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College and Loans/Financial Aid
I am not familiar with the college process yet but wondered how you go about using money that grandparents might want to contribute.
Would you just have the grandparents pay the amount you will be responsible for after aid, scholarships and grants? Give you the money when the bill comes?
Sorry if this sounds stupid but not sure how this works.
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Posted 4/23/15 3:18 PM  |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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College and Loans/Financial Aid
The school sends you a bill after all of your loans and financial aid have been applied.
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| Posted 4/23/15 3:22 PM |
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Re: College and Loans/Financial Aid
Posted by Blazesyth
The school sends you a bill after all of your loans and financial aid have been applied.
If you held the money in an account, that would be an additional "asset" correct? Do you have to do FAFSA every year?
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| Posted 4/23/15 3:24 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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College and Loans/Financial Aid
Yes, you need to do a FAFSA every year.
Do you mean if you have a 529 do you need to declare it on the FAFSA? Yes, I believe so.
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| Posted 4/23/15 3:30 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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College and Loans/Financial Aid
As long as the money is not in the student or parents name it is not an asset
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| Posted 4/23/15 3:31 PM |
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Re: College and Loans/Financial Aid
Posted by Blazesyth
Yes, you need to do a FAFSA every year.
Do you mean if you have a 529 do you need to declare it on the FAFSA? Yes, I believe so.
No, I mean if grandparents gave you money and you put it in your own savings account, not a 529.
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| Posted 4/23/15 3:36 PM |
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Re: College and Loans/Financial Aid
Posted by MrsB12614
As long as the money is not in the student or parents name it is not an asset
Ok. Great, thanks.
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| Posted 4/23/15 3:36 PM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7632 total posts
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Momma <3
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College and Loans/Financial Aid
My relatives helped me pay for college. They wrote the school a check from their personal account so it was never counted as my assets and it did not affect my fafsa
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| Posted 4/23/15 5:13 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: College and Loans/Financial Aid
Do not have the relative write the check to you or it may count against you for the following year fafsa application. The money should never touch your or your child's bank account. Call the school and ask for their bursar's office. Ask the school for their procedures having payments made for your child. Your child should have an id number. Once they have that from the school have it and your child's name on the check or bank transfer. See how the school wants the funds. The money should go directly from the relative to the school with the instructions to pay for your child.
Message edited 4/23/2015 6:21:32 PM.
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| Posted 4/23/15 6:19 PM |
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Re: College and Loans/Financial Aid
Thank you :)
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| Posted 4/23/15 9:25 PM |
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