<p>I applied ED to a school that meets 100% of need with no loans and got accepted. They gave me my financial aid estimate which was about $51,000 in grants plus $3000 in work study a year. The problem is, I filled out my CSS profile in late October and then my mom passed away in early November :(</p>
<p>So now I have to go through the reevaluation process. I think if anything I should be getting more aid because we are no longer getting my mom's disability benefits. The thing is, my dad received her life insurance benefits which was about $60,000. I'm worried that my college will look at this lump sum and take away a good amount of my financial aid. I'm worried that they won't realize that this money has to last my dad for the rest of his life.</p>
<p>So sorry to hear about the death of your mom. { hugs }</p>
<p>Unless your dad has a lot of other assets, that $60k probably won’t change your FA (at least not much). Some of his assets are protected, and the rest are only assessed at about 6%. </p>
<p>Your school will need to take into acct that you’ve lost the disability income, and that may end up being more of a plus than the insurance benefit is a minus.</p>
<p>There are several options for you. Your dad can reinvest the funds into life insurance or pay bills off. 60k will make a difference at some schools. Especially if your were borderline with assets and css. Worst thing you could is to leave the funds in the bank and then report it before you resign and correct the profile page. pay down cars, buy goods for future years, you will be surprised how fast 60k can go… etc. Sounds like you got a sweet deal with financial aid so i wouldn’t expect any more. </p>
<p>If you initiated the reevaluation process I wouldn’t risk trying to get more. Wait til next year. The college will most likely expect that you spend the 60k for college. It is an asset.</p>