Assets impacting Fiinancial Aid

The more assets and investments your student has, the less financial aid he or she may qualify for.  When schools determine a family's expected contribution (EFC) for college, they expect 35% of the student's assets to be used for college, while as little as 6% percent is expected to come from the parent's assets.  Because of this huge difference, it's wise to transfer assets in your son's or daughter's name to yours. 

Schools take your current income in more consideration than your assets.  This is a logical choice, because they do not want to penalize people for how they spend or save their money.   You can make $100,000 a year, and spend all of it on vacations and clothes, or you can buy a house, which is considered an asset. 

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