Getting cash inheritance - am I still eligible for Perkins loan?

[gcnole]

I just found out that in a few months I will be receiving a $10,000 inheritance from a relative that passed away recently, and I was wondering if it would hurt my chances for being eligible for a Perkins loan next year. I just enrolled in an expensive 2 year Master's program, and for this year I was initially offered just Stafford and Grad PLUS loans - but after contacting the financial aid office, I was able to receive $8,000 of the Perkins loan as well. They seemed very reluctant to offer it at first though, and said only those with extreme financial need would be allowed to get it. Seeing as I made very little income from a minimum wage part time job this year, I qualified, but I am worried about the next FAFSA. It doesn't seem like they give out the Perkins loan to many people at this school.

 

How do I properly report the $10,000 once it comes in, and will it prevent me from being eligible for the Perkins loan next year? If so, is there any way to legally avoid this like transferring it into a parent's name temporarily and having them hold onto it for me until I graduate? I plan on asking my financial aid office as well, but I just wanted to see if anyone else has had a similar experience.

[ERR_Alpha]

The FAFSA asks for the amount you receive from inheritances I believe. I'm not sure if there's a legal way around it.

[Between Fields]

I'm pretty sure the FAFSA doesn't hold IRAs, 401Ks, etc. against you. That's one option, if you want to hold onto the money for a long time.