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Emergency savings and tuition assistance
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amother




Lawngreen


Post  Wed, Feb 06 2019, 8:05 am
Thanks for responding. Maybe I need to ask u if any of u have any idea of how much savings a school would allow before giving a deduction??? Would schools allow saving for downpayment instead of paying more tuition??? If schools do allow emergency savings of 6 months what is a reasonable amount they allow to save for this?


If u have savings and still get a small deduction, maybe u can explain to me how it works.

If u have any personal experience pls share.
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amother




Lilac


Post  Wed, Feb 06 2019, 8:12 am
amother wrote:
I'm not saying it will look like I have 300k saved. I was asking that poster if she thinks the committee would give a deduction if I had 300k saved(and I would explain I need it for downpayment, emergency savings, etc...) or would they say well with that amount saved, u could certainly pay full tuition bec u only need 40k emergency savings???


That's going to be an individual conversation. It will depend on the cost of living in your neighborhood, among other things. The key is to be upfront. Say, I have saved x for the following definite upcoming expenses.
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amother




Cerulean


Post  Wed, Feb 06 2019, 10:27 am
You have received good responses here IMO. I I would only add in an unassuming manner that you should not attempt to hide anything. Your thought process is sensible. You seem very worked up about this.
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amother




Lawngreen


Post  Wed, Feb 06 2019, 11:18 am
amother wrote:
You have received good responses here IMO. I I would only add in an unassuming manner that you should not attempt to hide anything. Your thought process is sensible. You seem very worked up about this.


Thanks. Of course, I'm not hiding everything. I take a lot of time getting documents from all my accounts plus w2s , tax forms, and answering all their questions. In addition, I have to sign my name that I am being truthful about my finances(which I am).
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amother




White


Post  Wed, Feb 06 2019, 11:23 am
amother wrote:
Thanks. Of course, I'm not hiding everything. I take a lot of time getting documents from all my accounts plus w2s , tax forms, and answering all their questions. In addition, I have to sign my name that I am being truthful about my finances(which I am).


I just wanted to add -- if there are any issues, you can write to the tuition committee and request that they review your file again. Something like, "Dear ---, my request for tuition assistance was denied (or reduced), presumably because I have $__ in savings, which the tuition committee believed could be used for tuition. These are funds that I have saved for emergencies ..." Etc.

I've done that, successfully. In my case, my husband has a chronic condition, and could easily wind up unable to work for a long period. I need more savings than most people in order to ensure that I can support the family if that occurs. They've always been responsive.

Hatzlacha.
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amother




Orange


Post  Wed, Feb 06 2019, 12:11 pm
amother wrote:
My personal involvement with a tuition committee (only one school) is that no one expects a family to have zero savings. That's irresponsible in the long term. We feel bad enough that not everyone can pay in full, and we really appreciate how hard families work. Believe it or not, we're partners. We want your child to get an education. We also want you to be able to pay medical bills, buy a house (though not necessarily a mansion) and retire with dignity.

The request for statements is to make sure that someone with low income isn't sitting on a huge pile of undeclared cash. Sometimes people play tax games to look poor, when in fact they have significant assets. It's rare, but it can happen. And when it does, the school and honest parents lose out.


Do you think if people are under reporting their income, they'll have their money in their savings accounts, under their names? Keep in mind that they need to show bank statements to all public assistance offices, as well
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amother




Olive


Post  Wed, Feb 06 2019, 12:15 pm
amother wrote:
Do you think if people are under reporting their income, they'll have their money in their savings accounts, under their names? Keep in mind that they need to show bank statements to all public assistance offices, as well


Not sure what you're referring to, but many programs do not look at assets at all- only income. No one at the Medicaid office has any information on your bank accounts, home value, or cars. Only declared income.
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amother




Lawngreen


Post  Wed, Feb 06 2019, 1:10 pm
amother wrote:
I just wanted to add -- if there are any issues, you can write to the tuition committee and request that they review your file again. Something like, "Dear ---, my request for tuition assistance was denied (or reduced), presumably because I have $__ in savings, which the tuition committee believed could be used for tuition. These are funds that I have saved for emergencies ..." Etc.

I've done that, successfully. In my case, my husband has a chronic condition, and could easily wind up unable to work for a long period. I need more savings than most people in order to ensure that I can support the family if that occurs. They've always been responsive.

Hatzlacha.


That's a great idea.
Thanks for sharing ur experience in this area.
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amother




Cerulean


Post  Wed, Feb 06 2019, 2:05 pm
amother wrote:
Not sure what you're referring to, but many programs do not look at assets at all- only income. No one at the Medicaid office has any information on your bank accounts, home value, or cars. Only declared income.


This is false in my state. Keep in mind that Medicaid programs are administered by states. All of the documents you listed are required.
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amother




Hotpink


Post  Wed, Feb 06 2019, 2:23 pm
Dh and I both work full time. We never had problems with tuition committee and we always showed anything. Before we bought our house we had over 100k in savings and still got a break. We bh bought a house this summer and our mortgage is 1000 more then rent plus more utilities and we got a bigger break for this year.
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amother




Lawngreen


Post  Wed, Feb 06 2019, 3:54 pm
amother wrote:
Dh and I both work full time. We never had problems with tuition committee and we always showed anything. Before we bought our house we had over 100k in savings and still got a break. We bh bought a house this summer and our mortgage is 1000 more then rent plus more utilities and we got a bigger break for this year.


Well,thanks so much for sharing ur experience. It makes me hopeful, so ill continue to try to save and of course ill disclose everything to the schools and see what they say.
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