how do I avoid divorce settlement from wrecking my sons' chances for financial aid?

Paying for College
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<p>*
For example, if he can get his ACT up to 32 (or get a 1400 M/CR SAT) he can get free tuition at U of Alabama. His current test scores and GPA would get him a scholarship worth 2/3 of OOS tuition. Auburn is similar.*</p>

<p>That is true for Bama…and Bama has a great honors program with small class sizes.</p>

<p>However, even with his current ACT 31, Bama would give him full tuition plus an extra $2500 per year **if he majors in Engineering or Computer Science. **</p>

<p>Having free tuition plus $2500 per year combined with a Stafford loan and summer earnings he’d practically have all his costs covered. He might be a bit short for the first year, but then when Pell kicked in the second year with the higher Stafford loan, he should be ok. </p>

<p>However, if he majors in something else, then he’d need the ACT 32/SAT 1400 for free tuition.</p>

<p>Auburn has downgraded its scholarships this year. With an ACT 32, he’d only get 2/3 tuition.</p>

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<p>post #28

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<p>This is simply untrue, part of a CC-created myth because of all the parents & students who hang around here and trade information about their overly-inflated test scores while the vast majority of college applicants are out living in the real world.</p>

<p>Here’s a list of 100% need colleges:
[Colleges</a> That Claim to Meet the Full Financial Needs of Students - US News and World Report](<a href=“http://www.usnews.com/articles/education/paying-for-college/2010/02/18/colleges-that-claim-to-meet-the-full-financial-needs-of-students.html]Colleges”>http://www.usnews.com/articles/education/paying-for-college/2010/02/18/colleges-that-claim-to-meet-the-full-financial-needs-of-students.html)</p>

<p>They are not all super elite, impossible to get into schools. The OP’s test scores would put him at or near the top of the applicant pool at colleges such as Colby, Gettysburg, Lafayette, or St. Olaf. There are also many, many colleges that come close to meeting full need where the OP’s stats would be considered impressive enough to garner substantial aid. </p>

<p>Again, the problem isn’t that the kid can’t get into a college that will meet all or substantially all of his demonstrated need, the problem is that the family financial data will present a picture of a family that can afford to pay more than they can actually afford, based on some unusual circumstances during 2010.</p>

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<p>I don’t think a 3.5 unweighted and 30 ACT will get a kid into Maryland’s top honors program but it might get them into the other honors program (College Park Scholars).</p>

<p>Here’s the info from the webpage</p>

<p>For the Fall of 2010, students admitted to the University of Maryland have an average (weighted) GPA of 4.01 and the middle 50% of SAT scores ranged from 1250 to 1400, and between 28-31 on the ACT. As a result 25% of the admitted students scored below a 1250 on the SAT and 25% scored above a 1400.</p>

<p>Honors College: </p>

<p>The students admitted to the University Honors program have an average (weighted) GPA of 4.27 and the middle 50% scored between 1340-1490 on the SAT and between 30-33 on the ACT.</p>

<p>College Park Scholars:</p>

<p>The students admitted to the College Park Scholars Program have an average (weighted) GPA of 4.03 and the middle 50% scored between 1300-1410 on the SAT and between 29-32 on the ACT.</p>

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<p>It depends on the specific aid policies - if the college promises to meet full need of its students, then if the EFC goes down, the college will raise the financial aid accordingly.</p>

<p>But again… I think the problem is that the OP is sitting on a very large asset (the home) that most private colleges will count, even though it will be exempted by FAFSA.</p>

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<p>Would it work to use the 529 account balance all in Year 1? Then count on a combination of generous financial aid and merit aid for the remaining years. It would be important to talk to the financial aid offices at the colleges your son is considering to make sure that they would be willing to award aid in Years 2, 3, and 4, even if he didn’t qualify in Year 1.</p>

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<p>OP - one more thing. As you look at private colleges that use the PROFILE form (which asks about home equity), be sure to call each college’s financial aid office to ask whether they cap the amount of equity they consider. If they do cap it, it will be as a multiple of your income, since they recognize that you can’t borrow against the house without an income to repay the loan. Some college cap home equity at 1.2 times annual income, others at 2.4 times, etc. With a low enough income, even schools that count home equity might waive it in your case. Do ask, before ruling out any school.</p>

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<p>Can I just give you some advice from the bottom of my heart? Don’t make your decisions out of fear. I really think you have too many fears and too much anxiety spilling over into what should be a much simpler decision. </p>

<p>Your sons have $30K <em>each</em> in college savings. You have good state schools and your son has a pt job. I really want you to sit on that for a minute. That’s not a bad place to be. Something can work out here.</p>

