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Old 12-19-2007, 11:10 PM   #11
hsmomstef
Senior Member
 
Join Date: Dec 2004
Location: Enjoying the mountains and sunshine in Colorado
Posts: 3,326
two points that I think bear worth mentioning --

1. If you are only looking at FAFSA schools, the only thing that the "simplified means test" will mean to you is that assets are not counted. FAFSA doesn't count retirement accounts nor home equity (for anyone) and an asset protection allowance is granted based on the oldest parent's age. Unless you have a ton of money sitting around in cash/stocks/mutual funds/CDs -- I am not sure you have that much to be worried about. For instance, the asset protection allowance for a two parent family with the oldest parent being 45 years old is over $43,000. If you have over $45,000 in accessible cash, then I can see your concern -- but if that is not the case, it won't make a difference.

2. FAFSA only schools are notorious for not meeting 100% need -- so even with an EFC of $0, you may well be expected to pay a considerable sum of money in order for your son to attend college. Only those schools that meet 100% demonstrated need will provide a financial aid package that is meant to cover all costs. This will be something you need to check out very carefully -- many low-income families have found that a private school that meets 100% demonstrated need will be cheaper than a state school.

one final note -- it is highly unlikely that a student's work experience while in high school will play any part in the hiring decision of an employer after your son graduates college. The employers will be looking to see what you son did during college -- and any work (especially in his field of interest) during the summer will be looked at very favorably.
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