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[quote=Anonymous]Yes, being full pay is supposed to help. I've heard it is particularly helpful when you are applying ED. Schools love kids who promise to come (boosts their matriculation rates). A kid who promises to come and pay the whole bill will help finance FA for a kid who needs it. ED is best for kids who are full pay anyway, because you don't get the opportunity to compare FA and merit aid awards.

Re aid. If you are currently full pay at a private $40k/year high school, you will probably not get financial aid (nor should you). The current FAFSA cut-off is at about $50K -- that's for Pell grants and subsidized student loans. If your DC has a really good transcript and ECs, however, s/he might get merit aid. Lots of SLACs give out merit aid, although the Ivies by agreement don't.

You can always make DC take out non-subsidized federal loans - the cap changes every year but averages something like $6-7K. There are also PLUS loans, taken out by parents who are by definition fairly close to retirement, but I wouldn't touch these with a 10-foot pole. Similarly, I wouldn't let your kid go so deeply into student debt that s/he ends up with private student loans at higher interest rates. Unless s/he's going in to finance or something, but even then I probably wouldn't let my kid do it (well, I haven't let my kid do it, so there's that). Before taking on student debt, you and DC need to do some thinking about future careers, probably future incomes, and the impact that this debt is going to have on being able to buy a condo/car/everything else.[/quote]

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