<p>^^
I think he thought that because he has 5 kids and not a huge income that his kids would qualify for lots of aid. However, there’s not much allowance for add’l kids, and those properties and the “family business” all have value that will be considered. </p>
<p>does the wife work? If not, maybe she can work some? Maybe in the family business to bring in more money? If she could work for the family business she’d have flexibility to still manage a large household. </p>
<p>Since the dad has said that he can’t set aside $20k per year for college, then he needs to figure out what he CAN pay and then determine how much merit/student loans are needed.</p>
<p>$100k in income for a family of 7 in NY isn’t a lot. however, that income may be after deducting some expenses (like cell phones, car, gas, etc) that others pay for out of regular income. </p>
<p>I would leave the 529 money for emergencies during years that the family can’t quite come up with all the money needed for college…likely when there are two in college at the same time.</p>
<p>Oh, I know the FAFSA formula won’t tell fatheroffive how much aid his kid’s might receive, but it will clarify just exactly how his various income sources and assets do affect his federal EFC. By playing with those numbers a bit, he can get a sense of whether or not there would be any advantage for some of the possible options for reorganizing his family’s finances.</p>
<p>But truly, I think the best advice (as always) is to assume that there will be no aid forthcoming other than the student loans. With that in mind, the family can determine what their budget really is, and can help their children find affordable educational options.</p>
<p>I think it’s “worth it” for anyone to play with the numbers. Everyone who does that ultimately gets some understanding of how the financial aid calculators work. I don’t see that as a waste of time. Assets are assets, but small family businesses are seen in a different manner by FAFSA only schools (with no supplemental forms) and Profile colleges. He’s fortunate because I’m assuming the oldest is a junior so he’s got 6 weeks to make any moves that make financial sense for the short term and the long term before the financial year triggers that he would be dealing with if the oldest will be a senior next fall. But in general I agree that there will probably be no “need based” aid forthcoming and to plan accordingly. Merit scholarships will be TBD and the direct loans are a given.</p>
<p>I meant per year. That’s what I’ve been paying for many years , paying now and will be paying for a long time hereafter. I have five kids too, and their ages are such that I have little overlap. With two at the top priced colleges, we would maybe qualify for financial aid, but that’s never been the case.</p>
<p>SUNY Buffalo is an excellent all you can eat type university that has just about everything. $20K just about covers the full cost for instaters, and they were giving out a lot of $2500 awards for those that made the honors cut. Not a whole lot of money, but, hey, that brings that sticker price down to $17,500. With the student DIrect loan of $5500, you are down to $12k a year. Kid can work and put a couple grand a year towards the cost. Most kids want to live off campus by soph or jr year which is downright cheap. All sorts of part time job possibilities there too.</p>
<p>New Paltz is a nice SUNY town too, beautiful country. There are SUNYs everywhere, Binghamton has a good rep and has become increasingly selective.</p>
<p>New Yorkers are quite fortunate, on one NE trip with one of my kids we did some walkaround and drive arounds on some of the SUNY campuses just because they were on the way. Nice sizes, nice varieties and nice price.</p>
<p>What’s very nice about SUNY is that they are strategically located just about everywhere so there is pretty much certainly going to be one in any New Yorker’s area where a student can commute and get a degree that way. Tuition is reasonable and nearly entirely covered for any of them with a DIrect Loan if one is even needed. NY has done an excellent job that way.</p>
<p>Where kids, prospective students, parents have some real obstacles in terms of getting a college degree, is when one is not within a commutable distance of a 4 year school nad the CCs are not good. I’ve seen this in some areas. Throw in no public transportation opitons, and it’s a problem. A cousin of ours had to go through some real commuting issues to get to class each day. No money to go to school, or to get another car, and it was far enough and out of the way enough to get to college that no one could commit to driving the student. It was truly an issue. That was the local CC which was not so great in the way it was run, the quality and selection of classes, and any number of things Then to go to a 4 year school, required boarding. States that have this sort of scenario really should address it, IMO. That is where I start feeling badly for folks. Not for my kids, me or most NYers. In my family, my kids had a lot of low cost commuting alternatives. They wanted name brand, sleep away schools instead, yes, but we all want things that cost a lot, that have the extras, the name, the pizzas, don’t we.?</p>
