Were you hoping for need based aid when you left your high paying job? Or did the costs of college just creep up on you?
I agree with Blossom. Maybe you should consider re entering the workforce.
UCLA will cost you your FAFSA EFC plus the $23,000 differential between in and out of state tuition PLUS a student contribution. But at least UCLA won’t look at the non-custodial parent income and assets.
Many private universities require the CSS Profile for their institutional aid. And of those, many require financial information from the non-custodial parent via the non-custodial parent Profile. If this is required, and is not submitted, your child won’t get any institutional aid because your application will be incomplete.
The Profile does not have a “simplified needs test” or “auto $0” family contribution. If a school requires the Profile, they are going to look at your assets, not just your income. And with $0 income, it is very likely that your child will be selected for verification. The schools will want to know how you pay your day to day expenses with no income.
As noted by others…if a school requires non-custodial parent information, the school will use that information when calculating need based aid.
If you really can’t afford to pay for college, I would strongly urge you to have your kiddo look at schools where she is eligible for guaranteed merit aid based on her stats. This is not income dependent…so if you did decide to work after year one, your kid would still get the merit aid.
Not entirely true. This is ONE way to get auto $0. To get auto $0 EFC, income must be below the threshold PLUS any one of the following…not all three…any one.
- Able to file 1040a or 1040 EZ
OR
- Parent is a dislocated worker
OR
- Family qualifies for a means tested benefit like SNAP or free/reduced lunch.
To qualify for simplified needs test…whereby assets are not counted…
You must have income below the threshold…and any ONE of the three other qualifiers listed above.
This parent made a plan to leave and pursue another career. The parents also had a plan when they were married (I assume) to purchase the prepaid tuition. I think both of those are good plans. If I were the ex, I’d not feel one bit of guilt for not agreeing to pay extra now when there is a plan to pay for college already in place.
Daughter fell in love with UCLA or other LACs? Great, but the parents aren’t funding that.
What is wrong with following the plan to send the kids to the prepaid tuition schools? If you want to go back to a salaried job to pay for another type of school, that’s the parent’s choice, but the OP deserves to follow her plan too of working for herself. She planned, she saved, she made sure her children could go to college. It’s great that she’s looking if another school might work out with different types of merit and need based aid, but if they don’t, there is always ‘the plan.’
Returning to the work force after I write my book was always in the plan. I approached this as a “sabbatical” of maybe two-three years. I have worked continuously for decades and loved it, so going back to work is not a punishment. In fact, I will probably be desperate to get back once the kids go to college. I am not retiring – yet… and may never be if I have my way.
That said, the plan was to liquidate some of my stock to fund the writing sabbatical - may be for a year or two - then go back to work. House is virtually paid for.
Is using child #2 college fund to make up the difference for child #1 - a good idea or a horrible idea? It would at least tide me over until I get back to bringing home a normal paycheck.
Also: no, I’m not remarried, so the only regular paycheck that would be entered into FAFSA would be NCP (also not remarried).
mom2collegekids: Daughter has 4.2 GPA going into her junior year, and will have completed 10 APs. Cellist and pianist and leader of her school orchestra and helping others in community learn music. She loves music - but her mom wants her to come up with a plan b that is more practical so she’s looking into the hard sciences, where she excels, as a possible career. No official SAT or PSAT score yet (taking this fall). But practice test score on the college board website was promising - 2030. She’s studying test prep materials every weekend between now and the PSAT.
Thank you twoinanddone. Yes, “the plan” should work if she just goes to the state flagship. UCLA or Wellesley, though, could be out of reach unless I dip into her brother’s college fund to tide me over.
How old is your son? Is he the type of person who might feel a teeny bit resentful if you dip into his college fund and then can’t recoup those $$?
If she scores above your states NMSF cutoff score- what state are you in btw?- then she should consider applying to USC no later than Dec 1 her Sr year- a long way off I know but worth making note of on your calendar. That’s the deadline for submission in order to be considered for scholarships.
