Effect on FAFSA of Grandma's $$ in Parent's Name

Question: My wife has a fund that was actually her mother's money that has been put in her name and in her two siblings' to protect it from being used up for her mother's convalescent care.

We have found out that having it in our names cost us money in college funding for our child. We can't use the money, but we can't figure out how much it costs us, in order for the fund to reimburse us. My wife's share of the fund is about $200,000.

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