1.5mm in unsheltered assets - dq'd for FA?

[Anonymous]

I've been looking at how our small business can make some moves this year - buyout equipment leases etc - that could move our income down these years that matter for college FA for two kids.

But there's no shaking that we have 1.5 in stocks. We've maxed out retirement for 30 years, but we've had some stocks in our investment account that really took off in the last couple years so, barring a reversal, it is what it is. Our retirement accounts used to be where the bulk of our savings were, but they're about the same value now - they've been in index funds that did well but not the same crazy run up.

given that, does it even make sense to stress about getting income down? I could get it down from 250 to 150. But if it doesn't matter, I won't do this.

We already used some unsheltered assets to pay off mortgage.

so generally:
1.5mm in stocks
1.2 in retirement
1.2 in house
200k in 529 total

I know it seems like a lot but paying 90k for 8 years also seems like a lot.

[Anonymous]

You have about $4M in assets. There is zero chance of your receiving financial aid, even colleges were to disregard home equity and retirement (some do). Look for merit scholarships if you're worried about paying for college.

[Anonymous]

Yeah, you won't get FA. I'd shift your mindset from "how do I game the system" to "How can our full pay status allow our kids to move up a tier in terms of admissions?"

[Anonymous]

I don't think you'll get FA, but I dont think you can afford full pay either. Hope for a good year on Wall Street this year, which is possible.

[Anonymous]

You sound greedy. State schools are cheaper.

[Anonymous]

Anonymous wrote:Yeah, you won't get FA. I'd shift your mindset from "how do I game the system" to "How can our full pay status allow our kids to move up a tier in terms of admissions?"

putting a new roof on your house, paying down business leases, paying down mortgage. none of these things are gaming the system. they're being smart.

[Anonymous]

Most (or maybe all) colleges have online net price calculators. You could play around with that and see if there are any scenarios where you would get any aid. I doubt there are, but it's worth a few minutes to be sure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yeah, you won't get FA. I'd shift your mindset from "how do I game the system" to "How can our full pay status allow our kids to move up a tier in terms of admissions?"

putting a new roof on your house, paying down business leases, paying down mortgage. none of these things are gaming the system. they're being smart.

then do those before you have to apply for aid

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yeah, you won't get FA. I'd shift your mindset from "how do I game the system" to "How can our full pay status allow our kids to move up a tier in terms of admissions?"

putting a new roof on your house, paying down business leases, paying down mortgage. none of these things are gaming the system. they're being smart.

then do those before you have to apply for aid

this is literally what this OP is talking about. does she bother paying down leases or does it not matter anyway.

[Anonymous]

Anonymous wrote:Yeah, you won't get FA. I'd shift your mindset from "how do I game the system" to "How can our full pay status allow our kids to move up a tier in terms of admissions?"

+1

[Anonymous]

your home equity and retirement (which is low) are not counted.

you're on the hook for 90k total for two kids bcs of your assets.

getting income down to 150k will matter a lot. the richest schools will give you something off for second kid.

[Anonymous]

We have similar non-retirement assets. I tried diff calculators, zero aid even if we quit our jobs altogether.

[Anonymous]

Most of my net worth is in my house and retirement accounts. The assets I report to FAFSA are quite meager. I’m an older parent still working a typical job in the area. Between my income and meager bank accounts, FAFSA tells me to pound sand and take out loans.

[Anonymous]

You have tons of &. You will not get aid under any scenario.

[Anonymous]

Anonymous wrote:Most of my net worth is in my house and retirement accounts. The assets I report to FAFSA are quite meager. I’m an older parent still working a typical job in the area. Between my income and meager bank accounts, FAFSA tells me to pound sand and take out loans.

CSS profle schools would give you a lot of money. What do the NPC say? The issue isn't if you can afford 30k for your state school (probably), it's if you can afford 90k (nope). Private schools can bring that down a lot, possible into teens.