My daughter is a uf student in college and receives financial aid because I am a single parent who does not make very much $, how will my father deeding land to me affect her college financial aid...will I have to report it and if so, can they deny her financial aid based on property value?
2007-03-13 09:35:47 · 3 answers · asked by JennyJ 2 in Education & Reference ➔ Financial Aid
Tell him to put it in a trust, you can't have land and a college educated daughter.
2007-03-13 09:39:41 · answer #1 · answered by dtwladyhawk 6 · 0⤊ 0⤋
I don't remember whether on the application it asks about what property you own or it's value - unless you have to claim it as income I don't think it will impact her financial aid. Ask a financial aid couselor at her school. If it looks like it will cause a problem maybe he can wait until your daughter's out of college or put it into a trust. You don't say where the 30 acres is located but in some places like some areas around where I live in Georgia 30 acres can be valued at less than $45,000 which is not a great deal.
2007-03-13 09:52:56 · answer #2 · answered by PRS 6 · 1⤊ 0⤋
It will affect her financial aid, she might get less money than she's getting. You do have to report the value of the land, if you lie about the value they might find out and later you can get in trouble. Just tell the truth and see what happens will the amount of aid your daughter will get.
2007-03-14 12:58:13 · answer #3 · answered by justmmez 3 · 0⤊ 0⤋