Still paying off my student loans...

And it’s a lot…$20k/year…

However I make over the amount where I can deduct the student loan interest from my 1040 income.

Can I somehow use this to lower my kid’s efc?

(I’m guessing probably not)…

No.

Dad, looks like you’re late to the party. High earners learn quickly that their AGI is converted at a high rate for expected college contributions on a per year basis. Low assets are in your favor for institutions that use the CSS profile or equivalent, but there are few ways to reduce your salary’s effect on EFC. This is especially the case for you because what’s done is done. FAFSA looks at 2 years prior to compute these numbers. You have run out of time to make adjustments.

I’m not an expert on available loans, but I am in a similar situation AGI wise. Fortunately we began aggressively saving many years ago. Even so, it’s still a struggle to define the problem we are facing once our 2020 HS graduate enters the college fray.

The best advice I can give is to get a list of colleges for which you feel your child is competitive. Go to their Net Price Calculators online and enter your family’s data. Each gives a rough estimate of your expected contribution with a mix of loans/student work to fulfill the student’s obligations.

Your best bet will be to start with universities that provide strong merit, especially if you have a gifted student. One of the first aha moments I had was realizing that the very elite universities offer no merit. The prize is getting in, but their “scholarships” are really just grants adjusted to the families’ financial situation.

It’s imperative to be open and upfront with your child right away so that you can set reasonable expectations. Learn what you can afford, set limits and guide your child towards universities with strong programs tied to his/her interests and also affordable to the family.

Also, don’t let the snarky posters here get to you. It’s chocked full of them. They are experts in making high AGI middle class earners feel ridiculous because they are looking for ways to deal with this dilemma you are in. You make too much for full Fin Aid, and make too little to be full pay. It’s a tough spot.

Good luck in your search and keep motivating your child to dream and succeed.

Wow…how much do you owe? If you’re making $1600 per month payments, how much longer do you have before they’re paid off?

Do you have a high paying career? Physician? Attorney?

What is your child’s EFC? What is his major and career goal? What state are you in?

I just realized that you’re the dad who was asking if he could lower his child’s EFC by counting his GF or by getting an MBA yourself.

Also it looks like your child is looking at Princeton?

If your child has the stats for Princeton or similar schools then he/she has the stats for huge merit elsewhere.

How much CAN you pay per year towards your child’s college costs?