Here is the deal. We have a future son in law who was in an accident and was awarded a settlement some years ago. Part of the money is in an annuity, part in a CD. The money in the CD, because his name is on it, keeps him from being eligible for any financial aid even though his parents only make about $40000 annualy and have two other children in college. If it were not for this CD he would have received 21stCentury scolarship, some various grants, and scholarships he was awarded for athletics. So the real question is, how do you shelter, or hide if you like, this money so he isn’t forced to use it for school and not have to put it into an annuity?
The CD is only $10,000 dollars and would barely pay for the first year of college, leaving him with huge student loans to pay in the end. Not to mention, why should he be penalized for receiving a settlement due to faulty craftsmanship that almost killed him? And unless you paid for your education completely you can’t throw stones. Nor did I ask for moral advice here.
How to shelter an investment from college financial?
08
Mar
erik c
March 8, 2010 at 9:42 am
Why doesn’t he just cash in the CD and pay for college himself? Or borrow against the CD to finance his own education? I don’t see why taxpayers should be supporting someone who has this amount of money available to him? Financial aid is for people who cannot pay for college themselves. This does not say much for your future son in law that he is not willing to take on responsibility himself when he has the means to do it………..I did pay for my own college. I got jobs and saved money, I got loans and paid them back. He is not being penalized for anything, you do realize financial aid does not belong to him? It belongs to taxpayers such as myself. My brother and I were in a similar situation and we just paid for school with the money we had and when that was gone we applied for financial aid. Everyone has student loans to pay back its not the end of the world and probably makes us work harder. I’m just getting tired of people expecting everything is owed to them at someone elses expense sorry if I offended you but this type of attitude is ruining America
poteryaniy much
March 8, 2010 at 9:59 am
i don’t think you can ’shelter’ this money from them. But you can try to ask them to not consider it. Maybe if it was an IRA it would not be considered.