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Turns Out Your Savings Won’t Hurt Your Financial Aid Chances

Turns Out Your Savings Won’t Hurt Your Financial Aid Chances
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Jodi Okun profile
Jodi Okun April 18, 2012

Contrary to popular belief, families who save for college aren't hurt in student financial aid considerations

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Entrepreneurs fostering new ventures outside of well-developed entrepreneurial ecosystems like Silicon Valley face significant challenges. These markets are unlike Silicon Valley, and they will likely remain so. That doesn't mean they can't nurture and sustain new businesses. In transitioning markets that lack abundant private sector financing, creative approaches from government officials, donors, and business leaders can fill the void to support entrepreneurial activity. Northeast Ohio (where Cleveland and Case Western Reserve University are located) has become a laboratory for such innovative solutions. During our time together in this course, we will explore some of these creative approaches to promoting regional entrepreneurship. Northeast Ohio has seen a massive infusion of government and donor resources for over ten years. In that time, Northeast Ohio has promoted regional development (including job creation and follow-on funding) through alternative methods of financing startups. It has not been easy. The region has made progress, but it remains to be seen whether it has struck upon an enduring formula. A dynamic entrepreneurial ecosystem takes many years, even decades, to develop. Government policymakers and donors typically seek quicker returns on their support programs, which makes long-term support for entrepreneurship challenging. This course includes case studies and first-person testimonials from entrepreneurs who have launched products and services ranging from medical devices to LED lights to whiskey. You will learn how these entrepreneurs discovered and procured resources from various programs and intermediary organizations. You will hear from business people still in the process of developing their companies as well as those whose ventures have flourished. Our focus will extend beyond Cleveland to selected markets around the world, including Greece, Vietnam, Tunisia, Argentina, Rwanda and China. You will learn about international incentives and other supports available to developing startups and small businesses across the globe. This course examines how different communities around the world approach implementing strategies and methods to support businesses. I will ask you to reflect on how to apply the principles we learn to growing entrepreneurship where you live. The social interactive features of the online platform will enable students from around the world to share ideas and learn from one another. Most MOOCs rebroadcast professors’ lectures; this course is different. Don’t expect to see me standing in front of the camera, talking and lecturing every module. Instead, the lectures will be relatively short in length. They have more of the feel of an engaging documentary than a static classroom setting. ## __What type of person takes the *Beyond Silicon Valley* course?__ - Active and aspiring businesspeople in communities looking to initiate new startup ecosystems or bolster existing ones - Current and prospective entrepreneurs who want to learn about funding sources, risk management, and the lifecycle of startups - Professionals who work in government agencies, nongovernmental organizations, philanthropic institutions, and various private funds that fund startups - Anyone curious about how to create and grow startup ecosystems outside the major tech hubs - The principles Beyond Silicon Valley teaches have been drawn from and applied to startups worldwide, from small villages to megalopolises. You'll study success stories spanning the globe from Vietnam to Kosovo to Botswana. ## __What will you learn in *Beyond Silicon Valley*?__ - How and where startups can find funding to get their businesses off the ground - What role government can play in encouraging startups and a healthy startup ecosystem - How anchor institutions such as universities and healthcare systems participate in startup ecosystems - How nongovernmental organizations support startups - How to raise funds from venture capitalists, angel investors, and accelerators - How to navigate challenging periods in the startup lifecycle - The importance of mentoring in successful startups
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Many families worry that their college savings accounts will kill their chances for financial aid. If that's what you're worried about, here's my advice: Relax!

Families who save for college are rarely ever hurt in student financial aid considerations. In fact, it's been estimated that fewer than 4% of families who fill out financial aid applications are penalized for their savings.

Here are the two biggest reasons why saving money shouldn't hurt your financial aid chances:

1. Colleges don't care how much you saved for retirement:The Free Application for Federal Student Aid (FAFSA), which anyone applying for financial aid will complete, doesn't even inquire about retirement accounts. Private colleges that use the CSS/Financial Aid PROFILE, will inquire about a family's retirement accounts, but schools that use the PROFILE very rarely penalize parents for these assets.

2. Parents can also shelter plenty of money outside of retirement accounts:It might not seem like it, but colleges don't want to strip you of all of your available cash. The financial aid formulas will also let you shield a big chunk of your non-retirement money through an asset protection allowance.

How much you can shield from the FAFSA formula depends on the age of the oldest parent. The closer the parent is to retirement age, the greater the amount he/she can shield from the financial aid formula.

Let's say the oldest parent is 52. The family would be able to shield $49,200 in 529 savings plan money, as well as any other cash laying around in taxable accounts such as savings, checking and brokerage accounts. In a two-parent household, a 60-year-old parent could shelter $61,400 from financial aid calculations.

The amount a mom or dad could shelter in a one-parent household is significantly less. A 52-year-old single parent, for instance, could shelter $16,700.

Knowing this, would you rather be a family who saved nothing for college or the family who has $100,000 in the bank? Obviously, it's always better to save money, whether it's for college or retirement. Do so and you'll enjoy more options.

The Free Application for Federal Student Aid (FAFSA), which anyone applying for financial aid will complete, doesn't even inquire about retirement accounts. Private colleges that use the CSS/Financial Aid PROFILE, will inquire about a family's retirement accounts, but schools that use the PROFILE, very rarely penalize parents for these assets.

This post was originally published on College Financial Aid Advisors.

Previously:Net Price Calculators: Do They Work?

Next: Should the Government Give Colleges a Value Report Card?

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Lean Six Sigma Yellow Belt Certificate

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Beyond Silicon Valley

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