Question about assets in student's name .................

mommdc
Sun, 31 Jan 2016 13:58:24 +0000

I am not sure about property transfer implications.

I guess if you could sell the lot before then, you could put the money in a college savings account for both kids. It would be considered a parent asset.

Also if you wanted to hang onto the lot, in case one of the kids or a grandparent might want to build next to you, and it was in the parents’ name it would also be a parent asset. Again find out about transfer and tax implications if any.

But if your income is over $70,000 and with one in college you probably will not have an EFC low enough to qualify for Pell. You could try an EFC calculator.

But this is just for federal aid, you might still get state aid or if a school meets full need you might get grants from them. Running net price calculators on college websites can help you see what aid a particular school might give.

But we are in a similar income range and we know we don’t qualify for much need based aid so we looked at schools where merit aid will bring it into affordable range.