Reply to Irrevocable Trusts impact on FA?

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[quote=Anonymous]This seems fairly straightforward. Tell the truth and answer the questions on the financial aid for honestly and fully. Then see what happens. I'm guessing the answer will be no aid, but the way these things play out is sometimes surprising. If you're honest and they still award financial aid, I don't think you're in the wrong to take it. (I would have major questions about how the school is making decisions, but that's a separate issue).

DON'T omit the trust info when asked. It's unethical, and from a more practical standpoint, if the school finds out about it, you could be asked to leave or not invited back.

As someone else pointed out, if your financial aid is currently covering 40%, you're talking about 25k-ish for each kid, max. A million dollar trust, well-invested, should be spinning out more than this each year, so it can easily cover that and more (to ease your finances) without touching the principal. Or it can just cover financial aid and grow the principal. And this is a choice for you to make - keep the same family budget and grow the trusts, or ease the budget and grow the trusts a bit less.[/quote]

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