Blended families and financial aid strategies

<p>A thought…MPS sounds generous in their aid policies. Is it possible that your daughter will get increased aid once your son enters college? </p>

<p>Wow. My daughter is also dealing with this type of situation, except it is her Dad that makes six + figures and myself that makes a modest living, if you can call it that lol. When we started the initial talks about college, I stupidly told her that if she could get into an IVY she could go. I did this based on everything I had read about 100% need met and had no idea her bio dad’s income would play a part. I especially didn’t think it would because we were never married or committed in any real way and he pays child support which I claim and assumed I would claim as part of my EFC. </p>

<p>Well, we all know now that isn’t the case, don’t we? She had her sights on Princeton and a few other top schools. I cried when I had to burst her bubble but we got down to business and started figuring out the best way to get to a decent school that she and I could afford. She took it like a trooper. She has excellent grades and GPA and has put alot of effort into maintaining straight As (never a B) in her IB program. But, you know what? She’ll get a great education wherever she goes because she will want a great education. </p>

<p>The best thing I learned from these boards was to throw a wide net out there…in the end her list is 17 schools, 6 of which were EA, 3 safeties, 2 match and the flagship honors program. The other 11 break down as 3 reaches, 7 matches and 1 more safety. </p>

<p>I suggest to the OP that they widen the search, both academically and local-wise. Your son is a senior, he can take the disappointment. Another thing I learned was that if finances are an issue, its best to reserve what little you have for graduate school. If skiing is important (as it is with my daughter) try St. Michaels, UScranton, Clark University…they can all get you within ski distance and they all give good merit aid. In fact, Clark gives a Masters free if you maintain a 3.4 I believe!</p>

<p>All this searching and visiting and application fees have added up to more than $4000 but if she ends up at a school that she likes and is a “good fit” and provides her a quality education that will make it possible for a graduate degree eventually, it’ll be money well spent.</p>

<p>Note: for schools like Princeton, it depends on what the six figures are. I believe they offer some sort of financial aid up to 250k. Will her dad contribute to her college?
University of Chicago no longer takes into account the Non Custodial parent - if she’s competitive for an Ivy, she could apply there (if she likes their profile - specific “vibe”).</p>

<p>Last year there were a number of errors in the NCP list published by the Profile folks. If they say they wanted NCP, they did. If they don’t want it, you still need to ask them directly – at least five or six did want it. </p>

<p>It is possible that schools that ask for NCP financial info do not count the NCP financials the same way as they would if the family were intact. It all depends upon the school and the formula. Though my closest experience with this was with a friend whose Ex made and had too much for her children to get any financial aid from her PROFILE schools, that is not always the case. Duke will ignore the step parents’ financials, and just take the two parents’ numbers. UChicago is giving exception, as mentioned. Vanderbilt, in the past has been generous this way, and the formulas for schools like Princeton still give good aid even with six figure parents, and some do not count the NCP as heavily. IT’s just good to understand that this good be the deal ender if the schools expect more from the NCP than s/he will or can pay, and the gap is to much to be bridged.</p>

<p>M2CK- where did your kids go?</p>

<p>Wow. Thanks everyone for all of the posts. Sorry to be late in responding but I was really sick last week (anyone else get the nasty cold going around the northeast?).</p>

<p>I feel like there is balance in the responses and not as much judging as I originally perceived. My daughter is at MPS because she is an outstanding student and that school has the academic offering that is more appropriate for her than her local (regional) public high school. This was a deliberate and concious choice on my part. I am investing in her education. I am grateful for the financial support the school provided and haven’t questioned why though it’s likely her legacy standing had some weight. This is not a luxury for us. This is a deliberate decision to invest in her education and position her to be the best student and person she can. Could she achieve this at the public school, probably.</p>

<p>About me, yes my income is high. I’ve worked really hard, especially since my divorce. Prior to my divorce, we bought a house, intending to be dual-income in it. We didn’t get a mcMansion but a nice midde-class suburban home (3000 sq). 6 months after that, my 1st husband was fired. 2 yrs after that we were separated. 1 yr after that we were divorced. He was a severe alcoholic and never worked again or provided any child support. Ultimately that battle claimed his life. I held onto our house, and paid expenses and kept us afloat in spite of all that. Selling the house wasn’t an option especially given it was in the throes of the economic recession. I have debt as a result. I didn’t save as much in the past other than in my 401k because it went to the household. I know there are many many more households that truly know financial struggles.</p>

