financial disadvantages

<p>are there any financial disadvantages …aid wise if i have money in an account under my name rather than the money under a parents account</p>

<p><a href=“http://www.finaid.org%5B/url%5D”>www.finaid.org</a>
student income and assets are looked as as being more available for expenses than parental income</p>

<p>Colleges expect a larger share of financial assets held in a students name to be used for college expenses than they do assets held in a parents name. So, yes, there is a definite disadvantage to having money in an account under your name. Of course, the disadvantage is proportional to the amount held under your name. And, if you’ve saved the money specifically for college expenses, some will argue that it isn’t a disadvantage at all because that’s what it will be going towards.</p>

<p>I think they take 100% of your money and only 15% of your parents money.</p>

<p>Frank</p>

<p>the federal formula assumes you will spend 35% of your assets each year to fund college expenses, but only ~6% of parental assets. Thus, the ‘penalty’ is ~29%.</p>

<p>what if they dont award you any financial aid…then is it any disadvantage??</p>

<p>Nope - none</p>