Musings on Student Aid

  • I know that many of you have children or grandchilden who will be college students next school year. Just read an article aptly titled "Musings on Financial Aid" by Elizabeth Boehmcke from the Hook Law Center Blog. Included in the aritlcle: 

     

    - Keep in mind that parents' resources are assessed at a much lower level than assets owned by a student when determining how much the family should contribute towards college.

    - Eligibility for financial aid is heavily based on your income

    - The balance of your retirement account is not assessed for these purposes.

    - Interests held in trust are assessed as an asset of the beneficiary, even if the restrictions on the trust fund are such that the beneficiary cannot access the funds.

     

    She expands those points and helps clear up some misconceptions. If you'll be filling out a FAFSA (and you should if you have a college student), you'll want to take 5 minutes to read this article.


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