If I gift money I received AFTER filling for FAFSA, do I have to report it to my school or FAFSA?

Paying for College
17

You got good advice on your PREVIOUS thread about exactly the same topic.

http://talk.collegeconfidential.com/financial-aid-scholarships/2001993-does-having-my-own-not-my-parents-money-in-the-bank-impact-my-fafsa.html#latest

Is there an asset protection allowance for the student?? Not sure about that.

Anyway… @AndyMad1 are you giving the money away forever?

You said…about $20,000…so that would add about $4000 to your family contribution each year.

If the money is put into a 529, it will be assessed at the parent rate…so it would be about $1000. Do that.

Wouldn’t it be smarter to use that money yourself than to give it away? Or were you planning to get it back once your FAFSA is completed? Please clarify.

ETA…you also wrote this:

What are you talking about? You wrote this in July. What FAFSA did you complete…because the one for the 2018-2019 school year won’t be available until October 1.

Also…as written on your other thread…this could be MUCH ADO ABOUT NOTHING. Do the colleges you are applying to meet full need for all? Is your EFC less than $5000 without this money?