I have a trust fund set up for my 21st. Didnt know i had to put it down on my financial aid. I didnt. So when i get it will it be taken away? I
Contact your school’s financial aid office.
When you get what will what get taken away?
You were like.y supposed to put your share of that trust as an asset on the fafsa if you are a beneficiary.
You need to contact your college to see what to do.
How much is this trust? If you are receiving need based aid, it will likely be reduced.
Get a copy of the trust document before you panic. A grandparent may say something like “we’ve got a trust fund for you” which turns out to be a bank account, titled in the name of the grandparent, which they “intend” to give you when you turn 21 but in fact- is not a trust, nor do you have any legal ownership over the assets right now. And your grandparents could use the money to buy an RV (it’s their money) instead of giving it to when you turn 21. In which case you did nothing wrong.
People use the term “trust” in a lot of ways which are not, in fact, accurate. Get the facts in front of you- the trust document if there is one, a brokerage/bank statement which shows the assets as of Jan 1 (or the date when you filed your FAFSA) before you call your college. This may be a false alarm. There could be $500 in the account; you might not be named a beneficiary; it might not be a trust.