Moving $200,000 out of cash to improve chances for college financial aid?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Please leave the financial aid to those who truly cannot afford college. You have the resources to pay, so pony up!

We'll already be paying $80,000. We're just trying to get some help for the remaining $10,000. We can barely afford the $80,000 but we're doing our best to make it work.

Post your monthly income and budget and we can help. Here’s an easy one. Skip a vacation and there’s your $10k.

[Anonymous]

Anonymous wrote:America likes to punish middle class savers. It’s better to have no savings and get full need based aid.

Stupid statement. Only 5% of assets (savings) are counted towards paying for college.

[Anonymous]

Anonymous wrote:The financial aid the NPC is telling you that you qualify for ends up being loans and on campus work. Happened to my brother who has 4 kids (1 in college), HHI $180K, average savings. His DD "qualified" for aid according to NPC and it was loans and work programs.

+1 They will give OP the privilege of taking out a parent plus loan.

[Anonymous]

OP, read this link: https://www.savingforcollege.com/article/how-to-shelter-assets-on-the-fafsa

[Anonymous]

Anonymous wrote:

Anonymous wrote:America likes to punish middle class savers. It’s better to have no savings and get full need based aid.

Stupid statement. Only 5% of assets (savings) are counted towards paying for college.

Ha, ha, ha, ha! Maybe if you are low income. Most private colleges want you to raid your retirement, remortgage your house, take out loans…

[Anonymous]

Why do you have $200K in an emergency fund?

Is that for emergency Porsche replacement?

[Anonymous]

Anonymous wrote:people with 300K HHI should have money saved for college, just like you do.

these "oh poor me" posts from people with top % incomes are ridiculous.

We just made it to $300k and just finished paying off our own loans. It’s not easy when the $300k comes towards ends of career and expenses were high before then. Don’t assume.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:America likes to punish middle class savers. It’s better to have no savings and get full need based aid.

Stupid statement. Only 5% of assets (savings) are counted towards paying for college.

Ha, ha, ha, ha! Maybe if you are low income. Most private colleges want you to raid your retirement, remortgage your house, take out loans…

+1 That's why they also ask for the market price of your house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:America likes to punish middle class savers. It’s better to have no savings and get full need based aid.

Stupid statement. Only 5% of assets (savings) are counted towards paying for college.

Ha, ha, ha, ha! Maybe if you are low income. Most private colleges want you to raid your retirement, remortgage your house, take out loans…

+1 That's why they also ask for the market price of your house.

Yes, and whatever the equity of your house--5% is expected to go toward COA.

[Anonymous]

Anonymous wrote:"We originally kept the $200,000 [cash] as an emergency fund,"

How are people this dumb this rich

Dumb people don’t have emergency funds. Dumb people don’t know that older high income people have a very hard time getting comparable jobs if they’re laid off.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Please leave the financial aid to those who truly cannot afford college. You have the resources to pay, so pony up!

We'll already be paying $80,000. We're just trying to get some help for the remaining $10,000. We can barely afford the $80,000 but we're doing our best to make it work.

Why did you agree to an $90K school if you cannot afford it. YOU CAN afford it. You have to make different lifestyle choices. Sell the expensive house. No vacations, cut eating out, change where you grocery shop, no unnecessary extra's....

Or, second job.

[Anonymous]

Anonymous wrote:Why do you have $200K in an emergency fund?

Is that for emergency Porsche replacement?

Have you ever calculated the minimum cash you need for a year - mortgage, utilities, food, insurance, cars, etc? It’s a lot more than you might think. Depending on their mortgage, $200k might be ballpark.

[Anonymous]

Anonymous wrote:Our HHI is $300k. I know you all say that doesn't qualify us for aid, but that's not what the NPC says. According to the NPC we can get some aid by eliminating our cash.

Look don't worry about it, amass the debt. Kamala and Joe will forgive it and we will all pay for it. You're welcome.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our HHI is $300k. I know you all say that doesn't qualify us for aid, but that's not what the NPC says. According to the NPC we can get some aid by eliminating our cash.

Look don't worry about it, amass the debt. Kamala and Joe will forgive it and we will all pay for it. You're welcome.

Just like we pay for all the fake disability folks that live in WV, LA, MS, etc., and everything else funded by the government.

Interested, did you receive your invoice for all these things yet? Me neither.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:America likes to punish middle class savers. It’s better to have no savings and get full need based aid.

Stupid statement. Only 5% of assets (savings) are counted towards paying for college.

Ha, ha, ha, ha! Maybe if you are low income. Most private colleges want you to raid your retirement, remortgage your house, take out loans…

+1 That's why they also ask for the market price of your house.

Yes, and whatever the equity of your house--5% is expected to go toward COA.

Is it only 5%? Where does it say that?