ROCKAWAY BEACH, N.Y. (Reuters) – Families whose homes were damaged by superstorm Sandy have one more insult they can add to their list of injuries: Unless they are careful, their children's student aid packages might get nicked.
There are two reasons for that. The first is that the insurance settlements these families receive could make them appear less aid-worthy.
Furthermore, they often delay filing their income tax returns so they can properly calculate their losses. But that could mean they do not have all the information they need to file their financial aid forms. And when it comes to financial aid, the early applicant often gets more money.
By law, any assets you have at the time you submit your Free Application for Federal Student Aid (FAFSA) – including money an insurance company gives you to buy a new car or fix your damaged house- are factored into the calculation of how much tuition assistance your child gets.
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