<p>Klyn257, unfortunately colleges will see you as a dependent of your parents, so, their assets will work against you. We have a rental property with equity and this keeps my kids from getting financial aid even though we don’t have cash sitting there available to pay for tuition. These forms can be audited and if large sums of cash have recently changed hands without clear reasons this could appear like a fraud situation. Your best bet is to be honest, though it may not get you the results you want this year.</p>