<p>I have a son who will be attending college in the Fall of 2014. I am 61 yrs old and my husband is 63 yrs old. My husband makes a very good salary so we do not qualify for financial aid. Due to multiple health issues, I receive social security disability. However, also because of these same health issues I have been denied Long Term Care Insurance. Both my husband and I are in our sixties and I am concerned about having funds available for my care as my condition progresses.
Is financial aid a possibility in our situation? </p>
<p>With this very good salary, did you set up 529 plans or other accounts to pay educational expenses?</p>
<p>In many cases you may not know what aid is available until you apply.
Did you apply?
I imagine the priority deadline is past at some schools.</p>
<p>We have some money set aside for educational expenses. We were able to pay for our older son’s entire college tuition. He went to college 10 years ago and the tuition was quite a bit less than the approx. $60,000 a year that we are presently looking at. We did submit the FAFSA form in order to get the non-subsidized Stafford Loan. There is not any place on the form that we would be able to explain our situation. I just didn’t know if there were any legalities that we are not aware of. </p>
<p>There is no place on the FAFSA to explain special circumstances. </p>
<p>A couple of thoughts…there are LOTS of wonderful colleges that do NOT cost $60,000 a year…but it sounds like that ship has already sailed for you.</p>
<p>Financial aid is based on your income from 2013…and your assets. It’s not based on potential future expenses that you haven’t even incurred.</p>
<p>In most cases, special circumstances considerations are for expenses that ALREADY have occurred. You are asking the college to consider this for FUTURE expenses…that may or may NOT actually happen. I’m not sure this would be considered…but you could inquire and ask. Special circumstance considerations are considered by each college (if they even do so…it’s not required) on a case by case basis. Your child’s school will be able to tell you how to do this at their school and IF they even look at future potential expenses.</p>
<p>I don’t think so. Thumper has explained the way it works quite well. No telling what the future will hold–you could be dead, or have won the lottery, your kids could become billionaires, etc. So, no, that you are saving for long terms care, a pension, or whatever is usually not in the picture, though you certainly can let the schools know that due to the diagnosed condition you have, you are putting away $X for long term care that is likely to be needed and you have $X put away for those purposes. Whether a school will take that into consideration, I don’t know. I suggest using an HSA, if possible for some of those savings as those assets will not be counted against you, though contributions made each year have to be added back to your FAFSA income reported. You do get a tax deduction for those contributions as well. Something you might want to investigate.</p>
<p>Yes, it’s late, but still look around at local options that may be less costly. My son was surprised by a full tuition grand from a small private school near our house. It apparently targets good students in the area that way. He did not have the numbers to get that kind of money so it was a sweet surprise. So ask the GC, look around and see what low cost options are still available. ALso in May a list of schools still having room for students, some still with fin aid will be released, and if your options are not affordable when the packages arrive, that is something to investigate too. </p>
<p>The possibility of future general medical expenses probably isn’t going to translate into additional financial aid now. Your husband’s age is taken into account a little bit in the fafsa formula in the asset allowance and may be a little bit by profile schools. If you have a condition such as MS(you don’t have to name the condition) that always leads to increasing medical expenses it could be that a generous school would take it into consideration as a special circumstance. </p>
<p>I think it would come down to what a very good salary is. That phrase can mean a far different amount to different people. If it’s that much of a concern you can look for more affordable schools as others have said.</p>
<p>Schools usually don’t consider the “possibility” of new medical expenses. What if they don’t ever happen? Yes, they might, but that’s the case with everyone. Everyone could have a catastrophic situation in the future.</p>
<p>I’m wondering why, since your H makes good money, why you haven’t just been banking your disability money for future emergencies for your health? </p>
<p>I agree with Thumper…your child doesn’t have to attend a $60k school. There are many cheaper options.</p>
<p>Also, you’ve only mentioned FAFSA. Do his schools also require CSS Profile? If not, then these are FAFSA only schools and likely won’t budge a bit. I don’t think a CSS school will budge, but a FAFSA only school is even far less likely.</p>
<p>Their are Few 60k+ schools who take FAFSA and their own version of Financial profile not CSS.
WUSTL, Princeton, and University of Pennsylvania just to name the few and i am sure their will be more.
Those profiles do ask extra questions regarding your income, assets and any unusual financial circumstances which you cant explain on FAFSA.
But as other mention their are lots of very good Colleges under 50k…</p>
<p>Many thanks for all the responses. My son has already been accepted to less expensive colleges so we do have several options.</p>
<p>I previously asked if there are any legalities that are unknown to us to help our situation. I asked this because a very reliable source informed me of an individual who went to a “college counselor”. This individual has inherited greater than a million dollars. She was told by this “college counselor” that this inheritance is needed for her long term care and would be not be looked at to fund her child’s college tuition. This inheritance is direct funds in this person’s own name. This individual, like myself, is disabled and has been denied Long Term Care Insurance. This whole thing just does not make any sense to me and I only asked to see if anyone had any experience with this type of situation.</p>
<p>Once again, thank you for all your input. </p>
<p>Do you know, did the other person not report the >$1M assets on the advice of the college counselor? Or did they report it and still were awarded aid? For neither FAFSA nor institutional aid do I think there is a legality where the funds don’t have to be reported unless specifically stated such as funds in formal retirement accounts for fafsa. CSS still collects formal retirement account and home equity info and it’s up to each college how they use the info.</p>
<p>JMO, because I don’t know every law of the land, but it sounds suspicious.</p>