Will my financial aid change if I receive money from a life insurance policy after my father's death?

Question

I've already filed my FAFSA and my dad claimed me as a dependent this year. I have one year left of school.

When would I be able to receive the money without the school taking away my financial aid so they can waste more of my father's money?

Answer 1

How is your education a waste of your father's money?

Once you get the money, it's your money.  Any financial aid paperwork you file after that, it will probably affect the financial aid.

Answer 2

My understanding is that unless you have the insurance money in hand, it doesn't count.  After you get your financial aid award money, it's a done deal.   And as long as your application was truthful and complete as of the time it was filed, I don't think you have to change it.  I looked at the FAFSA website, and your application is a snapshot of your families financial condition at the time of application.  You only need to change it if it was incorrect at that time.