I heard a financial aid consultant interviewed on our local NPR station and she mentioned that point about not having money in the kid’s name. She cited those differences in tax rates to advise parents not to let their kids work for their own college expenses — because the kid’s money will be taxed at a higher rate than parents’ savings (she actually sounded a bit horrified when the interviewer mentioned summer jobs as one way to help cover college costs).

I just shook my head and thought of all of the kids who simply wouldn’t get to college if they didn’t work, and all of the parents who — without the benefit of financial planners or even private college admissions counselors –are trying to instill values in their kids by requiring them to work to cover some of their own expenses.

Thanks again for pointing us here.

http://www.collegebasics.com/paying-for-college/financial-aid/what-financial-aid-officers-cant-or-wont-tell-you.html