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College and University Discussion
Reply to "Moving $200,000 out of cash to improve chances for college financial aid?"
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[quote=Anonymous][quote=Anonymous]realize that the EFC is per year, so 5.xx multiplied by 4 is almost 25% of assets and almost 50% if you have 2 kids. So if you are moderately wealthy, say $2 million in liquid assets, you will lose a nice chunk for college costs. [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][/quote] Or, your kids get merit aid or they go to state schools like the rest of ours. We don't even consider Harvard for our smart kids.[/quote]
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