IRA Rollover & Financial Aid Implications

MazeArtCrew
Sat, 11 Jul 2015 19:48:05 +0000

Hi, sorry if this has been covered, but I have read a lot of posts, and am getting more and more confused. I have been reading about IRA Rollovers then counting against families’ financial aid, as it raises their EFC.

My husband is changing jobs. He has retirement contributions at his job. He is 55. From what I can tell, when he leaves his job, he wants to do either a “Direct Rollover” or a “Trustee to Trustee Transfer” - neither of those would show up and count against us in our EFC, correct? The 60-Day Rollovers, where the funds are distributed to you first, then deposited by you into an IRA, does count against you/your award. Is this correct? We cannot afford for this rollover to change our EFC. Thank you so much!!!