Could insurance settlement affect financial aid?

My fiancée and mother of my child passed away recently and I am in the process of filing a wrongful death suit on my daughter’s behalf. If I do receive a settlement could it affect my eligibility for financial aid being that I’m still in college?

Top 2 Answers

A few days ago

dawncs

Favorite Answer

It could depending on the amount of the settlement. However, I would not let that stop you from filing a wrongful death lawsuit on your daughter’s behalf. Depending on her age, there could be pleanty of time to put money into a college savings plan which would grow tax free. She could also apply for college scholarships. A settlement could be years off though. When it happens, you should talk to a financial planner and your attorney to see how it would effect you and your financial aid. Good luck!

A few days ago

Anonymous

That question is a bit complicated, so you might want to call the Dept of Ed to be sure. 1-800-4-FED AID

I’m not the government or anyone particularly important, but it seems to me it would depend on if the money was actually yours, your daughters, or both. The Dept of Ed may not be able to answer either until you know how the lawyers decide to issue it.