Has anyone purchased an Annuity for the sole purpose of hiding money from Colleges on the FAFSA application? - annuity fafsa
In examining the reasons for the purchase of annual fee, no-one to hide the list of reasons for the money, so it does not appear on the FAFSA college. The money, the less one has, the more the possibility of receiving more aid than the school of your child. The pension is an issue that should not be declared on the FAFSA. Someone else has done and what are the results from universities to help how? This type of income (s) that you buy?
Saturday, February 6, 2010
Annuity Fafsa Has Anyone Purchased An Annuity For The Sole Purpose Of Hiding Money From Colleges On The FAFSA Application?
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1 comments:
It is true that you should not include the value of pensions in matters of parental assets on the FAFSA. Remember, this is true of pension and equity in your home.
I think you should, the Ministry of Education, the CSP students on the income, not assets to be calculated. People with higher incomes do not qualify for federal grants, but federal loans available to them alone. From my experience, money, and if the parents is enough to give the opportunity to invest in this way, the annual household incomes too high to receive grants, and change and change is not a big difference. However, each case is different, and I am not saying that certainly does not check it out.
Oh, and you decide if annuities are appropriate for you and then distributions have this year is in line 16a of your income tax, in the IGA, which is used in the EFC, the student is included in the price calculation. (The value is not reported), only the salary.
I hope that makes sense ..
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