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HELPFUL BUT NOT REALLY NECESSARY FOR MOST PEOPLE
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123 College is helpful if you don't like to do things yourself and don't mind paying a hefty fee. They help you to identify what part of your assets count and what does not count on the FASA form. And then they tell you ways to move money into "safe" accounts that are off limits for college planning. But it's better to save your money and do it yourself. Just move as much money as you can into retirement accounts, long-term CDs or annuities. Once it is in those long-term type accounts, then it is off limits for college planning, so it lowers the amount you need to contribute. And, like a miracle, your son or daughter will qualify for more grants for college! Your local credit union or bank investment rep can help you do this for nothing and quick. It is really just that simple. If your money is in a regular bank account, then it gets included as "readily available for college expenses."
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Business's response - by RobertLon 10/29/2012
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Tom S. obviously needs our help more than he knows. Long term cd's are assessed against parents at 5.65% in the financial aid formulas. If you put your money in a long term cd you would have to earn 5.65% to break even not counting for inflation.
The reason why thousands have hired 123College.com to complete the FAFSA is because they want the form done correctly and to be in the best possible situation. You can go right ahead and file your own FAFSA online at www.fafsa.ed.gov. You can also go online at irs.gov to complete your income tax returns. The bottom line is that the FAFSA site does not explain how every line effects your college costs. It's exactly like how irs.gov doesn't tell you how to maximize your tax deductions. Families hire 123College.com so they can sleep better at night and spend more time doing things they enjoy. It's very plain and simple.
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