How much do Savings affect Financial Need?

International Students
1

<p>Hello,</p>

<p>Well I’m a Honduran. In my country, a savings account works for anything and everything. My father has approximately 30,000 $ in savings, real savings. And about 20,000$ in a “savings account” that is really a retirement fund given to him when he retired after working as a doctor for 20 years. So really, that account is not a part of my family’s savings: my father is a Church pastor and he does not qualify for the Honduran social security system, and will not have any benefits or such when he retires from Church, so basically, this 20,000$ fund is all my parent’s have for their retirement.</p>

<p>However, since we don’t have any “formal retirement account” (there is no such thing in Honduras), in the bank statements all the money is listed as in a “savings account”. How will this affect my determined financial need? Considering my father’s current income, less than 40,000$ a year, I’m afraid colleges might determine my financial need to be relatively much lower than what it really is. What should I do, besides attaching a note explaining this situation? How much do savings affect the determined financial need?</p>

<p>As Internationals, if you’re already in a college and received financial aid, though this is private information, could you PM me and tell me your savings and income when you applied and what your “demonstrated financial need” was? I’m just going mad about this, I’d hate to get financial aid offers that are too low for my family.</p>

<p>Help me out, please !
I’m running out of time !</p>

2

<p>thanks barium !</p>

3

<p>Is there a way a person can answer a question with either invented numbers o no numbers; it could really benefit more people (including myself).</p>

4

<p>Well, yes, technically, if you could get a faked bank statement…</p>

<p>But even then, DO NOT DO IT!!!</p>

<p>(I really do sympathize with you but this is the only reply I could possible give you in a public forum; technically it is a lot easier to cheat as an international applicant because colleges cannot check up on your tax records but it is wrong and if you do get caught, unlikely as it is, you are doomed)</p>

5

<p>Believe me, I’ve thought about omitting or inventing numbers, but not knowing exactly how colleges check information, and considering that the American embassy in your country has to check your information to issue you a student visa, plus the fear of getting caught, has made me be as honest as possible. I hope being honest doesn’t backfire though.</p>