<p>Do they mean face value as in folks who own whole life and can trade it in for the cash, or face value as in cash DH gets if I keel over on him?</p>
<p>HELP.</p>
<p>evil, early, due today paperwork!!!!</p>
<p>Direct Loan site down so even more crazed than I would have been. ughs.</p>
<p>asking here cause I "know" more folks here</p>
<p>I am really not certain but cash surrender value seems to be the only fair way to report it.</p>
<p>good. I have only term life insurance. So the answer for me is 0.</p>
<p>Sorry guys, face value means insurance death benefit (or basic death benefit, excluding riders, dividends, etc.).</p>
<p>This from an old pro...25+ years in life insurance.</p>
<p>I don't remember that question, and it was not on the Profile for my kid's school - but usually colleges are looking for the value of your assets. A term policy is not an asset -unless your spouse keels over. A whole life plan is an asset, since you have some value in it even if noone dies.</p>
<p>
[quote]
face value means insurance death benefit
[/quote]
So does that mean that the colleges are now suggesting that we parents should off ourselves in order to provide the funds for college? (My life insurance wouldn't cover 4 years of college in any event......)</p>
<p>I would think that face value in the insurance industry and face value for financial aid would mean 2 different things. One industry is concerned about the actual death benefit, one is concerned about assets. I would put 0, and contact the office tomorrow just to make sure. You can always make corrections later, but I'm guessing it's not considered an asset.</p>
<p>Calmom: LOL ;) I think they don't want us to off ourselves. We are needed to keep that supply of blood... I mean money, coming!</p>
<p>Well, I just ran a calculation and there's great news. If I were to come to a sudden, premature end and my daughter were to receive a fat check from the life insurance company... her EFC would be -0- and she would qualify for a Pell grant! Because, of course, with me out of the picture, she would be "independent" (unless they can suddenly resurrect the noncustodial parent when the custodial parent dies after the kid is 18)...... and with her earned income she would qualify for the "simplified needs test" and they would disregard all her assets. And there she is, sitting pretty at a college that promised to meet 100% need! </p>
<p>I think I've just come up with the ultimate way to game the financial aid system.... hmmm, just one small problem with this plan that I can see.... :( [If you suddenly see me disappearing from the CC board after 3,540 posts, either I've been cured of my addiction or else the plan has been put into action]</p>
<p>They mean Cash Surrender Value. If I remember, this question is asked in the asset section along with valuation of the other stuff that can be used as collaterol and converted to cash.</p>
<p>I also did not have this question on the Profile...so I think that if you have this question, you should point this out to College Board. If they mean cash surrender value, they should have used the correct terminology...face value and cash surrender value mean two different things.</p>
<p>(p.s. I also think they meant to say cash surrender value, not face value. As Calmom says, the only anyone benefits from the face value benefit is if the insured dies...doesn't make a whole lot of sense...)</p>