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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Thank you. I have questions about where to allocate savings. Like if we will need a new roof in the next 4 years, should we get it now? We don't have high salaries but we have some savings which I think will hurt financial aid--but want to save to help with later schooling for our kids, like grad school/professional school. If not an advisor, are there good online sources or books that explain educational financial planning? [/quote]

If you don't have enough in the bank now to comfortably finance undergrad (no shame, I don't either) do not plan on giving your child any additional resources for graduate school except perhaps allowing them to live with you if they want to attend school in your city/town. Tell them they are on their own for that, and they can choose to borrow, work for a couple years and save, etc. It is far better for them in the long run to finance their own graduate (and part of undergraduate) education than having to support you in your retirement.

The year that will begin to count for any potential financial aid is the tax year from your child's fall junior year (e.g. my kid graduates HS in 2019; we applied for financial aid using our 2017 tax return).

I recommend you do any significant deferred maintenance on your home now -- roof, furnace, AC, water etc -- if your kid is still in 9th or 10th. Use some, not all of your cash savings, keeping some for an emergency. That way, you will not appear to have as much available for tuition, and more important, not have to worry so much about something big coming up after you've paid that year's tuition bill.

Educational financial planning is part of overall financial planning. Consult a general financial advisor if you want personalized advice, otherwise, there are a zillion books out there.[/quote]

Thanks. I heard on DCUM that they look at family income from kid's junior year and assets from fall of senior year. Does that sound about right?[/quote]

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