FAFSA changes coming...

Oh, one more advantage to saving like crazy - last year the gains from the 529s were enough to pay for a semester's tuition for my private school Junior.
I guess that depends how you invest. I have one headed to college in August and another two years behind her. I don't have much money in stocks because my horizon is too short. So while I lost potential gains, if the S&P 500 drops to 2,500 next week, I'm not sweating it.
 
I guess that depends how you invest. I have one headed to college in August and another two years behind her. I don't have much money in stocks because my horizon is too short. So while I lost potential gains, if the S&P 500 drops to 2,500 next week, I'm not sweating it.

Mine are in age indexed funds - and with them both in college, they are in pretty safe funds. But money makes money.
 
It was more my daughter was insulted by the $0 - she said why accept her EA and to the Honors College and shower her with love if she didn't even warrant $500:).

It has made her certain she'll give no money to college after she graduates. She sees it as a transactional experience now - she'll get out what she needs for herself, since her #1 school has decided she isn't worth a $1:)...it's probably healthier to see yourself as a total customer vs someone needing to live up to something...and no worries about GPA or "requirements" - she wants to drop Honors, well, go for it, kid:)...
She shouldn’t feel insulted, that’s how it works with state schools. My daughter got zero merit from our flagship, my other daughter got a small fraction of what she was offered from privates and OOS. OOS schools are trying to attract OOS students but bringing tuition down to in state rates. It’s the same everywhere.
 
Mine are in age indexed funds - and with them both in college, they are in pretty safe funds. But money makes money.
Mine are as well. But safe funds generally have small returns, even in this crazy market.
 

She shouldn’t feel insulted, that’s how it works with state schools. My daughter got zero merit from our flagship, my other daughter got a small fraction of what she was offered from privates and OOS. OOS schools are trying to attract OOS students but bringing tuition down to in state rates. It’s the same everywhere.

Well, she figured they wouldn't bother rolling out the Honors College welcome without money - her other 2 schools did (and then offered more:))...and they were the 3rd letter received (so the expectation was set, and then not met).

It almost made her change her mind...if one of the other two had decided to actually go under the public, it would have. But the local has the exact 2 programs she wants, so I "think" it's gonna win...but we've been sitting on the 3 acceptances for awhile since there's no rush with no money from #1:)...we don't need to get on housing lists or anything big if she stays local...
 
Depends on how big the principal is. Percentage wise, it was small. Numbers wise, it was a tuition bill.
Yeah, I get it. Still seems like an outlier. My 529 (Virgina) was up 2.64% last year (2021 Portfolio). Even if I had $300k in there, that's an increase of $8,000. And that's likely not covering a semester of tuition. And most people don't have $300,000 in a 529 for a college junior.
 
/
Well, she figured they wouldn't bother rolling out the Honors College welcome without money - her other 2 schools did (and then offered more:))...and they were the 3rd letter received (so the expectation was set, and then not met).

It almost made her change her mind...if one of the other two had decided to actually go under the public, it would have. But the local has the exact 2 programs she wants, so I "think" it's gonna win...but we've been sitting on the 3 acceptances for awhile since there's no rush with no money from #1:)...we don't need to get on housing lists or anything big if she stays local...
They want in state kids with high stats in honors, but they can’t afford to give in state kids the 5 figures they give OOS students with the same stats. I’m hoping my daughter gets in honors in our flagship, but there is no way they’re giving her $15,000. I remember discovering how it works with my oldest, getting offers and expecting a windfall from in state.
 
I agree with all this, and I also think its a lack of understanding just how much more college costs these days, even for those of us who went to college. If you haven't been in the game lately (i.e. first kid), it can be mind boggling. When I graduated from UVA in 1996, out of state, all in, was like $16k a year. Now it's like $65k. We didn't even bother having my daughter apply since we weren't willing to pay that and knew we wouldn't get need-based aid. Thankfully she is a city girl and had zero interest in living in Charlottesville LOL. Thankfully, I had a 5 year acclimation period as I lived through my stepdaughter applying for colleges (which we were not on the hook for paying) and that's when I started to get interested in college costs and financing. So I knew what I was walking into with D21. But if you're not prepared, whoa Nelly! Those are some ginormous numbers....

