November 17, 2008

Is anybody aware of an account or investment that does not count against college financial aid, efc calc?

investment seminars
K F asked:


A coworker saw a flyer for a seminar for an investment that does not count against college financial aid. Or EFC calculation. He cannot find the flyer. Is anybody aware of this investment? Is this somekind of life insurance? Thank you.

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Comments on Is anybody aware of an account or investment that does not count against college financial aid, efc calc?

November 19, 2008

Robert S @ 3:02 am

This sounds like a scam.

November 21, 2008

Found-1 @ 5:55 am

The best thing to do is look at the FAFSA (the federal financial aid application) and read what investments it asks for…and doesn’t ask for. Here is what the ap says:

Parent Asset Information
• Investments include real estate (do not include the family home), trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit,
stocks, stock options, bonds, other securities, Coverdell savings accounts, 529 college savings plans, the refund value of 529 prepaid tuition plans, installment and land
sale contracts (including mortgages held), commodities, etc. For more information about reporting educational savings plans call 1-800-4-FED-AID. Investment value means the current balance or market value of these investments as of today. Investment debt means only those debts that are related to the investments.

• Do not include the value of life insurance, retirement plans (pension funds, annuities, noneducation IRAs, Keogh plans, etc.) or cash, savings, and checking accounts already reported in Q43 and Q87.

• Business and/or investment farm value includes the market value of land, buildings, machinery, equipment, inventory, etc. Business and/or investment farm debt means only those debts for which the business or investment farm was used as collateral.