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College and University Discussion
Reply to "S/o don't financial aid offices penalize families who are capable of saving but who choose not to?"
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[quote=Anonymous]A few posters on the long thread about college savings seem to think that if one is capable of saving for college but chooses not to, then this puts them in a great position for living the good life but still getting loads of money in financial aid. For example: I'm going to quit my job, renovate my entire house, take expensive vacations, etc., and then when my kids go to college they'll be eligible for tons of financial aid on account of the fact that I've spent all the money that we could have used for college. Would someone with actual knowledge of the process please tell me that this is a myth? I mean, don't financial aid offices have processes in place for imputing what a family *shoukd* have saved, or what a a SAP *shoukd* have earned - and don't they factor this into the FA calculation? Of course, I'm not talking about families with extenuating circumstances, like those with high medical expenses or a parent who is unable to work. [/quote]
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