<p>We’re expecting snow here but not sure it will be enough (and timed right) to provide the munch-longed for snow day for DD. Her midterms start on Wednesday so I’m actually hoping for NO snow day. Most of her classes have scheduled reviews tomorrow so a snow day would eliminate those.</p>
<p>I would also recommend that everyone complete the FAFSA. Some of the schools my daughter was accepted by do require it for even merit aid. I did mine yesterday very quickly - just used 2009’s return and selected Will File. Yes, I’ll have to go back and amend it but at least I’ve got a preliminary one one for the schools.</p>
<p>LeftofPisa - The hullivator is the stuff of dreams, alas it will only hoist one on top, doesn’t accomodate 4. </p>
<p>Made my ds cry today, he finally started talking about she-who-should-not-be-named and how he wants to get her back. I did the bad mom thing and pointed out all the actions she has made that make it painfully obvious to everyone but him that he deserves better. He admitted that his friends have been saying the same thing. Then he had to go out to rehearsal and damn it, sit right next to her for 4 hours. Hoping he is keeping it together, keeping his anger at her and not redirecting his anger toward his well-intentioned mom.</p>
<p>Just listened to a one hour webinar on financial aid presented by Caltech. A rebroadcast will be available on their web site in a day or so for those of you who are interested. My best guess it will be at [Welcome</a> to Financial Aid - Caltech Caltech Financial Aid Office](<a href=“http://www.finaid.caltech.edu/]Welcome”>http://www.finaid.caltech.edu/). </p>
<p>Much of the stuff we already know, but it was worth hearing again. For those still on the fence about whether or not to apply for fin aid (FYI - Caltech basically only offers need-based), my interpretation of the answer they gave was to apply espec if your income was below $200,000 and your assets were in the normal range. </p>
<p>Next question - What are normal assets? Assets excluding your house and retirement funds. I’m not sure if they are also net of your protected asset value which is determined by the age of the oldest parent. Yippee for those of us who are or who married old coots (like moi). I asked that question, but the moderator did not get to it. If my son goes from deferred to accepted, I’ll worry about it.</p>
<p>On another topic, have any of you looked at the prices of ‘top tier’ MBA programs? North of $EIGHTY GRAND PER YEAR. This may influence some undergrad decisions.</p>
<p>I have the same question too, FIMathmom, just what are “normal assets”? And what is a “normal assets” acceptable range for FA? $100,000? $1,000,000? $0?</p>
<p>Rewrite of last paragraph -
Next question - What are normal assets? They threw out a number as high as $400,000. These assets exclude your house and retirement funds. I’m not sure if they are also net of your protected asset value which is determined by the age of the oldest parent. Yippee for those of us who are or who married old coots (like moi). I asked that question, but the moderator did not get to it. If it is net, then normal assets could go as high as $475,000. I’ll listen to the broadcast again to make sure I did not mishear. Unless my son goes from deferred to accepted, it is is a moot point.</p>
<p>About the waltz: that’s one of the “adventures” that the organizing group plans for the Cotillion for Achievement. We will have waltz lessons–boys with their moms, girls with their dads. And it’s choreographed–and they advise us to come to rehearsal with the shoes we plan to wear. </p>
<p>The founders were from larger communities with debutant balls. They wanted to honor academic achievement, leadership and integrity with the same type of event --and teach social graces at the same time. They have another “adventure” about manners. (One of the organizers was so impressed that our son opened the car door for me as we were leaving. She commented that he had already passed one lesson!)</p>
<p>Second snow day already called for tomorrow. We have 9.5 inches in the front yard and it’s still coming down. It’s been a Rock Band marathon in our basement today!</p>
<p>Apropos of nothing…did you know how delicious frozen M&Ms are…and that they can become an addiction…and that you can crack a molar on them? Just a word to the wise.</p>
<p>If you need me tomorrow, I’ll be at the dentist. :(</p>
<p>HI
Want to chime in on “normal assets”
We qualify under those under 200k etc and yet as self employed --the schools dont want you to put anything into retirement–and when they looked at our tax statements–the finaid office said that those retirement funds (paid by the company side of the balance sheet into returement)
should be paid to the employee and put away as they conside it cash for college.