I can tell you the estimated cost of attendance is actually $76,916. We are actually filling out CSS and FAFSA right now and we need those numbers. Between my 2 kids in school right now their combined yearly cost of attendance is $154,550. We don’t make that much a year so I’m actually happy with the EFC numbers they give me. It beats the heck out of that other number. Both of their schools meet full financial need. That makes a big difference. I’m not sure DS has seen much of Charlottesville at all yet. Hoping he can have more of a normal experience soon.
 
I agree with all this, and I also think its a lack of understanding just how much more college costs these days, even for those of us who went to college. If you haven't been in the game lately (i.e. first kid), it can be mind boggling.
Thing is, anyone can research "the game". They don't keep these numbers secret -- any time in your child's first 18 years you can look up costs of the universities you think your child might attend, but most people don't look, or they assume that their high school honors kid will certainly earn a scholarship.
Grandparents gave the kids a few hundred toward college every year, the kids had jobs which they use to pay for incidentals.
We hope to be grandparents soon, and we're talking about saving "books and incidentals" for our grandchildren. We think handing them that bit at the beginning of each semester would be very welcome.
Our initial goal was "4 years, state school, live at home" That was met by middle school. Then it was "four years, including room and board"
We never set out to hand our kids a blank check. We told them we'd pay tuition and fees for 4 years at a state school, dorm (not apartment), meal plan. If they wanted "extras", they could pay the difference.

A family we know told their kids that they were prepared to pay essentially the same thing we did ... and any scholarship money they earned, they would "put away" towards a new car at graduation, which would take them into their new career.

I know two families who had their kids borrow the money for college, with this agreement: if the kids graduated on time, the parents would pay back the loans immediately (which also helped the kids' credit score), but if they dropped out, the kid owed the whole amount himself. If the kid required more than four years, the parents paid back a percentage of the loans. One of my good friends says that really made her son serious about his classwork.
And our college kid did dual enrollment
This is a thing that's really picked up in popularity in the past decade.
As someone who got into the honors program at a State school and got nothing for it, I understand.
I really "don't get" the point of being in the Honors College. It wasn't "a thing" back when I was in school, and as far as I can see today, the only benefit is the choice to live in a nicer dorm (at a higher cost).
Yeah, I get it. Still seems like an outlier. My 529 (Virgina) was up 2.64% last year (2021 Portfolio). Even if I had $300k in there, that's an increase of $8,000. And that's likely not covering a semester of tuition. And most people don't have $300,000 in a 529 for a college junior.
Here $8000 would pay tuition, fees, dorm and meal plan for a semester at most of our state schools. With change at a few of them.
I remember discovering how it works with my oldest, getting offers and expecting a windfall from in state.
I've been teaching high school seniors for almost three decades, and no one gets "a windfall" any more -- and I see all sorts of kids, not just my own. My oldest earned three scholarships, which cobbled together to pay about half her costs, and that was as much as I've heard of anyone earning lately. My youngest did two years at community college first, and because she was a "big fish in a small pond", she went literally for free, leaving us plenty in reserve for her two university years.

Oh, when I started teaching, our tip-top kids got full rides, but it's a different world now: today the schools prefer to give $ to a bunch of kids instead of $$$$$ to a small handful. The only full rides I've seen in the last -- five years? -- have been Military Academy Appointments.
 
Yeah, well, schools ARE teaching finances, but it doesn't "seem real" to kids when they're looking at a worksheet and balancing a checkbook or seeing how much interest a loan costs

i so wish that was the case where we live (and where we previously lived). there hasn't been the opportunity/option for any kind of financial education in our high schools for years since they turned entirely to college prep. NOW-my asd special ed kid got tons of finance education in his i.e.p. life skills classes-he can explain and compute simple and compound interest, talk of investing and budgets-but his sister who graduated a couple years earlier? there was nothing like business math, home ec or anything other than the 5 years of math, history, science...that were required for graduation and selected by our district entirely b/c they met the 'recommended for highly competitive college admissions criteria'. elective classes were drastically reduced and restricted to meet the foreign language and arts desired by colleges.


