<p>According to “College aid for Dummies”,the rich aunt should not give the money to YOU. If that same rich aunt gives the money directly to the COLLEGE to pay your tuition,there is no financial aid consequence as far as FASFA is concerned
Since this thread is about maximum aid and keeping the EFC low,here are a few more ideas.A low EFC will qualify you for a better work study program. Being a Residence Assistant gets you room and board – not reported to FAFSA. Get a summer job ,live at home, and deposit the maximum possible into a Roth IRA. The Roth does not count as an asset for FASFA.You can later take out the principal you invest in the Roth with no penalties and use it to pay for college with no penalty[the gains the Roth makes should stay invested] If you still have any cash,it needs to be put in your parents control and not your own because money you have increases your EFC to a great degree,and your parents EFC by only about 6 cents on the dollar.
Parents can cycle all their annual bills for February. Pay 100% of that property tax,have your homeowners and auto insurance cycle right then as well. Buy meat for the freezer. Farmers can buy and pay for their seed,fertilizer ahead of time. Consumers can pay down credit card balances and any other debt. Now with the family cash reserves at almost zero,you can give an honest report to FASFA that will give you a lower EFC. If you are getting a tax refund, file your taxes,and file the FASFA before that refund comes back to you. These moves,and a few more saved our family many tens of thousands of dollars</p>