<p>So here are my suggestions:
1- Like everyone else, I think your situation would benefit from a gap year. Run the numbers. If you waited a year and your sons would qualify for Pell Grant, some state aid may kick in. I sent you a link but I noticed that your state has very early financial aid deadlines. It looks like they want FAFSA filled out by 3/1. Do not miss the deadlines.
2- Have your sons take some cc courses while in high school and in the summer to maximize credits. They may be able to cut out a semester or an entire year with APs and cc.
3- Look at your instate colleges. You have smaller choices than UMd-CP including Towson.
4- Have you consider applying for a job (or having your son apply for a regular job) on the campus of the private college? Some colleges have tuition reimbursement. It may not kick in right away, especially for dependents, but look into it.
5- Consider moving, especially if you can get a profit from that house. There are states where your sons could go to college very cheaply if you establish instate residency-- Georgia if they graduate from there, Florida.
6- Have your sons look into the military academies or even the military, unless they’ve actually been on medication for depression which may rule them out medically.</p>

<p>Again, be flexible in your thinking. You have to realize that some of what you’ve posted here doesn’t make sense. You needed to buy a house this year because your sons would be psychologically damaged by moving away-- but they must go away to college or be psychologically damaged by staying in the negative situation. The truth is that stability is important-- but a fresh new start may be exactly what they need. Don’t be afraid of letting your son take a gap year, of moving to a new state or of letting them work full-time or join the military. If you are scared of starting a new custody battle, explain to your ex that you’re doing it so the kids qualify for instate tuition or generous instate college benefits.</p>

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<p>This is my final note to everyone on this topic. I wrote to college confidential for recommendations on a financial consultant because of my bizarre financial situation in 2010 – I appreciate the prompt responses even though they were uniformly disappointing in confirming that my options are limited. </p>

<p>annikasorrensen, I know you were trying to be helpful, but you can’t understand the trauma my children and I have suffered over the last few years. So please don’t imply that I am creating obstacles or making excuses on why I can’t do what would be practical in a different lifetime. </p>

<p>This isn’t about fear, it is about financial insecurity, exhaustion, abuse, and severe generalized and social anxiety, among other things. There is no end in sight for me, but my children have a chance for a better future once they get away and start college. I want to do whatever I can to support them. </p>

<p>It is easy to suggest that I push my son to take a gap year and that he live with a friend or relative in another town, but I don’t live in a world where there is someone waiting to give my son a home and a meaningful existence for a year in the next town. And it is something that would not be beneficial for my son, even if it would help him get financial aid the following year. </p>

<p>Of course my son is going to apply to UMD and the other state schools. Just because I don’t think UMD is a good school for him, doesn’t mean he isn’t going to apply – what choice is there? He will also apply to the school of his choice in the hope he can raise his ACTs enough to get merit aid. </p>

<p>When we were working, my husband and I made a good living and we had a good ethic when it came to savings. But we have been unemployed since 2006 and our savings are gone. Even if that were not the case, I would be reluctant to seriously consider private universities without a good reason for doing so. The cost is prohibitive for any family, especially if you have more than one child. It would have put our family in substantial debt even with two incomes. That is impossible to justify when you can get such a good education in state schools. </p>

<p>Thank you again for all of your help!</p>

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<p>*Would it work to use the 529 account balance all in Year 1? *</p>

<p>That might help, but the ex-husband has control of that money. We don’t even know if the H would be required to use the money for his sons. Can he use it for himself if since his financial situation also sounds dire?</p>

<p>To Suddenly Single.</p>

<p>I hope you don’t think that we have underestimated the trauma your family has gone through these past several years and are not sympathetic. Although many of us haven’t gone through such in our personal lives, many of us have sat through similar horrible traumatic distresses with other beloved family members and friends. </p>

<p>We are very sympathetic. However, we didn’t address your stress and such as much as maybe we should have because the concern you presented to us was getting aid and pay for college for your sons. </p>

<p>We’re very glad that you will have your son apply to some state schools. We also hope that you seek out some schools that will give him big merit for his stats. </p>

<p>Keep in mind that many “full need” schools will ask for your H’s income/assets info and if your H still has his chunk of money sitting in some kind of savings/investments, then that will play havoc with your sons’ aid in the future.</p>

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<p>OP- you are getting a fantastic assortment of information and advice from very knowledgeable people.</p>

<p>I have two things to add:</p>

<p>1} contact your most likely in state choice. Ask to talk to the head of financial aid. Tell her you have 2010 one time capital gains and find out whether or not THEY would consider a special circumstances or not for calculating EFC. I have seen on at least 1 occasion, an income aberration be adjusted when the tax return came in for the next year. In your case that would mean your son begins in Fall 2011 and when the 2011 taxes are done you submit that return ASAP and the school COULD reduce you 2011-2012 EFC to be based on 2011 not 201 income. I do not know all the details, but I saw it happen once for a kid I was helping.</p>

<p>2} I disagree with the people wondering why you spent your cash on a home. I work in commission only fields and we always strove to keep our monthly bills very low so that the basics are covered, including housing, I would love to have my home paid for and think that could be smart.</p>

<p>You have to set up your new life and protect your retirement etc before determining how to fund college. You need a home and if your home is paid for you still have maintenance and taxes and insurance to pay.</p>

