<p>My dad died when I was 9 and I thus have a trust fund around 50k to 80k but it is in the name of Anderson Family Trust but is intended for my education.</p>
<li><p>Does age matter for parents, my mom is 60?</p></li>
<li><p>If the trust is under Anderson Family Trust do I have to claim it as mine in assets on the form?</p></li>
<li><p>Do certain schools have policies about students who do not live with their birth parents?</p></li>
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<p>There are several aspects of your situation not fully revealed. This is
not the forum to do so either. However, I will say this. The size of the family and age of the oldest parent determine the asset protection allowance (APA) of the parent. The Trust can be counted as a parent asset with you as A beneficiary. The trustee of the trust is responsible for the funds and the disbursement is dependent on the terms of the will. Let's say you are going to a apply to an elite private. In January of your senior year the corpus of the trust is valued at $80,000. You are the donor's sole beneficiary under the terms of the trust. (Your mother has no claim to any of it.) Some colleges in the IM EFC calculations will alocate 25% of $20,000 per year toward your contribution from assets in thier EFC formula. In other words, $5000. There is only one federal EFC formula, IM (institutional methodology) varies between privates. Some are infinitly more understanding. I always advise parents to write a letter(s) directly to FAO one week after sending in the financial aid forms to explain the terms of the trust. If your mother has modest income and otherwise limited resources, they may be more understanding of your circumstances. In addition, it will be in your favor if you have something special to add to the college community. This is called "financial aid leveraging" or "preferential packaging". In any case, do not wait until you are accepted and a financial offer is made. Do it before you are accepted, and DO NOT think that your adimissions chances will be diminished if you do.
As to your last question, yes. It depends. Guadianship, foster and step parents are treated differently. The latter, however, will be treated as if they were the birthparents. If you do not live with you mother her income and assets may have to be provided to most private schools. Check the financial aid office or web site for that info.</p>