If someone is on financial aid that pays for them to go to whatever college they go to and they suddenly have a relative die and they inherit $, will their financial aid be cut off?
2006-12-20 14:15:54 · 5 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
It really depends. There are two basic types of financial aid: need-based and merit-based. Your inheritance, savings, earnings, etc, should have no affect on your eligibility for merit-based funds (i.e. funding that you were offered because of your talent, grades, etc.)
But you WILL be required to report your inheritance on your FAFSA, which could result in lowered eligibility for some types of need-based financial aid. Grants like Pell, SEOG, ACG, SMART are all based on your financial need; Perkins and Subsidized Stafford Loans are also need-based. If your income/savings are too high, it is possible that you will become ineligible for these type of aid. Many schools use your FAFSA to determine your eligibility for institutional funding as well.. For example. Sample College might offer a scholarship to high-need students. If you are a recipient of an award like this, ask your Financial Aid Office about the "terms" of this award. If you think you might no longer be eligible for it, explain your situation to the FA office and see what they can do.
2006-12-21 03:10:38 · answer #1 · answered by FinAidGrrl 5 · 2⤊ 0⤋
Each year you, or your parents, are required to complete something called the FAFSA. It is a federal form that colleges and universities require before they grant any money in aid. That form is completed based on the information from tax forms. If your income increases, it will be reflected on that form. Your school then may, or may not, elect to discontinue your aid.
If you are concerned, I would speak with someone in the financial aid office at your school. If the inheritance was for a specific family member, then you could probably argue that the increased assets would not be available for you to use toward school costs.
Good luck.
2006-12-20 15:51:02 · answer #2 · answered by pwernie 3 · 1⤊ 0⤋
It depends. They would have to look at the amount, where it came from, how much are you going to be distribute at a time, etc. I would call the university, and explain it to them. I am sure the financial aid office could help you. But, it really depends!
2006-12-21 06:13:37 · answer #3 · answered by Corie H 2 · 0⤊ 0⤋
Yea,kinda looks that way
depending on how much $$
2006-12-20 15:46:01 · answer #4 · answered by 4 strings 7 · 0⤊ 0⤋
Probably if they no longer fit the guidelines.
2006-12-20 14:24:17 · answer #5 · answered by highchaparral2006 4 · 1⤊ 0⤋