R. Jeeves wrote:judgeandjury wrote:So...I was all set on Harvard, excited even, until I started filling out their financial aid form and it says something about them wanting to take 50% of your 401k. Now, as a non-traditional, older student that may be a deal breaker. Is this how most law schools work, wanting to take half your retirement savings?
doesnt it mean that they factor in 50% of the value of your 401k in determining the total amount you have in assets available to contribute to your education?
Do they ask you to liquidate half your retirement savings and give it to them? I think you'll be able to take out the equivalent amount in loans right?
They just say on their website that a student is expected to contribute all their assets and that a 401k is considered an asset less 50% that's protected and an emergency reserve allotment, which is a small percentage. I wouldn't pay a penalty but I would pay taxes on the money about 28% probably. I guess I'll have to wait to see what my aid package will be...I'd rather take out loans than take out half my retirement. I'm first-gen college and most of my family retires into poverty so it may be I'm a bit paranoid about these things, we'll see. http://hls.harvard.edu/dept/sfs/financi ... om-assets/