USC has the highly respected Thorton School of Music, where you DD could do a music minor if she wanted, or just take classes or participate in any number of USCs many musical ensembles- band , orchestra, or if she wants- to give individual music recitals.
If you liquidate stock, that will be income to you for tax purposes, so it won’t only be the NCP’s income on the CSS.
Absolutely don’t take it out of your IRA. Unless it’s a Roth, you’ll be hit with penalties; for any retirement fund, you’ll be losing the magic nontaxed interest building up.
If your D loved Wellesley, have her take a look at Smith, Mount Holyoke, Bryn Mawr, and Scripps–all, I believe, offer merit aid (unlike Wellesley) though I don’t know if that will take you down to $20k out of pocket a year. I would expect an increase in interest in Wellesley over the next couple of years if Hilary Clinton is the Democratic nominee, and even more interest if she were elected–your D will want to find schools with a similar flavor that aren’t as reachy, regardless.
And remember that your D can take out some federal loans in her own name. Not much (e.g. $5500 for freshman year), but you may wish to consider that avenue first before taking on other loans. You could privately resolve to pay those off for her after you return to work.
What does she love about UCLA? I’m in California, attended UCs, I’m delighted for people to send us their OOS dollars, but except for families which can easily afford paying $55k+ a year, I think it’s a mistake to spend those big bucks on a UC. As much as I was raised to hate USC 
I agree with menloparkmom’s advice to try for a high score on the PSAT, the better to try for half-price tuition at USC rather than pay OOS for a UC.
I would also suggest that as you and your D look at schools that you have a private conversation with yourself about being willing to return to work early in order to pay for a school like Wellesley. Parents here and on the Parents Forum will have different opinions on what they would do in your shoes. Worth some thinking about what you see as the pros and cons.
Elephant in the room…
Are you sure you will absolutely be able to return to your former high salary job whenever you want to do so?
I’m guessing by the fact that your daughter likes UCLA that she’s not averse to a large state flagship or completely sold on an LAC. That being the case, have her at least take a look at Alabama. There is a good sized contingent of excellent students, there are some competitive honors programs (aside from the Honors College) that provide nice opportunities, and it is pretty student-centric for a large research university. My midwestern daughter, who didn’t want to go more than a couple hours from home and claimed to hate hot weather, is now a senior at Alabama and absolutely loves it. She put Bama on her list at my request, but all I asked her to do was apply; the decision to attend was entirely hers. I know a whole lot of kids who didn’t have Alabama on their radar and are now there and loving it. And, in the spirit of full disclosure, I do know a couple kids who went for the scholarships and found it wasn’t a good fit. The happy, thriving students I know far outnumber the couple who transferred, though.
We all want to give our kids everything, but I think sometimes kids get hung up on prestige, and I’m not sure you should give up your dream for a “dream school” when your daughter would get a great education and most likely thrive and be happy at any number of less expensive schools. I would ask her to apply and give a fair look to a few big merit schools.
It sounds like you have a decent college fiund, but not enough to cover $60K per year. How much can you actually afford from college savings?
Income from liquidating the stock asset will also appear on the FAFSA as income. so, if that is the case, the OP’s income is not going to be $0 even on the FAFSA.
Where do you live? My sister’s husband had a child from a previous relationship; they were never married. The state of NJ REQUIRED him to contribute substantially to his biological son’s college education. I don’t remember the specifics but there were state laws with respect to children of parents who were not married or no longer married. Maybe consult a lawyer to find out what obligations the non-custodial parent might have for your situation.
