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View Diary: It's Happening to Me, Now (186 comments)

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  •  Thanks for the links. We're actually not worried (4+ / 0-)

    about college (long-range planning pays off), since we have a well-funded stash.  It's only for education, so we're covered - - though it's not convertible to other uses.

    It's what do we do to keep cash flow to finish him through high school, and avoid drawing down savings in the meantime.  I appreciate the possibility we may qualify for financial aid, but I sincerely doubt it (unless we both lose full emplyment - ugh!).  All bets are off then.

    Meanwhile, savings go into a tailspin in order to figure out how we live after we turn 67, or 70, or 72.  THAT's a conundrum - you HAVE to work longer, but if there's no work?  My older brother had to take Medicare earlier than he intended (at 63), after leaving his school teaching due to health.  COBRA isn't cheap, and he had no alternative.

    Don't get sick - die first!  Oh, wait...

    Torture is Wrong! We live near W so you don't have to. Send love.

    by tom 47 on Thu Aug 25, 2011 at 01:43:24 PM PDT

    [ Parent ]

    •  My son just graduated from college so the (2+ / 0-)
      Recommended by:
      SherriG, DianeNYS

      financial aid end is still fresh in my mind. I had him 6 wk after I turned 35 so I was an older mom. When FAFSA and colleges calculate what the parent contribution is, the age of the oldest parent is taken into account. We had quite a bit socked away for our son too and we were pleasantly surprised with the parent contribution that was calculated for us. It was significantly lower than what we anticipated.

      When applying to schools there are several things to keep in mind. State schools will have significantly lower tuition costs. There's nothing wrong with state schools - most offer top notch educations - it's like anything else, some are better than others. The biggest diadvantage with state schools are the size. Our son used the state school as his safe school. He's a quiet kid and he didn't want to be in that big of a school.

      At the risk of sounding like a snob, if your son applies to private schools, the stature of the school matters. Small private schools have small endowments and lousy financial aid packages. Many of these small schools offer top notch educations but they are hard to afford with out accumulating large amounts of debt. My kiddo applied to big universities that had big endowments and had decent financial aid packages. For us it was a godsend. He graduated from a great school and we all survived financially.

      Visit The Inoculation Project and support science and math projects in red state classrooms!

      by nervousnellie on Thu Aug 25, 2011 at 04:52:45 PM PDT

      [ Parent ]

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