<p>Was this thread started as a joke? I do not see any reason for OP to think he is Ivy competitive unless he is Justin Bieber or has an Olympic medal. </p>
<p>OP also sounds delightfully obedient.</p>
<p>No it wasn’t started as a joke, and your condescension is totally unwarranted and unappreciated.</p>
<p>Oh and what I meant with the FAFSA comment was just that I really dont wan’t federal loans. I have no problem actually filling out the FAFSA or any other required profiles. I know that it is (unfortunately) required to receive any aid from most schools. </p>
<p>Also mom4college, perhaps you didn’t understand that I haven’t posted all of my own stats since I’m not asking about specific merit aid based grants nor is this a “Chance Me!111!!1!!11???” thread… </p>
<p>Would it help to put most of my savings into goods? (Car, guitars, watches, etc.) and would it work in my favor that my father never graduated from college, even though my mother has a bachelors degree?</p>
<p>Also, we’re not new immigrants… Fifth generation…</p>
<p>And of course I’m obedient. I am raised in a very (politically and socially, not in terms of religion) conservative family which focuses on being classy and not going around insulting other users on internet forums…</p>
<p>No, none of that will change anything. Your personal assets will be heavily leveraged under any financial aid scheme, and your parents’ income is high enough to be required to pay full-freight at basically every university in the country.</p>
<p>Dude, your family has more money than 95 percent of American families. That’s pretty much the definition of not having “need.” There are millions upon millions of kids graduating right now who can only dream of having the advantages you have. Rich people crying poverty don’t get much sympathy here.</p>
<p>“raised in a very conservative family which focuses on being classy”</p>
<p>So classy that $56+ is not enough to pay for his/her lunch.</p>
<p>And so classy that his/her parents would have to hang their heads in shame if it got out that s/he had a job.</p>
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<p>Gotta ask…why don’t you want to take out loans in your name? This is not a bad way to contribute to your college costs. The Stafford loans are in the student name only and everyone can get them regardless of need or lack of need. </p>
<p>SO…you don’t want to work, you don’t want to take loans, you want grants or scholarships only…and you are applying to Ivies (where you will not get scholarships because they don’t give them…and you probably won’t get grants because between your income and assets you won’t qualify for need based aid). </p>
<p>I think you need to consider your financial options more carefully. Either find a place you know you can afford to attend on the $25K or so your parents are giving you…or take an additional $5000 a year more in loans and (heaven forbid) WORK to supplement your college costs too. That is what MANY if not most college students do these days.</p>
<p>Wanting someone else to pay for your kid’s education when you can easily pay for it yourself? Not classy.</p>
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<p>At the TrollBar. Right here. Stop feeding him!!!</p>
<p>Very funny Mister K! I am pretty sure the TrollBar has good prices judging by the numbers who belly on up on CC!</p>
<p>Swimcatsmom said: Income from a trust fund will be treated as income. Money held in the trust fund will be treated as an asset.</p>
<p>Actually if the trust is a credit shelter or bypass trust and the parents or child are beneficiaries only, the income paid out is counted on FAFSA ,however, the principal or corpus does not belong to the beneficiary, therefore, it is not an asset of the parents or the student. Again, income paid out is counted and must be declared -why? a K-1 or 1099 will be sent to the IRS declaring income anyway.</p>
<p>songman, we did extensive research into trusts a couple of years ago. For FAFSA purposes, if you or your child is the beneficiary of a trust…regardless of whether you actually have access to funds from it or not…it is REQUIRED that your share and/or your child’s share of the value of the trust be listed as an asset on the FAFSA.</p>
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<p>Not sure what these are…could you explain? In our case, the trust was an irrevocable trust consisting of an extremely valuable piece of real estate. We declined to be part of it. We are happy we were given the option for a LOT of reasons.</p>
<p>Sorry thump over a year to answer- silly me: anyway here goes…</p>
<p>If the child is a beneficiary of a share or an income beneficiary of a bypass or irrevocable trust the key is the discretion of the trustee. ALWAYS ASK THE TRUSTEE BEFORE RELEASING INFORMATION TO FAFSA ABOUT THE TRUST! In other words if the trustee must provide funds from the share for the HEMS provision (Health Education, Maintenance and Support) then the trustee takes into account the assets of the parents and the student aside from the trust (sort of like FAFSA does also ha!) and is not obligated to pay the funds over for college if the parents/student have significant assets. However, if the language in the trust clearly states that funds are to be used for college and the trustee has no justification to withhold funds then the funds are considered to be available. All depends on the language of the trust, type of trust and the trustee. As many of these trusts file their own tax returns and have a separate tax Id # (taxed at trust rates not personal rates) often there is no way for FAFSA to locate the trust anyway. UNLESS YOU USE THE AUTOMATIC TAX RETURN DOWNLOADER and the student received income from the trust then that trust taxpayer ID# might appear or if you provide a copy of the return to the college. (A better approach as you can at least explain that the trust is NOT OWNED BY THE CHILD and the parents and child do not control the trust. We have many private colleges calling us from time to time to ask about huge trust assets (with permission of parents, students, other beneficiaries etc) and in most cases we say "sorry these assets are not the child’s (which is absolutely true from a legal standpoint) as there may be multiple beneficiaries that receive income only and the larger corpus (principal) goes onto a charity. (Charitable trusts). That charity being most of the time the very colleges that calls us- :). Except they don’t know it until the last beneficiary dies! Funny how things are circular in this world huh? </p>
<p>Again, I suggest you always ask the trustee before filling out the FAFSA form. I am not an attorney and so this info is provided for general information purposes only. Always consult a tax advisor or attorney if you are a beneficiary or own a share of an irrevocable/credit/bypass/charitable trust.</p>