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Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 8108  
Subject: Re: FAFSA and financial aid forms Date: 10/17/2010 3:02 PM
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Recommendations: 2
For their 1st service: I don't really want to shelter any taxable accounts. I don't know what method of sheltering is available, and what would that buy us.

I've been to these seminars, and generally they are trying to sell you annuities. The logic is that you sell your stocks and take the vast majority of your assets and convert them to annuities that don't let you access the money for a bunch of years so they are not counted as your assets. Personally, I'd rather keep my assets and access that money any time that I want. Either way, I'd end up paying for the kids' college, so I'd rather do it with the money that I have saved and not just do something that just gets us more loans which will mean that the education will cost more in the long run.

I'd just say no thanks to this one.

2. student assessment evaluation - find out which major would fit DD and provide a list of potential schools to apply.

Doesn't your school have a guidance department? It seems to me that this is really just doing the job of her Guidance Counselor except that now you are paying for it. I'd say no to this one as well.

The only thing that might provide value is service #3, since we are not sure how many forms that we should fill out, or we should even bother to fill out any.

I've got twins who are college sophomores, so I've done the forms twice already. Really, there's not that much to them, and since you'd have to gather all the information anyhow, the only thing the service would really provide is inputting it into the forms. The forms are now electronic, and it probably takes me an hour or two to fill them out once I have our Quicken files updated, but I need to do that anyhow.

I don't see any use for any of these services, and would much rather spend the money on other things.
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