The financial aid formulas used by the federal government and the schools assess a portion of the family's assets when computing eligibility for financial aid. Under current financial aid formulas, there are significant benefits to saving the money in the parents name, despite the …
Search Results for: uniform minor
Age of Majority and Trust Termination
The age at which the minor takes control of the custodial account depends on the minor's state of residence and whether the custodial is a Uniform Transfers to Minors Act (UTMA) or a Uniform Gifts to Minors Act (UGMA) account. Each state may have additional provisions affecting the age of …
UGMA & UTMA Custodial Accounts
In most states, minors do not have the right to contract, and so cannot own stocks, bonds, mutual funds, annuities and life insurance policies. In particular, parents cannot simply transfer assets to their minor children, but instead must transfer the assets to a trust. The most common trust for a …
Financial Aid for Native American Students
Eligibility for Native American Scholarships For a student to be eligible for many Native American scholarships, such as BIA scholarships, the student should be an enrolled member of a federally recognized tribe. Otherwise funding will most likely be denied. A Certificate of Indian Blood (CIB) …
