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Reply to "S/o another finances & step parent Q"
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[quote=Anonymous][quote=Anonymous]The other post about this got me thinking about this as I have somewhat similar situation. We’re not quite there yet since as my DD is only 15 but college will be on our radar soon. Our situation is also a little different in that I’m not actually married to my partner. We moved in with him, into his house, at the beginning of the Pandemic and so far it has gone very well. We’re in a long term, committed relationship but he does not want to get married again and I respect that. We also keep our finances mostly separate. We have a checking account for house stuff like groceries but other than that, we don’t share other accounts. The problem which is similar to the other post is our disparate earning potential. He has 3 older kids who he is, or will, put through college. He makes a lot more than me but is not very wealthy. Meaning, he could not just hand over 300-400k like it is no big deal and I would never ask him to. But the income difference is big enough so that his kids won’t need to take loans out and my daughter might, especially if she chooses a private school. How would you approach this with your SO? Is it fair to bring up the difference between the kids, considering we are not married? Fwiw, my ex has no money and will not be helpful in this regard. [/quote] Is it costing you more or or less for you to live with him verses when you and your daughter were living elsewhere? If it is costing you less, put that savings into her college fund. If it is costing you more, move back to your old place. She may qualify for more need based aid with your income alone. What is the custody arrangement with her father? Let her know that private school means lots of loans unless she gets a good merit scholarship. Where do you live (state)? Where does her father live (state)? [/quote]
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