I meet so many families that have assets in places that will significantly reduce their financial aid. It wasn't always this way. Over time, colleges have become more aware and more sophisticated in calculating your aid. Need proof? Take a look at a FAFSA and CSS Profile form. Why are these forms digging into just about every aspect of your financial life? Any assets you disclose can and will be used against you.
Many students in the past could take their summer jobs and save enough money to cover college costs the following year. Today, college presents such a tremendous financial event, that more complex financial strategies need to be considered.
A recent article from the Wall Street Journal validates a point that we have been making for a long time. If you do not believe that your assets do not affect your financial aid, you may want to reconsider. If you use a specialist to navigate the tax code, you may want to consider a specialist to navigate the "college code." Lindsay Gellman from the Wall Street Journal touches on this topic.