Reply to no extra money for 529. is my kid doomed?

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Reply to "no extra money for 529. is my kid doomed?"

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[quote=Anonymous][quote=Anonymous]Chill out and do FAFSA.

https://studentaid.gov/aid-estimator/

With $110K income and $500K assets, expected family contribution is under $50K total for all of college.
Less of you have more kids. [/quote]

How to handle that:

1. Make sure the kids understand the financial limitations.

2. Chances are the parent already spends $4,000 per kid. That can go to college bills.

3. The kid can borrow $7,000 per year through regular student loans. For a kid at a good school who’s at least double majoring in something practical, assuming that level of debt is probably worth it.

4. The kid should be able to earn earn about $10,000 per year if the kid job market stays strong.

5. Maybe the kid can pay $1,000 per year with money earned and saved before college.

That’s $22,000 per year.

That should be more than enough for a kid to go to a school like GMU or UMBC and live at home even without other aid, and those are fine schools.

If the kid qualifies for any Pell grants, merit aid, or other aid, or can earn more through work, the kid can live in the dorm. 
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