I've been teaching high school seniors for almost three decades, and no one gets "a windfall" any more -- and I see all sorts of kids, not just my own. My oldest earned three scholarships, which cobbled together to pay about half her costs, and that was as much as I've heard of anyone earning lately.


i wouldn't call it a 'windfall' but my oldest graduated in 2013 with her entire freshman year covered and at minimum 3/4th of her sophomore. she was not at the top of her class, not a star athlete or anyone of spectacular aptitude. she was a kid whose mom google searched every local scholarship source, every 'anything' we were associated with (credit unions, unions, former employers...) and had her apply for every scholarship she met the minimum qualifications for. her classmates had the mindset that unless a scholarship was at least 4 figures it wasn't worth their time so dd scored several that were mid 3's but renewed all 4 years. she got some decent 4 figures as well. it took time on both our parts but all those dibs and dabs added up, and i know those opportunities still exist b/c we get mailers asking that we share information regarding the opportunities that are going untapped.
 
Dd19 is in honors at her school. Beautiful dorm (which was cheaper for her since she was in a forced triple), she registers for classes ahead of others with the same number of credits, some smaller classes, but what appealed to her most was finding likeminded friends, which she did right off the bat (students who liked to have fun but cared a lot about their education, I think they’ve all been on the deans list every semester). Dd18 has been offered honors at most schools she has been accepted at and they’re all different.
 
I really "don't get" the point of being in the Honors College. It wasn't "a thing" back when I was in school, and as far as I can see today, the only benefit is the choice to live in a nicer dorm (at a higher cost).

When I was in college (1980s) the honors program got you access to honors courses - frequently smaller sections of regular coursework, or specialty coursework. Honors students had access to resources in the library normally restricted to graduate students (very old books, first editions, manuscripts). And had access to honors advising, the assumption for honors advising was that your bachelors degree would not be your terminal degree - you were going on to some form of grad school. My undergrad work was done across two of the largest public universities in the country - honors students were less likely to get "lost" in the red tape of 600 person classes and "how many credits do you need to graduate."
 
I agree with all this, and I also think its a lack of understanding just how much more college costs these days, even for those of us who went to college. If you haven't been in the game lately (i.e. first kid), it can be mind boggling

I must have been the only person who was googling the tuition for target colleges when my kids were in kindergarten, and kept doing it. Because when my youngest settled on a school, I was shocked at how little I'd be spending (they did get a merit scholarship, which we didn't plan for - and chose a college that was cheaper than my husband's alma mater, which was our reach savings goal)
 
one of the more creative ways i know of someone saving a bundle on their kid's college education was by keeping an eye on job openings at the university system both her kids wanted to attend. a couple of years prior to her oldest graduating high school she applied at the nearest location to her home and was hired on in a position that while she was overqualified for and it paid considerably less than her then current job-came with free tuition for self/spouse/dependents.
 
i just read an article on this earlier this morning. those with 2 or more attending college at the same time appear to be getting hit harder-

FAFSA will no longer divide the parent assessment by the number of family members in college (will reduce aid for middle to high income families).
I saw this, too. I’m so glad my second child graduates from college in May. I would be livid.
 
Dd19 is in honors at her school. Beautiful dorm (which was cheaper for her since she was in a forced triple), she registers for classes ahead of others with the same number of credits, some smaller classes, but what appealed to her most was finding likeminded friends, which she did right off the bat (students who liked to have fun but cared a lot about their education, I think they’ve all been on the deans list every semester). Dd18 has been offered honors at most schools she has been accepted at and they’re all different.
Okay, I see the appeal of early registration -- that is a very big perk, and it's one I used to get because I was an RA.

As for "likeminded friends", that may or may not happen. I know I just had a bad experience, but when I was a college freshman I lived on an "Honors Floor" -- we didn't have Honors College then, but this floor was for people who you'd think were very serious about their grades. We had to "qualify" to get a room in that area -- and we had to sign something saying that we understood we'd be kicked out if our GPAs weren't up-to-snuff.

My high school friend /college roommate and I thought we were making a good choice. The reality was quite different: That floor was full of juniors and seniors who'd been together for a while, and they had no interest in two babies fresh out of high school. They weren't really mean to us, but they very blatantly excluded us; I mean, they wouldn't even talk to us on the elevators. The group WAS very serious about grades, but the climate wasn't what we had expected: Sunday night - Wednesday night you could have heard a pin drop -- except for the sound of typewriters. At any time of day, someone was in the study rooms reading, and in the evenings groups worked together on this or that. Exactly what we expected. But Thursday through Saturday night it was like living in the movie Animal House -- and we weren't invited to the party. The climate of that floor was study-hard-party-hard.

