<p>Any financial aid proceeds sitting as assets are not to be reported. But you have to be able to show that the amount you are so claiming are truly from financial aid. The best way is if you have them in an account and the balance never went below the amount you are claiming is the fin aid amount. The instant you go under, you cannot replace it. it’s new money that is replacing it and not fin aid money, if you get my drift here. But, yes, the money is not counted as assets for students. </p>
<p>IRAs can only be opened when you get the money from earned income and other listed sources. You can’t open an IRA on scholarship money or money you get from investments, for instance. It’s pretty much what is considered “earned income” by IRS definitions. Look up what income you have to have to make an IRA contribution.</p>