student loan vs assets

It depends on what you mean by 'hurt'. It will not disqualify you from borrowing up to $38,500 per year in unsubsidized Stafford loans. However, you many not be eligible for subsidized loans depending on how much it is and how much subsidized dollars your school will dole out. It might make you ineligible for some institutional need-based aid.

As far as hiding in the mattress, you can do that but they will ask you specifically about savings, cash, investments, etc...so you are kind of obligated to report it on the FAFSA. You can give it to your sister, but realized there may be some tax implications to gifting large amounts of money (over $11,000). It is likely illegal to just not report it...unethical?, well I guess that is up to you.

Give the money away to you matress foundation and then collect it back when you need to pay rent. If it is very large amount withdraw it early, stick it in a safe deposit box and take as you need. These are hardly Martha Stuart offenses. Either that or see an accountant or lawyer. Damn money is sometimes a liability more than an asset.

Good Luck

That's a valid concern for me too. Right now I'm working full-time and doing alright. Once I get into Pharm School (oh please let it happen!), I will have to go to school full-time and will need lots of study time. But that first year I have to borrow tuition money and w/ tuition it may be around 11-12K when all is said and done. I'm hoping I can borrow over that amount to have some to live on for the year (maybe work a little p/t). I'm worried when I apply for FAFSA that first year, they'll look at my W2 from the prior year and I may not be eligible for that much. Does anyone know if that's true? Or is there a limit you can borrow up to regardless?
I haven't done the student loan thing in 10 years, so I'm sure much has changed.

Previous year's income is a factor for determining your EFC and this may or may not effect the amount of loans you are eligible for in pharmacy school. Call the financial aid office at the school and ask what is the maximum amount for borrowing and whether or not it is based on need. If it is not based on need (an typically Stafford loans are not) then you will not have a problem borrowing up to the maximum. The maximum amount of Stafford loans available for students in professional degree programs is somewhere in the range of $20,000 per year. You may be able to find additional private sources of student loans. Again, check with the financial aid department.