<p>Hi,</p>
<p>My parents have a low income (60k), but a large number of assets (~500k) because we live well below our means, and because they are self-employed and have no retirement plan.</p>
<p>So am I screwed for college financial aid??? Do you know what my parents should do with their money? </p>
<p>I heard Harvard had a free under 60k policy. Would it be free if you had all those assets for retirement?</p>
<p>THANKS!</p>
<p>If its not too late, Start a retirement plan.</p>
<p>what kind is best? would the college understand its purpose since they are self-employed?</p>
<p>No such thing as "best" college, financial aid, dorm, roommate, shoes, or even Retirement Program. What works for you and your parents will be the "best."
Some people may think Harvard is the "best" but to me its "c**p". Some 2000 will be accepted, and only few will get significant financial aid.</p>
<p>It depends on what type of school you apply to. Any school that asks for the Profile and tax docs will most likely not give you any aid. However, if those assets are in a retirement account (401K, 403B etc etc), they won't be counted. </p>
<p>When a self employed person says "well, that building/trust/stock etc is going to be my retirement asset", schools do not hear that- it's hard assets. Basically, your parents CAN send you to an expensive school, in the eyes of the finaid people.</p>
<p>Look into schools you can afford, or schools that are fafsa only. They typically don't do as much in depth anaylsis of student files.</p>
<p>
[quote]
I heard Harvard had a free under 60k policy. Would it be free if you had all those assets for retirement?
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</p>
<p>No, they consider both income and assets. because your parents have considerable assets you could pay full freight.</p>
<p>would a retirement annuity count?</p>
<p>yeah i just realized that last night when i asked my parents about our assets. now i'm freakin screwed and i'm applying to schools that offer merit aid. <em>sigh</em> my family's around 45K with about 100-200K in assets. let's say assets really go up in value if you own them for about 10 years.</p>
<p>i emailed the harvard financial aid office about how assets would factor into it.</p>
<p>i asked harvard when they called me and they said "we take everything into account", whatever that's supposed to mean.</p>