Estate Planning


SteveBliss Law San Diego Estate Planning Attorney Probate Lawyer

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Address: 3914 Murphy Canyon Rd a202, San Diego, CA 92123
Phone: (858) 278-2800

Financial Assistance and Assets

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In anticipation of pursuing college ambitions, potential trainees complete the Free Application for Federal Student Aid. This is a single type that can help figure out the eligibility for trainees for different kinds of student aid. The form assists identify eligibility for grants, such as the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant, the TEACH Grant and others. It also identifies eligibility for loans, such as the Federal Direct Loan and the Federal Perkins Loan. Furthermore, it assesses eligibility for the federal work-study program.

Impact of Gifts and Inheritance

Because the FAFSA considers previous tax returns when assessing eligibility, a present or inheritance can affect the quantity of financial aid that a student is entitled to receive. Even if the occasion is a one-time incident such as an inheritance, the income is adjusted and the amount of the gift or inheritance might be considered an asset. While the government might not anticipate parents to completely fund college when receiving a one-time possession of this nature, it does expect them to use a portion of their properties to support a child’s education. Some properties may not be assessed, such as non-retirement cost savings or financial investments. This is considered a possession defense allowance. Federal law identifies how much asset security allowance is offered per household. If the amount of the inheritance or gift exceeds this amount, it can impact the trainee’s eligibility for financial assistance.

Household Documentation

It is possible for households to document any special scenarios that might affect their ability to pay the part considered their expected household contribution. In some cases this method allows families to renegotiate the student’s financial aid bundle.

Student Loans

If the FAFSA identifies that the student is qualified for less in grants, the trainee might have to take out extra student loans to cover their instructional needs for tuition, room, board, materials and other costs. This translates to having a higher quantity of financial obligation for the trainee and also potentially the parents. Furthermore, students should pay interest on student loans. Therefore, the net effect might lead to a greater amount of financial obligation in the student.

Utilizing Gifts or Inheritance to Pay Financial Obligation

One method to decrease the amount of assets that are recorded on the FAFSA is to pay off existing debt, such as credit cards debt and vehicle financial obligation. This technique assists decrease the amount of present or inheritance and the possessions that are eventually considered readily available for moneying a student’s college education.

Other Sources of College Savings

There may be other sources of funds to pay for a student’s college education. These might consist of state-sanctioned college savings strategies, grants or scholarships. Some of these choices might have their own downsides. For instance, the federal government expects trainees to use up to 20 percent of their own cost savings to money their education.

Transfer of Possessions

Sometimes parents may wish to move possessions that are in their child’s name. They might desire to move assets that are held in the child’s name into an official college savings plan. They might wish to transfer assets from a trust into a plan of this nature. Parents may wish to make such transfers well before the child starts college to avoid potential problems. It is essential to plan and structure presents in a method that the prospective impact that they have on financial assistance eligibility is reduced. Appropriate structuring may require the use of special college savings strategies or trusts or supplying the gift in a year that is not pertinent for identifying financial assistance eligibility.

Contact a Legal Representative for Assistance

Families who desire to lessen the possible effect of a gift or inheritance on a trainee’s financial assistance eligibility might want to get in touch with a qualified legal representative for help.