Reply to ISO advice on whether to fill out the FAFSA form - 529 in grandparent's name FBO the grandchildren

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Reply to "ISO advice on whether to fill out the FAFSA form - 529 in grandparent's name FBO the grandchildren"

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[quote=Anonymous]So here's the thing...

You said you had this high income for a long time and you said your mom funded the 529s when the kids were little. So two factors have changed: she offered this to you when you were in a very different place economically - and there's no way she could have imagined college would cost so much.

You will not get financial aid. Additionally, most schools do not *increase* aid substantially  on an existing student. Those 'tuition discounts' are usually given as (ahem) scholarships for freshman year.

https://www.usnews.com/best-colleges/rankings/most-merit-aid

Is there a reason you need financial aid? I mean, you make enough to pay out of current earnings. You said you have quite a bit saved for retirement in 401k/ TSP and you have substantial home equity. If anything, have kiddos contribute at least for their spending money: they could summer jobs and maybe jobs on campus, become RAs, take a small student loan per year ($5k) and you could ask mom for a token amount (the $15k up top sounds about right) and you pay the difference.

I think you should be thankful that mom thought ahead but, in light of your current income, you should tell her you don't need it now but "Thanks for being such a wonderful mother and grandmother that you had a Plan B for me. I appreciate how you had our back so the kids could attend college but put it away for yourself, in case you need it later on."

Just so you know, senior care can be $10k/ month. [/quote]

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