Financial Aid for College
What are the key factors that determine whether or not a son or daughter can receive financial aid for college?
Is it current income level, net worth, if parents own a home, etc...?
Here's my sister's current situation:
My mother, who is still alive, transferred mutual fund assets to my sister's name a year ago. (roughly $250,000 and my sis now pays the yearly dividend taxes) My mom was hoping this money would grow for them and NOT be used for college payments. By the way, the reason for the tranfer was to avoid any potential nursing home costs down the road. (Yes, I know of the 5 year look back period.)
So, will my sister's kids be able to qualify for financial aid? I'm sure they can still can apply for student loans.
I hope I provided enough information for opinions?