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, [b]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.[/b][/quote]

Please immediately start putting in the entire $23k/$30K allowable from your salary into an employer retirement instrument and then spend down some of the $200K from the lost paychecks to pay for bills.  You have done a great job at saving for college - but it's very important that you have retirement funds. Every financial planner will tell you that your retirement savings should be prioritized over college expenses.  I'm not going to give you a hard time over hoping for aid.  But I really would not spend your savings or work on hiding it.  Tell your kids what is affordable with what you have saved. Apply thoughtfully.  Any loans should be on your kids' shoulders if they want more. [/quote]

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