<p>About my son…he has a 3.4 GPA (honors & AP classes), 28 ACT (superscore), no AP or Subject-matter scores worth reporting. He doesn’t have significant ECs other than leadership position at his camp (Camp Dudley if you’re curious) and 25+hrs/week part-time job. He would like to study sports management, as in the business side of professional sports (front-office, marketing/promotion, ops mgmt, or arena mgmt). Syracuse not only has this as a major but as a separate school which is why it’s his first choice. He’s not a skier. His interest in UVM is personal. He’s a legacy (Dad, uncle are grads; grandparents taught at the medical school) and his grandparents live a block from campus. Since his father’s death, he’s become extremely close to his grandfather. He loves the location and the balance of school and environment (his thing is backpacking). the Cost Estimator did say he may qualify for Presidential Scholarship of $13k. Colorado is attractive because of its reputation and location. A lot of leaders from his camp attend there and have influenced his perspective…again the balance of school & environment. He also fell in love with the Rockies when he took a NOLS course one summer. Other schools on his list: High Point, Maryland, GW (sports mgmt but a true reach), American and BU (unrealistic). He originally stated he would like to attend a large (8K+) university in a suburban or urban area with a sports presence. I think he’s relaxed on the sports presence a bit. He also is intent on getting out of MA…he wants to broaden his horizons. I tried to influence him on applying to Arkansas (grandfather’s alma mater) but he didn’t like the location (too hard to travel to/from).</p>

<p>I have been remarried for nearly 6 years. I am very involved in my step-sons’ lives. They live with their mother and attend local public school. However, they’re with us one night/wk, every other weekend and many vacations. We view ourselves as a 6-family household even though they don’t live with us. My husband’s income used to be close to mine when we married but for various reasons, it’s diminished. He works in a commission-only job and that’s not likely going to change given his circumstances and skills. I won’t get into anymore than that. I don’t know what his divorce settlement requires. His kids are on the autistic spectrum so when he was divorced the focus was on potentially supporting kids long-term, not sending them to college. He may have agreed to 50% college, not had it specify what kind of college. I know that’s what mine also said.</p>

<p>I did email the Ex last night and told her I would be extremely hesitant to provide our financial info for the CSS Profile. Surprisingly, she agreed. We’re talking more this weekend. My step-son is actually looking at lower priced schools (Salem State, Southern CT) as well as a couple of expensive ones (Emerson, Curry, Suffolk). Emerson is the only one requiring the CSS Profile.</p>

<p>So if we turn away from financial aid considerations because it’s apparent I’ve made my bed and need to sleep in it. Are any of you versed in financial planning tactics that I should undertake now. For example, should I put my bonus payments in the 529 or leave them in the bank? Should I gift any to my son? What about grandparents…should they gift to a 529 or brokerage account, if they offer?</p>

<p>What is “LAC”?</p>

<p>What’s the best way to search for school for merit awards?</p>

<p>LAC = Liberal Arts College. Generally small, focused on teaching more than research, and not awarding advanced (Masters or Doctoral) degrees.</p>

<p>LAC is liberal arts college.</p>

<p>I suggest you order ‘paying for COllege without Going Broke’</p>

<p>And don’t gift money if there is any chance of aid, students are assessed much higher on assets.</p>

<p>@lrw3gww‌ </p>

<p>This is a very good list
<a href=“http://automaticfulltuition.yolasite.com/”>http://automaticfulltuition.yolasite.com/&lt;/a&gt;&lt;/p&gt;

<p>How much merit do you need? What do you want the net cost to be?</p>

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<p>Merit is rarely based on superscores. What is his best composite from ONE sitting?</p>

<p>What is his weighted GPA?</p>

<p>What are the SS’s stats?</p>

<p>First, OP–thanks for the expanded description of the circumstances you are facing. I understand how hard it can be.</p>

<p>A few thoughts…</p>

<p>I know several young adults working in sports management and none of them majored in it in college. A true passion for sports, good training in business or pre-business subjects (marketing, operations, etc.), and (if possible) connections are what will make the most difference there, IMO. It’s not a field with a lot of jobs, obviously, and the pool is finite. There are only so many sports teams.</p>

<p>I can see why he’d want to go to UVM, especially because of the grandfather being there. Could he take a gap year, live and work in Vermont, and then apply in-state? Just a thought. I would also like to add that I think it’s great that he has such a good work ethic and is working so many hours a week.</p>

<p>I think you might want to encourage him again to look at Arkansas. The location in the Ozarks is ideal for outdoorsy kids and it’s no harder to get to than any of the other schools on his list that will often require connecting flights. The business school has a program in recreation and sports management (if he’s set on that), and it’s likely going to be more affordable than some of your other options.</p>

