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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]I think this sort of depends on how you view the value of saving for college vs other ways of spending your money. The way this question is framed makes it sound like valuing what you can buy over your kid's education is a good thing...not sure I'd agree, but i may just be a very naive middle class person. I also think it's right there in the formulas though. You are going to have the same EFC based on income no matter how much you saved. The percentage of savings you are expected to spend each year is lower than the percentage of income. So you get better value for your money with savings, and it won't destroy your chance of getting financial aid (college is so expensive these days, a lot of people can save HARD and still not come up with enough).[/quote]
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