Understood; my gift comment was just a general response to the mention of a gift in post #10.
Income in the calendar year that it was received and also an asset if any of it is still on hand when the FAFSA is completed.
@SOSConcern Thanks! Yes, we will be looking at merit options. She’s interested in physical sciences and perhaps engineering. We’re okay with paying up to $35-40k for a school that really offers her something. We have set aside money - it’s just full pay at $70k/year we can’t do, at least not at this point in our lives. She’s looking to stay in the Northeast/MidAtlantic and she doesn’t want anything particularly urban. We’re looking at the SUNY’s as safeties (we live in NY), as well as places like RIT and Bryn Mawr as good candidates for merit with Smith as a maybe for merit (they don’t give that many scholarships.)
My questions are mostly in whether we need to essentially disregard the meets-full-need, but need-only schools for her, regardless of her stats (like Brown, Georgetown, Tufts, or Haverford, which have been appealing on description, but wouldn’t work at full pay.)
Key is choosing the ‘right’ place, where she will do well and also take full advantage of four year scholarship as an entering freshman.
With her stats and interests, she should be able to find a school that is a very good fit and is budget friendly - merit and your out of pocket.
Be sure to apply to the places that offer the merit by the deadlines, and can visit later in the year for final selection.
IMHO no need to take a gap year if you apply to enough of the right places.
This link may be helpful about new things with FAFSA:
@thumper1 Not sure where you’re getting the idea that I’m looking at the cup as half empty? The inheritance was a blessing that went towards something I know my mother approved of and enabled my husband and I to build something for our family. “Went” is the operative word there. I’m simply asking for clarifications of the regulations and trying to do the most prudent thing for our financial future, not complaining that the system is unfair or whatever you seem to think.