Financial Aid in Future Years

illinoisdad
Sat, 12 Jun 2010 09:28:25 +0000

I think what has been most frustrating is the lack of transparency in the factors that determine aid. Some schools state have FA calculators (which I find most helpful if they are to be trusted), but most look to protect their “black box” calculations and generally refer to their aid calculation philosophy or maybe identify a few factors. At least a couple of the schools seemed to protect assets for kids not yet in college, so that’s encouraging.

I obviously have control or trust issues, but the process makes me nervous as I harbor no illusions as to trusting that things will work by the numbers in a way that works for us. There aren’t too many products or services out there where you commit to buy four of something but are only told the price of the first.

It is an interesting tension between wanting to do as much for your kids as possible, but wanting to treat them fairly, if not equally. We are without question very fortunate and upper middle class by any standard, and have saved some for each kid in a 529, but the economy is very fragile right now and planning out 12 years is nothing but a rough forecast.

Not that it matters, but I mistyped D1’s SAT- she was 2290 with 1580 in M/CR, so the ACT and SATs are roughly equivilant. We are trying to get her comfortable with more financial safeties as part of a portfolio of applications.

Incidentally, mom2collegekids, one of the top kids at my daughter’s high school (and NMF) is going to Alabama for for the Honors program and great tuition deal. I believe I am remembering correctly that your two sons go there, so word certainly is spreading about the opportunities there. It seems like a great program.