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Author Topic: Do schools consider IRA money?  (Read 1473 times)

pamm

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Do schools consider IRA money?
« on: April 28, 2005, 04:26:36 PM »
When calculating the student contribution, do schools take into account the money that you hold in your IRA? Any info would be appreciated.

anton

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Re: Do schools consider IRA money?
« Reply #1 on: April 28, 2005, 04:47:14 PM »
When calculating the student contribution, do schools take into account the money that you hold in your IRA? Any info would be appreciated.

What kind of IRA is it?  I have Roth IRA's; Harvard's formula expected me to remove 80% of the assets from them.  I don't know about any other schools, though.
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bobo21

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Re: Do schools consider IRA money?
« Reply #2 on: April 28, 2005, 04:48:58 PM »
I had a HUGE EFC because of my ROTH IRAs.  You basically just have to take out provate loans if you don't want to withdraw them.  I think that's what I am going to do,...

InVinoVeritas

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Re: Do schools consider IRA money?
« Reply #3 on: April 28, 2005, 04:50:29 PM »
yes, many schools consider IRAs as potential sources for student contribution.  i didn't get any need-based aid anywhere, due in no small part to the money i have saved in retirement accounts.

limonjello

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Re: Do schools consider IRA money?
« Reply #4 on: April 28, 2005, 05:34:49 PM »
I know that the prostate exam that is NeedAccess counted them, but I thought I recalled that for the regular FAFSA that IRAs (at least some kind) were excluded.  It did specifically call out the deposits to IRAs, but I unfortunately forget how that might have been factored in.

Actually, I found this quote via Google, "Retirement plans such as IRAs and 401(k)'s as well as permanent life insurance are not counted. However, small employer plans and 403(b) plans are."

St. Shaun

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Re: Do schools consider IRA money?
« Reply #5 on: April 28, 2005, 05:35:22 PM »
The financial aid people at Michigan told me that they
consider 75% of the money in your IRA/401K accounts.

If you want to hide your money legally my fincancial advisor
says that you can put your money in a life insurance policy while
in school and withdraw it when your done.  You'll have a little taken
out in withdrawl fees, but it won't count against you for aid (All
my extra money is in IRA's, so I could do that because it would be
very ineffecient.)
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