<p>Schools can determine need any way they want when it comes to their own money. I seriously doubt any school that does not have some merit type program going will give money to someone whose parents have millions of dollars somewhere even if it is in a qualified retirement plan.</p>
<p>I guess i have to research more what fin aid officers at schools actually do. we are so close to retirement so the large balance isn’t unreasonable (2Mil)- where it would be excessive if we were in our 40’s.</p>
<p>It doesn’t sound like anyone here knows what elite schools actually do as opposed to rendering a quess.</p>
<p>so weird that the FaFsa only schools wouldn’t even look at assets if you are under 50k income but it appears that all the elite schools we are interested use the CSS or their own forms.</p>
<p>I noticed that Amherst and Williams have a fin app calculator on their sites and that excludes retirement and caps home equity at 120% of yearly income.</p>
<p>The reality is important for us since I have already paid full price for elite schools including grad schools for 2 older kids while earning a living - never even bothered to investigate then since income was high. </p>
<p>People forget that if your kid wants to be a doctor or a PHD your are looking at 200k or more after 4 years of college as well and we will be paying full price for that.</p>
<p>brooklynboy -
You may be correct that no one (or no one who posts) on this board knows what elite schools do for a family with low-to-moderate income and assets, but high retirement assets. At least I have searched here for info on that scenario and found nothing but a little speculation. You’ll be doing the forum a great service if you let us know what you find, even in general terms.</p>
<p>Wondering if you are still here. I am facing similar situation. Am a 60 year old widow with low-ish income. Child has some cash assets provided by late father’s life insurance and recent inheritance from grandparents. College planners are making offers to park money in vehicles which has guaranteed income, no surrender, withdraw at any time etc etc. Would like to learn what you have decided to do it possible. Thanks</p>
<p>Cathy…you should start a new thread.</p>
<p>I would be leery about “college planners” ideas of parking money in various places.</p>
<p>There was another widow that posted a year or two ago with a similar situation. Her money was “parked” in supposedly safe places, yet the money wasn’t really “safe”. She was still given a hefty “family contribution.” </p>
<p>It would seem to me, that money that is in income producing situations will get “double counted” in some ways…first the entire amount is counted an asset, and then the income is counted as income. Would the asset/income be in the child’s name? If so, then the “hit” can be even harder.</p>
<p>Some of family/child money is expected to go towards college costs. FA is supposed to go to those who don’t have the means. </p>
<p>If your child has a lot of assets, then also consider also applying to some schools that will give merit scholarships for his/her stats. Then assets won’t (usually) get considered (In more rare instances, a school will consider finances for merit scholarships).</p>