What is the best way a relative can make a gift to a student's college cost...?

[entomom]

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Can a college’s financial aid award, once determined, be changed during the year in which the award was effective? Or would such changes occur the NEXT year since the gift might be considered income for the current year?

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<p>FA packages are based on finances of the year before, so the FA for your rising jr would have been based on 2009. Contributions to the student or parents in 2010 won’t affect the current FA package, but could affect the following year. </p>

<p>I agree that since the student has loans, helping pay those loans would be a good way to help out without possibly affecting FA.</p>

<p>x-posted</p>