Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev Thread | Next Thread
Author: 1poorguy Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 440854  
Subject: anyone know college grants/loans/scholarships? Date: 10/6/2012 9:40 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I'm trying to do some digging. Someone recently told 1poorlady that if 1poorkid has any cash in her savings that it will affect her chances for scholarships and other aid. I would think they would look at ME (and 1poorlady) on the assumption that we would be supporting her as much as we could. I mean, if Romney's kids had empty accounts would they really be eligible for more aid than some inner-city kid who managed to save a few bucks? That doesn't make sense to me (but that doesn't mean it isn't true!). I would think family finances would be the main factor, not whether or not the kid could save money.

And, unlike Romney, I can't hide my meager assets. I'm living in a big chunk of them.

Any info would be appreciated.
Print the post Back To Top
Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 410511 of 440854
Subject: Re: anyone know college grants/loans/scholarship Date: 10/6/2012 11:33 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
1poorguy: "I'm trying to do some digging. Someone recently told 1poorlady that if 1poorkid has any cash in her savings that it will affect her chances for scholarships and other aid. I would think they would look at ME (and 1poorlady) on the assumption that we would be supporting her as much as we could."

No expert, but need based aid willa lso look at the student's assets.

See, e.g.:

http://www.finaid.org/calculators/finaidestimate.phtml

http://ifap.ed.gov/efcformulaguide/attachments/082511EFCForm...

You can also Google federal methodology, EFC, and/or EFC calculation

Not sure why you beleive that student's assets would be exempt?

Regards, JAFO

Print the post Back To Top
Author: 0x6a74 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 410512 of 440854
Subject: Re: anyone know college grants/loans/scholarship Date: 10/6/2012 11:34 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
don't know, but think they look
at both

quite sure they looked at parents when
my nephews were applying



o... theres a board for that

Print the post Back To Top
Author: 1poorguy Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 410513 of 440854
Subject: Re: anyone know college grants/loans/scholarship Date: 10/6/2012 11:39 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Not exempt, but essentially trivial compared to parents' assets. Just throwing out round numbers, if parents' assets are $300K including property and accounts, what is $1000 for the kid?

1poorguy

Print the post Back To Top
Author: 0x6a74 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 410514 of 440854
Subject: Re: anyone know college grants/loans/scholarship Date: 10/6/2012 11:39 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
paying for college

http://boards.fool.com/paying-for-college-100157.aspx

Print the post Back To Top
Author: 1poorguy Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 410519 of 440854
Subject: Re: anyone know college grants/loans/scholarship Date: 10/7/2012 2:45 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Cool. I'll check them out.

Also using the finance tool from JAFO. Have to dig up my tax return to finish it.

Thanks.

Print the post Back To Top
Author: MetroChick Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 410523 of 440854
Subject: Re: anyone know college grants/loans/scholarship Date: 10/7/2012 10:13 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
Not exempt, but essentially trivial compared to parents' assets. Just throwing out round numbers, if parents' assets are $300K including property and accounts, what is $1000 for the kid?

A student's personal financial assets are looked at at a higher percentage than the parent's assets.

So this is why financial experts usually advise against putting money directly in a child's name (unless it's so great they could easily pay for their full college bill)

http://www.supercollege.com/guide/guide.cfm?t_id=3&g_id=...

If you look at the calculation for Expected Family Contribution (see Step 3), you can see that any money in a child's name (i.e. savings accounts, stock accounts, etc.) will be assessed by 20 percent. But if that same money is in a parent's name, it will only be assessed by up to 5.65 percent. That means for every $100 in the student's name, you will be expected to spend $20 to pay for college. However, for every $100 in the parent's name, you will be expected to contribute only $5.65 to pay for college. That's a big difference.

Print the post Back To Top
Author: 1poorguy Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 410525 of 440854
Subject: Re: anyone know college grants/loans/scholarship Date: 10/8/2012 1:48 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Thanks, MC. That confirms what others have been saying. So it is best if I keep most of her money for her.

I used JAFO's link. Pell Grant is out, but there are some possible loans. I'm hopeful she will get a scholarship, but competition is fierce. There are a surprising number of really bright kids out there.

1poorguy

Print the post Back To Top
Author: MetroChick Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 410534 of 440854
Subject: Re: anyone know college grants/loans/scholarship Date: 10/8/2012 10:52 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
So it is best if I keep most of her money for her.


Another consideration is if she has income via a p/t job, she could put it in a ROTH IRA, because retirement accounts are not factored into student financial aid.

http://www.kiplinger.com/columns/ask/archive/how-roth-iras-a...

Print the post Back To Top
Author: 1poorguy Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 410536 of 440854
Subject: Re: anyone know college grants/loans/scholarship Date: 10/8/2012 12:23 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Neat idea. I'll have to mention it to her. Of course, that means she won't be have that cash to buy <whatever>. Not that she spends excessively, but she does have her eye on an Avenger's collector's edition.

Print the post Back To Top
Author: PSUEngineer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 410555 of 440854
Subject: Re: anyone know college grants/loans/scholarship Date: 10/8/2012 4:39 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I'm hopeful she will get a scholarship, but competition is fierce. There are a surprising number of really bright kids out there.

Start looking for scholarships where the number of applicants are low. A lot of these scholarships are one time and small but anything helps. For example, my daughter got two scholarships. One was from my wife's employer and the other one was from an Italian heritage group for women of Italian descent. Those Italian ladies like to treat the recipient. Although her scholarship was small, they threw a party at a local restaurant and gave her gifts and gift cards that almost equaled the scholarship.

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev Thread | Next Thread
Advertisement