<p>I understand also wanting the best for your daughter and thinking that the private school is not a luxury but an investment–but is it really the only choice? Obviously the money you are spending on her now won’t be available to her down the road.</p>

<p>My brother majored in sports management and works in that field. He went to…UMass! Sports management is not just for professional teams, but for the many youth sports, recreational leagues, school and camps, college programs, professional programs out there. Tons of jobs in the field, although not all high paying.</p>

<p>Your narrative of your situation shows that you’ve worked hard and made decisions that are right for your family, and I think you should be congratulated. However, it’s not going to get you financial aid from schools and if your son does attend one of the top 3 on his list, he’s going to have to take loans and use all the funds in his accounts, and that still might not be enough. As far as what to do with your bonus, I’m not sure that it matters if you are going to use it for your son’s schooling. I don’t think it’s possible to put it in a fund (even retirement) where it won’t be counted for FA for at least the 2014 tax year (2015-16 FAFSA year). If you put it in a 529 (for either son or daughter) it is going to be counted as an asset, not really different than if you left it in savings because it won’t have had enough time to grow a lot. If you pay for Qualified Education Expenses with 529 money, you cannot count those funds again to claim a tax credit, but at your income level you may not qualify for the credit anyway.</p>

<p>I well understand your situation. The reality is that there is not enough money for all students who want to go away to school, go to private schools, got to OOS schools, to go around. As a country, for the most part, those who truly want a college education can usually get one from some local state university, community college or other such option, commuting from home. That is what the average college student does. Works part or full time and gets through college, little at a time. It’s a true luxury to be able to go away to college, just as it is to go to sleep away camp, boarding school, and other such venues. There are truly very few full ride scholarships out there, and few schools guarantee to meet full need even as they define it. Some very top students may snare some, but they have to be students that the school really wants.</p>

<p>So it’s actually a luxury, a privilege to be in the number of those who do not even qualify for financial aid, even when you can’t afford what the calculators say you are expected to pay. To qualify for full aid (which by no means guarantees getting it) one can reduce assets and income to get there, but that means living at that standard. That’s just the way it is. </p>

<p>it is possible that your daughter who is at MPS can get a similar merit award for her college. Can’t count on it, but if she’s getting it from such a school now, there is that possibility. </p>

<p>It is your business to find out what your husband has agreed to pay in the divorce agreement. Depending on your state laws and what is laid out in there, he could be on the hook to pay more than he can. I’ve seen that happen. It’s gone as far as being court ordered and having to take out loans to pay in some cases. It usually doesn’t get that far, but yes, it is possible. So it’s a good idea to know what your husband signed up for, literally, in this area. </p>

<p>I know your son has targeted some schools…but would he consider looking at University of South Carolina? Even at OOS costs, it would be more affordable than the others on your list. The school has an excellent sports management program, one of the top in the country.</p>

<p>You probably already know about Springfield College. They too have a good program, and your son might get some merit aid from them. </p>

<p>Both schools have good internship potential…and that will matter in the sports management field.</p>

<p>^I agree that students whom I know who gound a job in sports management didn’t have a degree in “sports management”, but tended to have a background in a specialized branch of business from a respectable college that has D1 teams and/or is located in a town with professional teams, or where upperclass students could easily get to a place where professional sports channels/publications are located for the purpose of co-ops or internships.</p>

<p>He may want to look into UCincinnati and Northeastern.</p>

<p>UVermont makes sense now, but UColorado still doesn’t - no reason to spend 50K that you don’t have (no merit to be had, and no financial aid). If he moves to Vermont after graduation and works for a year, he’d be considered in-state and you’d probably be able to afford that college.</p>

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<p>I missed this before. How can a couple manage finances in a marriage if they don’t know each other’s obligations? (Especially when your spouse’s kids are part of your life.) Not trying to pry but I would think it would be pretty difficult to gain a sense of the actual financial picture you’re facing. And if his income has diminished so much, how can he pay for long-term care for his sons?</p>

<p>^^^</p>

<p>I agree. You really need to know exactly what his obligations are…especially in light of the ex-W’s unemployment. </p>

<p>Thumper is right to consider other schools for Sports Mgmt. Southern schools are often less expensive and have big Div 1 sports…so typically Sports Management is offered.</p>

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<p>This is a huge MAYBE. He would have to move to Vermont, set up a domicile there, be fully self supporting, have a job that would support him, and change all things including car and health insurance to Vermont. Oh…and you would not be able to,declare him as a dependent on YOUR taxes.</p>

<p>And even then…he would not be guaranteed instate status after a year because YOU haven’t moved there. He would need to petition for instate status, and this would be reviewed.</p>