Inheritances are not a common financial event, thankfully; but they sure can create some confusion for the FAFSA and CSS Profile processes. Most parents and students assume that because money is received out of an inheritance it must be income. This is not necessarily true.
First of all, you need to be aware that neither the FAFSA nor Profile mention inheritances as income. There are those catch-all questions such as on the FAFSA which asks for all income not recorded else where on this…
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