^^ I don’t think you should have reported any money TO BE received from a 529 account owned by the grandparents. you don’t control that account and haven’t received any money yet. In future years yes, that would be reported but you don’t report it in anticipation.
Outside scholarship often do reduced need based aid from schools, but often not on a dollar for dollar basis. Sometimes they reduce loans or work study first (and you can still find a job, so it’s not awful if w/s is reduced). Some schools have an amount they let you keep before reducing aid. Harvard lets students keep about $6000 of outside scholarships before it starts reducing grants, and that $$ can cover transportation, a computer, the student contribution, etc. I still think outside scholarships are worth applying for as they can add to the resume, might add to the bank account, and everyone like to win things.
Referring back to post #75, I don’t think you can start a 10-month payment plan in August. According to this, the plan payments start in June. If you start after June, you will be making larger payments over a shorter number of months.
http://controller.richmond.edu/tuition/pay/plan.html
@twoinanddone It asked how much $ I’d get from family for the 2@17-2018 yr. So ur saying I should not have resported that? They will pay the school directly. I’m so confused.
@Mom22039 Looks like more bad news. I read the bill doesn’t even come out till 7/1 w/ the 1st payment due 8/1. Do you think the plan starting in June is for returning students who already have their bill?
If it asked, you responded correctly. On FAFSA, you do not have to report money you haven’t received or that hasn’t already been paid.
If the 10 month plan starts on Aug 1, it will go 10 months until May 1 (5 payments in the fall, 5 in the spring). Schools can set it up however they want to. Some schools have 3 payment plans for semesters, some 4, some 5. Some have a contract with an outside vendor to handle the plans while others do it internally.
We were at a similar school and had to crunch into fewer months. Perhaps the financial aid office can give you a better estimate?
@cloudysmom
We were regular members of the monthly payment plan at our kids’ colleges for seven years.
We set up our payment plan to start in July…that is what ours did for the ten month plan. We had to estimate the yearly cost…and therefore our monthly was estimated as well. It was fine. We usually estimated on the high side. But did our best to be as close,as possible.’