At the time I found this incredible as there is no law requiring married parents to subsidize their children’s college education. I did some on-line research and by golly, it was true for her state.
thumper - you are correct. It’s not likely that I would return to the old employer. The good news is I’m in a field that is in demand for senior advisors with my experience. Of course, it’s likely I will have to accept a pay cut to get back in – I’m hoping the book will improve my marketability, though. I also didn’t burn any bridges when I left, and they all think I’m going to come back eventually. I am not looking back at my decision with any regret. Really. Not even now, knowing that others on this forum would not have made the same decision. Everybody’s going to develop their own coping strategies for the life they choose. This happens to be the path I chose for my family. There’s a lesson about taking chances and finding fulfillment beyond dollars that I know my children appreciate because I’ve told them why I was doing this. The son was worried, but both kids ultimately are excited to be on this adventure with me. In any case, I don’t see the challenge as insurmountable. Unnecessary and self-inflicting, perhaps. But not insurmountable. It would probably do my kids good to “struggle” a little bit since they’ve been handed everything on a silver platter, pretty much all their lives. This is, afterall, a first-world problem and I wouldn’t trade my situation for the challenges of single moms who don’t have assets. And, I have survived much worse, myself. 
I am grateful for this forum and for everyone who has offered insight on this. I don’t necessarily feel better about the decision to take time off from my career, but at least I know what I’m up against going forward. And that is what I was after anyway. Thanks to everyone for chiming in.
Sounds like a call to the financial planner is in order, which I’ll do next.
Also “the talk” with my daughter will have to happen this week so she doesn’t fall in love with the idea that she can reach for the stars and mommy will pony up whatever it takes (which is what she thinks right now because it’s happened all her life). I’ll tell her to apply to the school she feels strongly about, within reach of her stats. However, unless a miracle happens and NCP chips in with some funds, there will be a very compelling reason to love the state flagship more. For the curious lurkers, the NCP did not/does not chip into the college fund nor provide child support. I know I shouldn’t care if others judge me on an anonymous forum. Nonetheless, I feel compelled to pre-empt the nasty grams just in case.
mamadefamilia --thanks! I did not know this. Will look into it, for sure.
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the NCP did not/does not chip into the college fund nor provide child support. I
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sorry to hear that. You’ve had to “do it all” yourself.
Posters wouldn’t judge and nastygram you because the NCP provides no support for his kids or their future college costs.
I am a single mom whose ex also did not contribute for D1 (he has helped a small amount for D2). I would love to cut back on work and/or change careers, but wanted my kids to have more college options. Both attended LACs, one with about 1/3 merit aid, one close to full pay (2 years with some need based aid, 2 years full pay). The full pay kid has taken out some federal loans, the other is loan free. I can say that I am very glad I was able to give them those opportunities, and have very few regrets (except occasionally during my commute ). They have thrived, and are both deeply grateful that I have made this choice. I figure there is time enough to try something else after D2 graduates, 2 years away when I am 55. Just to give a viewpoint from someone who has had to make this choice as well.
As an aside, my D2 (high stats) was offered $25K per year at Mount Holyoke, and was quite tempted by it. If you think you can find a compromise (work part time, kids find some merit aid), you can get a lot of good info out here on possible merit aid.
I admire the sacrifice you are making, intparent, putting their education first. That your kids recognize this and learn from your example is priceless. Lessons from the parent such as this one cannot be matched/duplicated at a prestigious school, no matter how elite. Your kids come from good stock.
Beth’smom: Alabama is now on the DD’s radar. As is USC and Mt. Holyoke.
A timing question for the financial aid experts out there:
For a child entering college in fall 2017, FAFSA would rely on the previous year’s filing, in this case 2016, correct?
Knowing that capital gains on any stock liquidation will count as income, my financial planner recommends executing the stock sale to fund the book-writing sabbatical this tax year (2015) so that it doesn’t negatively impact 2016 tax filing. This sounds like a reasonable approach. I’ll pay taxes on that income, of course. But I’ll get it out of the way so it doesn’t distort my income and negatively impact daughter’s financial aid consideration.
Any issues with this approach from a financial aid standpoint? Just doing a reality check…