Requistionary Models of Financial Aid
Okay, here's the wild part. On April 15th, she has to file her FASA. When she files her FASA, the government in conjunction with her law school will decide how much money she should pay towards her law degree.
My friend--an ardent liberal, mind you, and one with a savvy sense of economics--has realized that whatever assets she holds at the time of her FASA filing will be considered available for paying her law school tuition.
Her 401K into which she scraped a few dollars during her college years and many more since she's been working like a demon as a legal assistant: that "retirement savings" will become an asset that will be swooped up and swallowed by her universities.
She's built up some savings, having worked overtime and a half (I've had a hard time scheduling outings with her, and half the time she's had to cancel...at 11 pm), for over a year, and now facing the FASA filing, she realizes that she'd be better off not having any savings because her universities will take whatever she has anyways and she won't be financially better off for having saved all this money.
She's a savvier economist than I am, and so I believe her when she says that she has reason to deplete her savings before the filing date of April 15th. We spent a fun couple of hours imagining what portable, expensive, worthwhile goods she could buy, but I remain ever so slightly furious that my friend (who came from no money, mind you) should be in this position.