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

Forum Index » College and University Discussion

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]If you really want to do this, you can look into funding a Whole Life life insurance policy with somebody like Northwestern Mutual.

You have to pay the cost of insurance and we set some up back before we had children, but it now pays a ton of dividends to us (far in excess of any premiums).

[b]Life insurance is never counted.[/b]  The other thing you can do is pay down your mortgage, although I think most colleges look at home equity in their calculations (though there are some that don't).

Some ideas.[/quote]

Absolutely not true.

FAFSA may not ask about it, but many private colleges use alternative questionnaires, and those ask about everything. Including the car you own.

OP, your plan doesn’t make much sense.  For financial aid purposes, an asset is an asset (with some exceptions for retirement accounts and primary homes).  You’ are losing the flexibility and ending up in the same place with that move.[/quote]

If they don’t ask in the NPC, they don’t ask.  None of the top 20 schools count life insurance in the calculation and none ask about your car.

I assume OP at least understands only the very top schools may provide even a nickel here.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics