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

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, why do you think you shouldn't have to spend your savings for college?

Why do you think colleges should give you free money over needy families with much lower incomes?[/quote]

Not OP but the colleges don’t even think you need to spend all your non-retirement savings. That’s why it’s only assessed at 5ish%. Why do you want to protect Harvard’s massive tax protected endowment over OP’s savings? [/quote]

OP here. Thanks PP your point about Havard's massive endownment vs our "wealth" is exactly right.

Those numbers might seem high to some folks in this thread but we are really not super wealthy at all, we drive old cars, live in a small house and don't spend money frivolously at all. It's not like we had high incomes our whole lives, all you judgers have no idea what our financial history is. And also, our savings ARE retirement. Just because we stupidly kept them in a bank account doesn't mean we don't need them for retirement, which is sorely underfunded.[/quote]

Ah, so here it is.  For purposes of financial aid, you would like to recharacterize your cash savings into retirement savings.  You have belatedly realized that you didn't plan correctly.  In essence, your post is, "We screwed up, and not we would like a mulligan.  Please shield us from the consequences of our stupidity."

Sorry, no.  Write the check to the college.  [/quote]

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