Paying for College

Should a Family with a Trust Fund Fill out the FAFSA?

Question: My father left money in trust for my daughter's education. There's enough to cover one--maybe two--years at a private college. Income is less than six figures, but we do have some investments. Any reason we should do the PROFILE and FAFSA?

When a student applies to college as a "No Need" candidate (i.e., he or she does not ask for financial aid) then there is usually a waiting period (typically two years but it can be longer) before the student can apply for aid. Thus, if you might have only enough money from your father's trust to cover one year of your daughter's college, then you should definitely go through the hassle of completing the FAFSA (and the PROFILE where required. Also some colleges have their own forms, too).

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