needs it for bills and such.
If it will make me lose my scholarship, is there any way to legally get around this since I will have to drop out of school (private university costing upwards of 56k) if I don’t have this scholarship.</p>

2

<p>Was the income qualifier a one time thing?</p>

<p>I don’t think you HAVE to collect the money when a CD matures. You can if you’d like to, but you don’t have to. </p>

<p>Can you “give up” your rights to that CD before it’s cashed? Can you sign over “your half” to your mom before it’s cashed?</p>

3

<p>Is the CD in your name? If the CD has been in your name since your grandfather’s death, it’s been an asset of yours all along and will continue to be an asset, just in a different form. Converting it into cash doesn’t turn it into income. The only income involved would be any interest you’ve been earning on the CD.</p>

4

<p>If it is in your name, you should be able to roll it over (re-invest it) for another period of time. Ask the bank how that is done.</p>