<p>Unfortunately, most financial aid systems will make you report the total 529 accounts for all of your kids, not just the kid who is applying. I think part of the reason is that a parent is allowed to transfer 529 funds from one child to another, and a parent could try to hide money in younger kid’s account.</p>
<p>While it is difficult to have 2 kids in college at the same time, at a college that will meet 100% of financial need, it will maximize the total aid that is received.</p>
<p>I think the 529 accounts are usually counted as a parental asset and hit at that 5.6% rate rather than 20% for students. However at those schools that use FAFSA only, they may not be included at all if the accounts are in a sibling’s name, I believe. One does have to check this out, and also ask a college outright what they use and how they assess it. Some schools hit student assets harder than the 20% and will even carry them over to all four years. Who knows what an individual school will do with 529 funds in whatever name?</p>
<p>Some other ideas that may work for one or more of your children: </p>
<ol>
<li><p>Community college + instate This would bring down your costs significantly since you could probably pay the community college out of pocket and concentrate funding and loans for the final two years. (All the NY community colleges could help your child come up with a plan of transferable credit.)</p></li>
<li><p>Attend a work college [Welcome</a> to the Work Colleges Consortium! | <a href=“http://workcolleges.org%5B/url%5D”>http://workcolleges.org](<a href=“http://www.workcolleges.org/]Welcome”>http://www.workcolleges.org/)</a></p></li>
<li><p>Attend a military academy or try for an ROTC scholarship (Obviously, only an option for a kid who is interested in military service.)</p></li>
<li><p>AP or CLEP tests These can be particularly helpful if your children are looking at public universities or colleges since they tend to be more generous with awarding credit and it is possible to cut graduation time to three years, thereby saving a full year of tuition, room, board. (The trend with selective, private colleges has been to limit credit and often just to give placement.) If you do an internet search for the name of college and testing policy or ap credits, you should be able to find a chart. A student does not need to take the AP course in high school and can, instead, self-study. The AP tests are only given in May and must be arranged through the high school, usually several months in advance. CLEP tests are given more frequently but may not carry as much credit.
Here. for example, are Buffalo’s charts: [UB</a> Transfer and Articulation Services: Advanced Placement Exam (AP)](<a href=“http://tas.buffalo.edu/altexam/apchart.php]UB”>http://tas.buffalo.edu/altexam/apchart.php) [UB</a> Transfer and Articulation Services: College-Level Examination Program (CLEP)](<a href=“http://tas.buffalo.edu/altexam/clepchart.php]UB”>http://tas.buffalo.edu/altexam/clepchart.php)</p></li>
<li><p>Work their way through college. One of my kids took several breaks through college to work and save money for future expenses besides working part-time while in school. Yes, it took longer than 4 years to graduate but it was worth it.</p></li>
<li><p>Dual enrollment while in high school Your child could probably enroll in community college courses while in high school and apply the credit. Again, state colleges are usually better about giving this credit than top privates.</p></li>
<li><p>Online college or college at a distance Many regular, brick and mortar schools (like Penn State, Indiana University and Univ of Alabama) offer online degrees.</p></li>
</ol>
<p>My kids did get the Provost Scholarships. One got an additonal $1K for Performing Arts as well. </p>
<p>Yes, there are some merit awards at the SUNYs, most of them are small , but for in staters the full price is not bad. FOr those who cannot meet EFC, and whos kids are not likley to get big ticket awards, who want go away to school, NY has these options. And for those who commute, the cost is even less. It’s a something that a number of states do not have. </p>
<p>Our cousin is really stretching to pay for a child at a PA state school. The cost is well over $30K and a $5K grant is the only thing they got. So they borrow some, both kid and parents, and he HAS to earn some money to put towards the costs as well. The parents make about $80K a year, he’s an only child, but it’s still a strain. Still it was his best all around sleep away option.</p>