We moved to a "general dorm" at Christmas break and were much, much happier; we literally camped out to get one of the few rooms available mid-year.

Admittedly, we fell into a weird little group of oddballs -- but they WERE all strong students who were grade-motivated. In all fairness, they LOVED the climate of that floor, which is why so many of the group had stayed in the dorms through senior year.
My undergrad work was done across two of the largest public universities in the country - honors students were less likely to get "lost" in the red tape of 600 person classes and "how many credits do you need to graduate."
My husband and I both attended a large university, and our girls attended a large university -- I never felt "lost" because I made a point of being proactive /making myself known.

These days it seems that so many majors aren't "in the school of ___" until junior year. Both of my girls (different majors) were officially nothing in their first two years, then had to "apply for their majors" as second semester sophomores. Once they were "in the school of ____", they were both in cohorts of about 40-50, and the advisors took them very seriously.
I must have been the only person who was googling the tuition for target colleges
I did it too! My girls were always going to attend a state college, but they didn't choose the one I expected! (Not a problem -- they both chose well -- just a surprise for me.) Still, I watched costs for years, so the tuition bill wasn't a surprise to me.
one of the more creative ways i know of someone saving a bundle on their kid's college education was by keeping an eye on job openings at the university system both her kids wanted to attend. a couple of years prior to her oldest graduating high school she applied at the nearest location to her home and was hired on in a position that while she was overqualified for and it paid considerably less than her then current job-came with free tuition for self/spouse/dependents.
Severeal thoughts on that idea:

- The best-paying job isn't always the most profitable job. I'm thinking of a church friend whom I know only in passing. She was an elementary school principal with one child ... then she adopted three kids (siblings) all at once. She gave up her principal job and "dropped down" to become a PE teacher. The salary difference was significant, BUT her hours were also greatly reduced, and she was able to walk out the door at the end of the day, meaning she didn't have to pay child care in the afternoons. It was the right choice for her family.

- It's not only parents who can work at colleges. The single best thing I ever did (financially) to get myself through college was to become an RA in the dorms. It was real work the first two /last two weeks of the semester as we checked people in /out of the dorms ... and I'm not saying I was idle in between, but it was (mostly) fun. I did deal with some serious issues occasionally -- a suicide on my floor, a serious injury on my floor -- but mostly it was setting up socials and workshops, checking the fire extinguishers daily, and occasionally asking people to keep it quiet in the wee hours of the night. I didn't get paid any cash money, but I got a (private) dorm room for free, a paid-for phone on my wall, half my in-state tuition paid, half my meal plan paid. For a poor kid with no family support, it was a Godsend.

- I know two men who work at a major university, and they both say nothing will make them leave those jobs -- for just the reason you say. They both have two children, whom they expect to one day attend that university if not for free, at least for reduced cost. One is a professor, the other is head of maintenance. Universities employ a ton of people in a wide variety of jobs, and every last one of us is qualified to work in the cafeteria.
 
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I will say right now it can be very hard for a student to get a job at a university that is not work study related. Even RA positions were cut dramatically at my daughter’s college.
 
I will say right now it can be very hard for a student to get a job at a university that is not work study related. Even RA positions were cut dramatically at my daughter’s college.

my oldest graduated in 2018. looking back at the jobs she had-both work study and non on campus, the bulk would not be available-

library (open very limited hours for the few on campus students to use)
class proctor (film appreciation classes are done via watching on your own/discussing via zoom)
radio station (fine arts department is almost entirely eliminated so the f/t teaching staff are filling in what used to be student jobs as a means to stay full time).
 
I will say right now it can be very hard for a student to get a job at a university that is not work study related. Even RA positions were cut dramatically at my daughter’s college.

This may well depend on the university. One of the schools my DD17 got accepted to, had a whole webinar on finding an on-campus job, just a couple weeks ago. She wasn't able to attend--it conflicted with dance class--but clearly, they have resources to help students find suitable part-time employment.
 

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