<p>I think the advice from a couple of posters earlier in this thread to just go ahead and lie about assets and savings is dangerous – you’re filling out a federal form, and aside from the unseemliness of hiding money so that you get a piece of what may be destined for someone more deserving, the practical fact is that you may be looking at violation of federal laws,along with the associated penalties. </p>
<p>Along the same lines, the advice to move assets out of the child’s name and even out of the parents’ names is not proper if done solely to hide those assets from the calculations. Hiding the fund “in plain sight” in excluded accounts is one thing; hiding the funds in undeclared accounts is quite another. Besides, that is easier said than done for the average Joe. Exactly which one of my Cayman Islands accounts should I hide it in? Where exactly should my parents “hide” their 401k accounts? Should I ask my summer employer to pay me in cash so i can bury it in the back yard? </p>
<p>I have said on here before: Brown was very professional and very up front with me in defining what it was going to cost me to go there. But they were clearly unable to give me anything beyond the exact letter of the FAFSA/CSS calculations, where some other schools could. Brown also took my siblings’ college savings into account… the few thousand in each of their names was listed as available in the Brown calculation, which I think is bogus but that is their policy. </p>
<p>The advice to get military service seems reasonable, assuming you come back alive. Which I know is a pejorative statement, but still, you can never be sure. It may likely be one of my life-long regrets that I have chosen a road which will preclude me ever having military service on my resume, but at this point I am highly unlikely to go that route. but for some it may make the difference…</p>
<p>How would transferring all your money or assets to a relative be at all dangerous? I mean, politicians do it all the time, and never get caught. And if they did, what? It’s not illegal. Going to become minister of finance, but own a company, which might cause a conflict of interests? No need to sell or step down, just pass it to someone else, it’s a simple formality. If they can do it under severe public and media scrutiny, why couldn’t the average joe? You think any school on this planet will pay for investigations?</p>
<p>In fact, one year before applying, you could transfer everything. House, money, and even ask your boss to not pay you or anything for a year. Then pretend, with all the supporting documents, that you’re homeless, jobless, etc. Can you imagine what a hook that would be?</p>
<p>Eh. In general, honesty’s the best policy. Pretending to be someone you’re not leads to problems WAAY worse than financial troubles. While money is nice, and pretty much needed in daily life, it’s NOT the end-all in life, and going through a bit (heck, maybe even a lot, but I don’t know about that) of financial hardship, but maintaining your dignity/personality, is the way I’d tend to lean to…</p>
<p>Am I the only one that was aghast at the “lying” advice? I admit to this being my first year to file FAFSA, but…do you not all understand that the student and parent’s social security number are on every form, every income statement from a bank, every 1040, etc.? I don’t know how far FAFSA goes to verifiy your information but it seems to be an awfully easy thing for them to verify your accounts, your interest, your investments, etc. Am I that gullible / naive to think/hope that liars get caught so that the money can be available for me to be offered the amount I actually deserve with truth? In addition, I’d hate to have a college be notified by FAFSA that the applicant was found to be dishonest on the form. I’d HOPE that was cause for non-admittance.</p>
<p>Lying-- Bad because it’s just wrong. Bad because it is risky. I’m glad to see that most people are pretty straight with their applications.</p>
<p>Transferring assets-- if they are significant, remember there could be gift tax due. And if grandma decides to take a luxury around-the-world trip, she can do that with what is no longer your money. Or if she dies and leaves everything to her favorite charity (or to her favorite grandchild who is not you), that is where your college savings go. Or she shouldn’t be driving, has the minimum liability coverage, and plows into a crowd. Or her business is in severe distress. These scenarios are unlikely, but the point is if you give assets away you lose control over them.</p>
<p>I think when politicians transfer assets it is to blind trusts to avoid conflict of interest, not to hide them.</p>
<p>There is such a thing as fraudulent transfer. Creditors might go after them, particularly in bankruptcy. I haven’t heard of FinAid offices looking for them.</p>