Northeastern: Tell Me All About It

dntw8up
Wed, 16 Apr 2008 17:24:45 +0000

Because paying for college is considered the responsibility of families and students, equity in a home or homes is considered available to pay for college. Selling a second home and moving the money to a retirement account, or selling both homes and buying a more expensive house, will not help; what your parents do with their assets will be obvious in their tax forms and schools will expect them to use the money from their assets to pay for your education, even if they must now incur penalties to access the money. If the loopholes you described existed, everyone would make use of them. Your adviser is correct about schools not significantly changing financial aid packages for later college years. The only exception is a big change in the family i.e. the death of a parent.