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Author Topic: Non-trad financial question  (Read 1154 times)

mediumbinderclips

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Non-trad financial question
« on: August 31, 2008, 01:14:36 AM »
I am an older student considering applying for the Fall of '09. I am 31 (does that really qualify as older? sheesh...) and have a young family. I have two FAFSA questions.

(1) Will my FAFSA disclosure include our college 529 fund contributions for my 2 children and will law schools expect that money to be contributed toward my tuition? That seems pretty draconian, but from the information within this forum, draconian policies seem to be the nesting ground for law school admissions and financial aid staff...

(2) My husband and I have managed to pull together a modest-sized nest egg in non-retirement mutual funds. Is it reasonable to assume that any law school would suck this dry and if so, it is in my interest to use that money to pay down scheduled debt (dump it into the mortgage, for instance?) before completing the FAFSA? Without those assets, I am sure we will qualify for need-based aid.

Thanks for the insight

blueskies6

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Re: Non-trad financial question
« Reply #1 on: August 31, 2008, 08:03:39 PM »
I can't really answer your questions, but here's a link to download a FAFSA worksheet if you haven't checked it out already.  It should give you an idea of what will be asked when you fill out the real thing.

http://www.fafsa.ed.gov/before012.htm
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Terrible Ivan

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Re: Non-trad financial question
« Reply #2 on: August 31, 2008, 08:40:58 PM »

I do not have specific answers to your questions. I am not sure that schools get or use some of the federal info (other than expected student contribution). Many of the schools I applied to used the NeedAccess info (if I remember correctly).

However, I think many schools will look beyond some of your assets. When I applied, we listed all of our assets (which are head-and-shoulders above any 20-something coming out of undergrad or even those who took a few years off). Nevertheless, we received very healthy scholarship offers that had need-based components. In fact, anecdotally, it seems a couple schools offered more need-based money to older students with families than they did to younger students who had heavy undergrad loans and no assets. I got the feeling having kids/exemptions was the salvation.

-Ivan

EdinTally

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Re: Non-trad financial question
« Reply #3 on: September 03, 2008, 10:13:56 PM »
Bank>>>>>>>Withdraw>>>>>>>>>Cash>>>>>>>>Water/Fire Proof Box>>>>>>>>Bury>>>>>>>>Yard