Does anyone have any experience with using a private financial aid officer for complicated cases? And how does one find one? Thanks!
Complicated in what way?
Really…financial aid is pretty straight forward. Policies are set by the colleges in terms of institutional need based aid awarding.
Is this another question about what to do if a custodial parent decides to remarry? Really…a financial aid consultant isn’t going to tell you anything different than what you have already heard.
Emmsmom- I take it you are referring to private financial aid counselors, yes? They aren’t financial aid officers in the sense that they have zero authority to make decisions on behalf of the college. They can tell you how to shift assets around, retitle your money market account in the name of your sister with the understanding that she’ll “gift” it back to you down the road (although there will be zero legal implications if she decides to blow the money in Vegas instead), etc.
In your case I think you have two options-
1- have your kid apply to merit only schools so that your finances, fiance’s finances, etc. don’t come in to play
2- postpone your wedding until all this is behind you.
If neither option works for you, start to look closely at public colleges close to home or close to a family member who would allow your kid to live with them for four years. Figure out if you can swing the tuition if the room and board component if out of the equation.
But a private financial aid counselor is going to start taking your liquid assets and plowing them into annuities and paid up life insurance policies, gifting them to family members, etc. Which means the assets will be out of reach to pay for college, but also out of reach for everything else you might need them for. Tied up is tied up.
@thumper1 my posts were removed because they violated CC’s privacy policy so I didn’t get a chance to read the responses. @blossom thanks for the reply.
@Emsmom1, I saw the original post. I would wait to get married until you file the FA documents in the fall of your youngest child’s junior year.
Emms- big hug to you.
Have you run a couple of NPC’s at “likely to be admitted colleges” with you as a single parent and you as a married person to see what the difference is? In many instances, you might be looking at pretty much the same package- school doesn’t meet need, so regardless of how much income you have, you are going to get gapped. If that’s the case- save your dough on a private counselor. People do jump through a lot of hoops and spend money only to find that they’re getting an extra $1.5K in need based aid. Not nothing- but if you’ve paid a counselor $750 and paid $800 in legal and filing fees to re-title your house and whatever else- you’re behind the 8 ball after getting an “extra” 1500 bucks…
I also saw the original post. The ONLY way to NOT have a new spouse added to the financial aid forms, and family contribution formula…the mother needs to wait until AFTER the last financial aid form is filed to get married.
That’s the only guaranteed way to have the new husband NOT included.
Is this about YOU or someone else?
In your December thread about your daughter you mention your husband. Is this thread for a friend?
I agree that financial aid isn’t really that complicated. It seems to be driven by income and assets, so if you (or your friend) have high income and/or assets you/they need to find schools that offer merit. How much can you/they pay without borrowing?