<p>^^
Exactly…borrowed money isn’t income. So have your relatives write up a no-interest loan that has payments of some very low amount (like $12 per year or whatever), that will cease upon your or their deathes. Of course, they have every right to tear up the loan or not collect if they desire. They could tear up the loan after you graduate. The loan could also say that no payments are required while you’re in school, and then your relatives could tear it up after you graduate.</p>
<p>mom2, you could probably do that with FAFSA, as long as that money isn’t in your possession as of the submission date. If it is, you have to report it as cash on hand, which will reduce aid. I don’t know that it would work for PROFILE because of the “Cash received” question. A loan isn’t income, but it seems to me that it is cash received.</p>
<p>We explored all of this last year, and came to the conclusion that colleges are wise to this scenario, and (understandably) want to reserve their aid for students who really have no other resources. A student with generous relatives has resources. </p>
<p>Jason, I think your best bet may be to go ahead and take loans up to the amount that your relative(s) are willing to contribute. After you file your final FAFSA (middle of junior year), they are then free to pay the loans off; also after that final FAFSA, they can just give money directly to you. In this way, their help is very real to you but invisible to the college. It’s a win/win – you can pay for school, you don’t jeopardize your aid, and your family gets to make their contribution to your education. As far as accumulated interest, of course the sub loans will not be a problem. Maybe you can reach some agreement with your benefactors about interest on unsub/private loans; e.g., you each pay half, or some such.</p>
<p>First of all, I appreciate everyone’s time and input to my thread.As for what I’ve concluded, it seems like the best option was suggested by LasMa considering the PROFILE application is required for my school. Again, you have all been great, thanks again!</p>