<p>If you recover financially in the next few years, you can certainly step up and pay off any student loans your sons incurred, but I would not recommend risking your housing situation to do a better college.</p>

<p>If the finaid people cannot do special circumstances, then I, too, would recommend a gap year. And I totally understand your concern with not pursuing a normal path. When my D1 graduated she ended up at her financial safety and no one was real happy, I suggested a gap year to reapply, but no one could handle that seeming to go astray issue. Now, now that I have 3 kids who have graduated, I can totally see the wisdom.</p>

<p>I see people who want to change residency to a new state or who have a one year financial aberration. A gap year is not a bad thing, it can be a very good thing. Don’t fear it, just find something productive for your DS to do.</p>

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<p>OP - I live in Maryland. Has your son considered Goucher? I know a couple of kids there very well and they love it. The school seems to give good financial aide - your son’s GPA is in the range for good money and if he can raise that ACT score to a 32, there could be a good chance for good merit aide.</p>

<p>Is there a prize for using the word “good” the most times in a post?</p>

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<p>OP, sorry to hear all the hard things. But I agree that taking a gap year is not appropriate for your son for the time being. May be he can go a private school one year, understand more of financial burdens, transfer out to public school. Or going to public school one or 2 years, get good grade, then transfer to private school in junior year
My 2 cents</p>

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<p>OP - I sent you a PM.</p>

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<p>Now I have read the thread and thought of a couple of other things:</p>

<p>I think that LACs are looking for qualified boys these days, could that mominTX list of merit schools show some good LACs?</p>

<p>One problem with this- usually a mid range FAFSA LAC like this will have something like $20k tuition plus $15k other costs. They offer $10-15k from the school for merit plys pell of $5k plus perhaps a state grant, but you are still left funding around $10k a year or more. So, even with merit awards and low EFC there is still a substantial amount in loans or self-funding at a small LAC, in my experience.</p>

<p>OP- I 100% understand how you feel about keeping some stability in your kids lives and about the concern over the gap year and getting your son started on his adult path. I felt some of the same urgency with my D1 and we were not unemployed for 4 years and going though a nasty divorce, so I did not have those additional stresses. But, I do still recall the feeling of being trapped by circumstances that made me feel guilty about her situation.</p>

<p>Be cautious about sending your DS off to university if he is not strong and mentally fit and primed to do a great job. He could end up unhappy, floundering, skipping classes, getting Bs & Cs and generally harming his future, losing his merit award etc.</p>

<p>I am not implying your son is mentally unfit, just that going off to university is a huge transition for kids and better to do it from a position of strength and prime readiness than being vulnerable. Better to be in the mental place to decide what you can get from the experience rather than looking to it for any sort of fix.</p>

<p>I have two kids who went to big publics and one who went to a small private. One of mine just started med school and she was on her game from day 1 of university, but was still only an average applicant. Had she gone through any sort of struggle she would have been most likely out of luck due to the drop in GPA (and she never got a grad lower than a B+, but that barely did it for med school)</p>

<p>What I am trying to say, perhaps not as well as some others here could, is that the step of moving off to college is not the end, not the cure, not the fix. It is the beginning of a new path and it is a step to take in strength not weakness if you want to end up with the best results down the road.</p>

<p>Can you do a bit of research into Gap year options, just to see if there is something he could do, that he would enjoy, that would look good on a resume, that would allow him time away from the situation with his Dad. Hey, if you check it out and don’t find anything, then at least you will have made an informed decision.</p>

<p>I will say from experience that it is not easy to find such an opportunity and especially to find one that pays for itself. All three of my DDs took a year between educational situations and in each case, finding the opportunity was stressful, for sure, but they did it and in hindsight, they were good choices.</p>

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<p>Just a little something to add: if your sons apply to a Profile school, you will need to give the equity in your house. That equity will be the price for which you could see your house <em>that day.</em> It is not the optimal price, what your asking price would be nor the price after needed repairs. </p>

<p>Also, since you’re looking at a situation that is 5 years out, you should also know that if you or your ex remarry, the Profile schools will also want to see the income of any new spouse and use it in the calculations. If a parent refuses to provide the info, financial aid is often not processed. (It is considered an incomplete application.) If there has been abuse, the student should make sure a guidance counselor is aware of the situation now so that he/she can write a letter requesting a waiver of the non-custodial parent’s info. (I say this because you have sole custody of 2 teenage sons. I realize there may be other factors at play here.) When determining financial aid for students with divorced or separated parents, the colleges do NOT say “x from mom, y from dad.” Instead, they look at all the info and say “we give you x, your family is to come up with y.” They do not share info between the parents either. In other words, even if your ex’s information pushes up the family contribution, the school will not take any role in asking him for any part of the contribution nor will it identify what contribution is attributed to him. </p>

<p>And last, I understand securing your living situation. I don’t necessarily think it was a bad thing but is it something that may affect financial aid? Yes-- but you do what you have to do.</p>