A common myth about college financial aid | Redux

A common myth about college financial aid

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Excerpt:

(MoneyWatch) Are you one of the millions of U.S. families that never bothers to file for college financial aid? Parents offer lots of explanations for why they don't apply for such assistance, but one common reason is this: We have too much money saved to qualify for financial aid.  What people often don't realize is that money set aside for college does not represent some sort of money time bomb. These assets usually don't hurt a family's chances for financial aid. Here are three reason why many parents don't have to worry about their savings disqualifying them from college aid:1. Retirement money isn't counted. Colleges don't care how much money parents or students have saved in retirement accounts. The "Free Application for Federal Student Aid," or FAFSA, the form required by college for need-based financial aid, doesn't even ask families if they have a retirement account. 2.

Keywords:

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A common myth about college financial aid

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Country: U.S.

Overall Sentiment: 0.413872

Relevance: 0.716084

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• United States
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Many parents assume that they have too much in savings to qualify for school assistance -- here's why that's wrong

Provided Keywords:

• 529 plan
• asset protection allowance
• fafsa
• financial aid
• Lynn O'Shaughnessy
• money for college

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A common myth about college financial aid

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