From Dad or from Uncle Harry?

TheGFG
Mon, 24 Apr 2006 08:25:52 +0000

PS As far as the fraud issue, it is not the college’s job to prevent Uncle Harry from money laundering or to stop some parent from transferring assets to Uncle Harry. Frankly, liquid assets matter very little in the formula anyway–it’s mostly income. We plugged in our estimated financial data for next year, with a savings account reduced by the amount we will need to take out for this year’s tuition; our EFC didn’t change. And basing the EFC mostly on income is as fair as it’s going to get. Otherwise, if Family X and Family Y make the same income, but Family X decided to take expensive vacations every year instead of saving for college, they’d have to pay less for college than Family Y.