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Greetings! I'm Janice And I Have College FA Questions

Posted by on Jun. 20, 2014 at 11:19 AM
  • 12 Replies

 My boy is 13 and my girl is 16.  I teach 3 and 4 year olds and I spend WAY too much time on CM.

I came looking for a teens group because my Candice has to start looking at colleges and I have to start navigating through the financial aid process.  Luckily, our school provides a financial aid q&a night.  And I have the general idea.  But one question that I couldn't get a straight answer for...what to do about my daughter's college savings?

She's a great student and is active in a variety of extra-c's.  I have every reason to think she'll qualify for merit-based scholarships.  But will she receive significantly less because she has some savings?  It's not enough to pay for 4 years...maybe 1 or 1 1/2.  But should I pull that money out and use it to buy her a car instead?  Or to pay me back for her Sweet 16 trip? 

I'm not looking to scam anybody.  But I don't want to be a giant sucker either.

Anybody have experience and wisdom to share?

by on Jun. 20, 2014 at 11:19 AM
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Replies (1-10):
Beachdeprived
by on Jun. 20, 2014 at 11:41 AM

Is the money in a general savings account or is it a specific college savings plan like a 529?

Bieg9093
by Member on Jun. 20, 2014 at 11:54 AM

 Not a 529.  It's in mutual funds in a trust (UTMA.) My grandparents set them up for both kids, with me as the custodian.  Over the years, I've made withdrawls for things like orthodontics and summer camp...all with Grandma's blessing.

Quoting Beachdeprived:

Is the money in a general savings account or is it a specific college savings plan like a 529?

 

Beachdeprived
by on Jun. 20, 2014 at 12:18 PM

I don't  know... if it were me, I would leave it in there for college. There are so many expenses with college. I'm not sure how much it would affect her grants and aid but just me personally, I would leave it there.  If it's going to affect her aid that much, can you just take it out and set aside for use later? I just would not spend it.

Quoting Bieg9093:

 Not a 529.  It's in mutual funds in a trust (UTMA.) My grandparents set them up for both kids, with me as the custodian.  Over the years, I've made withdrawls for things like orthodontics and summer camp...all with Grandma's blessing.

Quoting Beachdeprived:

Is the money in a general savings account or is it a specific college savings plan like a 529?

 


atlmom2
by Susie on Jun. 20, 2014 at 12:18 PM

I am not sure.  Check the FAFSA website for general questions.  I know they ask about every financial question about parents and kids. 

Maime13
by Bronze Member on Jun. 20, 2014 at 1:28 PM

What schools is she looking at? What major? Merit based aid varies from school to school. Some places have set parameters that are very clear cut. You meet certain GPA, certain test scores, etc you get this much money. Some schools only have competitive merit aid awards and they are very hard to get. You have to assume when pursuing competitive awards that pretty much everyone is starting with a perfect gpa and a well rounded app and then compare yourself to that, kwim? Like, that is the baseline.

I don't have a ton of knowledge about financial aid stuff as I've only dealt with it once for college so far and we pursued mostly full-need and needs-aware schools to try to avoid large debt for our son. College Confidentail is a great resource for this very question. Just ignore all the "chance me" threads and trolls and stick to Financial Aid and Parent's Forums.

atlmom2
by Susie on Jun. 20, 2014 at 1:45 PM

Very true.  Easy to get merit aid at a private school.  Is is much harder at a public university.  I 2nd that College Confidential has a lot of info too. 

Quoting Maime13:

What schools is she looking at? What major? Merit based aid varies from school to school. Some places have set parameters that are very clear cut. You meet certain GPA, certain test scores, etc you get this much money. Some schools only have competitive merit aid awards and they are very hard to get. You have to assume when pursuing competitive awards that pretty much everyone is starting with a perfect gpa and a well rounded app and then compare yourself to that, kwim? Like, that is the baseline.

I don't have a ton of knowledge about financial aid stuff as I've only dealt with it once for college so far and we pursued mostly full-need and needs-aware schools to try to avoid large debt for our son. College Confidentail is a great resource for this very question. Just ignore all the "chance me" threads and trolls and stick to Financial Aid and Parent's Forums.


Bieg9093
by Member on Jun. 20, 2014 at 2:46 PM

 She wants to major in Psych someplace between 2 & 5 hours away from NYC. The only school she's consistently shown interest in is Wesleyan in CT. 

College Confidential, you say. Will definitely check it out.

Quoting Maime13:

What schools is she looking at? What major? Merit based aid varies from school to school. Some places have set parameters that are very clear cut. You meet certain GPA, certain test scores, etc you get this much money. Some schools only have competitive merit aid awards and they are very hard to get. You have to assume when pursuing competitive awards that pretty much everyone is starting with a perfect gpa and a well rounded app and then compare yourself to that, kwim? Like, that is the baseline.

I don't have a ton of knowledge about financial aid stuff as I've only dealt with it once for college so far and we pursued mostly full-need and needs-aware schools to try to avoid large debt for our son. College Confidentail is a great resource for this very question. Just ignore all the "chance me" threads and trolls and stick to Financial Aid and Parent's Forums.

 

suesues
by Silver Member on Jun. 21, 2014 at 9:26 AM

it impossible to get any aid unless you have nothing 

atlmom2
by Susie on Jun. 21, 2014 at 10:46 AM

Merit only aid is given out a lot especially private schools.  My dd goes to U of Dayton and something like 95% get scholarships. 

Quoting suesues:

it impossible to get any aid unless you have nothing 


Maime13
by Bronze Member on Jun. 21, 2014 at 11:09 AM
1 mom liked this

I live in Dayton! :)

Quoting atlmom2:

Merit only aid is given out a lot especially private schools.  My dd goes to U of Dayton and something like 95% get scholarships. 

Quoting suesues:

it impossible to get any aid unless you have nothing 



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