And not to mention our geographic diversity since CA is so big–you can be educated in the redwoods, next to the beach, in San Francisco, in Los Angeles, in the central valley, in the wine country, etc, etc! (although I cannot think of a four-year public that gets snow…)
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If you have to mortgage your house to pay for college, that doesn’t seem financially reasonable? I would go for an in-state option and save money for retirement. Schools vary widely on how much financial aid they offer. One school’s “rich” can easily be another school’s “poor.” Use the net price calculator to find out how much it costs.
@WayOutWestMom can you please describe the scholarships at University of New Mexico.
Because it is.
For the 2022-2023 academic year, you use 2020 tax year information.
For the 2023-2024 academic year, you use 2021.
For the 2024-2025 academic year you use 2022.
No exceptions and it doesn’t matter when you file the financial aid forms. For these academic years…you use these tax years. Period.
Assets are reported as of the day of filing.
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^ Yes, that’s pretty much the answer. There’s no wiggle room on what year’s income gets reported. That matters because when you withdraw a Roth contribution, you are turning a retirement asset (which is not part of FA calculations) into untaxed income (which can count as high as 40-50% in FA calculations). So you want to make sure not to “create” that income until it’s no longer relevant for FA.
As others have mentioned, do explore the AOTC as it’s significant.
I’d also look at what your actual out of pocket cost will be at these schools. COA at some schools includes items you might not need, or might cost you less, or might be something you’re already paying for and for which the marginal cost is therefore zero. Health insurance for example, if part of COA, you’d want to consider whether you could opt out and if not would you then stop your current coverage and save money there.
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Op- apologies if I missed it. How old are you and what’s your best guess on the number of working years you have left? And these two kids are it??? Just trying to get a feel for the “other” factors in the financial picture…
UNM’s AMIGO scholarship requires a standardized test score (ACT or SAT).
However, the LUE and WUE scholarships do not.
LUE and WUE require EITHER a 2.8 GPA OR a 18 ACT (960 SAT)
LUE+ and WUE+ require EITHER a 3.0 GPA OR a 20 ACT(1030 SAT)
HINT: the WUE+ and LUE+ offer the same amount of scholarship (OOS tuition remission) as the AMIGO just without the the $200 annual stipend.
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Doesn’t NM indicate here that it needs SATs?
And that’s for consideration, not getting it. You’d have to look at recipients, both the number and the personal descriptions to get a better sense. Still, if it’s possible to consider, then we should apply.
EDIT: oh saw the other message. So, these WUE scholarships don’t bring the total cost within range. That’s what I thought, as I had checked this one out before.
Thanks. That’s around 15,000 plus indirect costs and room and board, so not affordable for us. This is a typical result when looking at these kinds of schools.
I’m 57 now and do have a pension. But I will probably work nearly till I drop. So I’m expecting to die in about 25 years. I could work as much as 20 of those years. I would prefer it to be 15 (or zero) but I’ll do anything for my twins, and there are no others.
Except in a recurring dream I have that there is a later third that I’ve completely neglected.
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Perhaps @WayOutWestMom can clarify, but I thought with the scholarships…the cost of attendance would be $20,000 or so. Room and board is not very costly at UNM.
$20,000 would be $15,000 from parents and $5500 Direct Loan for the student.
How does that not fit the budget you have been presenting? Didn’t you say you could pay $15,000 each per year?
yes I’m calculating the real cost as I see it including health insurance and things like that.
I do qualify for AOTC but routinely forget about it-- that’s some wiggle room I guess.
you think room and board and indirect costs would be $4,750 for the year? So the payments for dorm rooms, meals, personal expenses, and transportation, books all for $4750. That’s awesome, but not believable.
if so it will come in 2k less than an expensive LAC and I guess something to consider.
But the numbers don’t add up right or seem to beat that.
@WayOutWestMom can tell you the total cost of attendance. She knows it!
Since your children qualify for the WUE+ scholarship, your costs would be identical to the in-state COA.
The health insurance fee can be waived with proof of comparable coverage.
Also, after freshman year, student can move off campus to save on housing and meals.
Many student do. My daughters found living off campus was cheaper than on campus, even if they bought parking. And there is plenty of housing within walking/bicycling distance of campus. Several apartment complexes that cater largely to students offer hourly free shuttle service to campus. Plus city bus service is free to UNM students–all they need to to do is show their ID.
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Yeah that’s what I thought. It’s not affordable for us and we have better deals from LACs
Adding…at UNM those misc and book costs are something you can control…AND your kids can earn money by working 10 hours a week to cover those.
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so too at LACs which come in lower
What LAC’s have you found to come in at your budget, or at least lower than say UNM?
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