Hi all
My daughter will be a senior in HS this year and we've been looking at colleges. I assumed I would get very little financial aid because of my salary and assets but in researching this I'm wondering if this is true. Either way I will fill out all the forms but I'm asking if anyone has experience with this.
Details: I'm a teacher
AGI = 45,000
403b = 160,000
Trad IRA = 160,000
Roth IRA = 45,000
529 for this child = 26,000
529 for next child = 33,000
Home Value = 350,000
Liabilities
Home loan = 250,000
No other debt. Two cars, one valued around $5000, other around $2000 (my estimates). I put these in here because the Profile form requires value of car. I easily cover all my bills each month. My savings rate depending on how it is calculated is around 50% (pension, IRA, etc). So no worries there.
Ex-husband (father of children) would be considered on Profile form - I'm guessing from when we were married.
AGI = 120,000
IRA = 150,000
Home equity = 300,000
My question - I had assumed the 529 counted against aid at 1/4th for each year - it seems now that has changed and 529 doesn't count against aid at all. Could that be correct?
I had assumed my retirement accounts counted against aid but that seems to be wrong too.
I found out recently that owning rental homes would count against aid. I have been considering buying a rental property but now I'm thinking it is best to sink any extra money into retirement or 529.
I'm just looking for stories from recent applicants out there. And if the rental property thing is true, maybe that information should be spread around this forum.
Thanks in advance for any comments!