I just "found" (yes, legally) a few thousand dollars. I am going to go to college soon. I will not need it for at least a year, though. How can I maximize its interest rate safely while minimizing the negative effect it'll have on my financial aid offers?
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EL1 2
ANSWERS: 6
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Well, being the charitable person that I am, I guess I could always hold onto it for a while...
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I don't know about getting max interest, but to bypass worries of losing financial aid offers, let a family member hold the account in their name. I don't believe they care how much your siblings have.
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Ok seriously, how did you 'find' that much money??? In england we have something called an isa, which allows you to keep up to £3000 a year tax free. Thats the best way to keep the money. Again, i'm not sure how it works in america, but in england your financial help is based on your parents income.
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Ok how soon are you going to college? There isn't much you can do with the time you have. The only advise I would give you is when you get ready to file FASFA withdraw that money from your account and keep it as cash in a secure place. (Preferably a fireproof safe or something like that) After you get your financial aid offers you can probably put it back in. I know we did this with some money that I had at one point. Or as pointed out you could put it into a the account of a trusted family member that is not your parents.
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lucky you, good start to the new year. i would just put it in the bank in a savings account
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I will be happy to furnish you with the account number my agent uses in Kissemee, you could always deposit the money there NOBODY would EVER know it was yours I promise
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