Ideally, I would love to have the billed amount 10K or under, so close to EFC. Not that we have that, but I think getting close to the EFC would insure a lower amount of loan. My dh did start his new, lower pay job, so as of now, our income will drop about 10K this year. However, I will be trying to make up the difference and he will try to get overtime (not supposed to be available to him, but he’s going to pressure them).
We have about 6-7K left in my son’s 529 account after paying for this spring’s college classes and books. So I figure the first year of college will be covered. After that, I have no idea how it will work. Thus, I think we really need to look at schools where the billed amount that we owe is as close to our EFC as we can get it, since we don’t have many other sources of college costs, though I guess we could use home equity. We bought our house in the early 90s. While it’s a small, old, falling apart house (1100 square feet), it’s in California, and worth more than we owe on it.
At any rate, we’ll just have to see. I think my son is just so done with apps. Not sure he do the last few scholarship apps. But I think I am able to start eliminating schools based on initial offers. And actually, SDSMT is still a possibility, as they say they have up to 9K a year as a possible scholarship, which would bring billed costs around 7-8K. Possibly worth it. Hard to say. My son would love a dorm experience like his brother has had. Might not be possible. Kind of fun and scary to see how it plays out.
Thanks again, all.