So while we can put them into a retirement fund–(like a company who contribtutes to an employee ira etc) the school’s finaid counts them back in as available.
It stinks because it penalizes a self employed person.</p>
<p>madbean: Thinking of your son arriving for his adventure in Italy. What a wonderful phase of life he is in! I spent my junior year of college living in Florence, living with an italian family, and traveling extensively throughout the country. I look back on that as one of the best year’s of my life so far - the education, the freedom, the lack of commitments holding you back from venturing out of any comfort zone - he is going to grow up so much, in likely all the best ways, and develop a whole new perspective of the world - what a tremendous opportunity you have given him </p>
<p>ohiomom24: I would definitely accept those letters of recommendation as they are from people well-connected with the colleges and also from people who know your son well. They may just be the tipping point between him and an equally matched peer candidate getting the “you’re in!” letter. I think it only hurts a candidate when there are almost too many LORs written - the phrase “the thicker the file, the thicker the student” sticks in my head - but one letter written by a person known to the admissions office, and by someone who knows the candidate well, could never hurt.</p>
<p>fogfog - I was self employed for years; it is very complicated and expensive. I am glad that I have a W-2 situation now. Good luck dealing with the extra nonsense - as if the regular financial nonsense was not enough! </p>
<p>MOSB - good luck at the dentist. Here’s hoping the fix won’t reduce your “normal assets” too much! or take too much time…or hurt…</p>
<p>D is a big fat grump this week. Hoping nothing is happening that is causing the bad attitude (mean girls, boy issues, physics quandry, college stress, etc.). Maybe it was one too many “the roads are slippery - drive extra carefully” reminders from me. </p>
<p>NO snow days here despite record levels of snow so far this season. So envious of the kids getting some extra down time! Enjoy.</p>
<p>Well I just paid and hit submit for S’s last two apps. They have been done and were just waiting for me to submit payment. I am on payment overload right now between my S and D. </p>
<p>I am looking forward to a snow day Wednesday, and hoping I have something I can do workwise from home so I don’t have to take the entire day as PTO.</p>
<p>S just texted me that he is looking into whether the camp he worked at last summer is going to offer employment again. It is a nice paying, relatively easy job, but unfortunately is is only for 8 weeks tops. I told him to go ahead with that but keep in mind it won’t be enough, he will need to find another pt job. </p>
<p>Still haven’t started FAFSA, maybe next weekend?</p>
<p>Mnmom: Sorry about the lack of snow days. I live in snow wimp country. It hasn’t even started snowing yet, and they just announced that schools will close 1 hour early!</p>
<p>Can anyone who has been through this process with older children comment on how colleges treat funds held in a 529 plan in making financial aid decisions? Specifically, if a family has demonstrated financial need based on income and total assets, will a college require the family to exhaust all 529 savings prior to awarding any financial aid? We are hoping that a college would at least allow us to only spend 1/4 of our total 529 plan funds per year (and have a dim hope that we might have something left for grad school).</p>
<p>529s go into the formula as parental assets, so they are hit at 6%/yr. However, some schools may have an institutional formula that handles them somewhat differently.</p>
<p>trying to be better and at least getting in here every few days but whew! those days go toooo fast already. Posted in ‘celebrate and support thread’ our latest news. talk about ups (acceptances) and downs(unexpected bad $ news), my tummy and head ain’t takin the rollercoaster too well–time for chamomile tea and ibuprofen. Sleep would help too!</p>
<p>supposedly we’re getting more snow tonight, we’ll see. most of what we had is gone which is kinda nice, gets me more motivated to finish getting holiday decor down and away !</p>
</p>
!</p>