Papi
Recycles dryer sheets
- Joined
- Jan 30, 2006
- Messages
- 90
Hello,
I plan on ER about 2-3 years before the oldest of my 3 kids starts college. I have crunched the numbers for funding their education out of our retirement stash and it appears like it will work, but I would sleep better at night and have a better margin of safety if it were possible to get any financial aid for them.
So are they an ER's out there that have put kids through college while you were retired? Were you able to get any financial aid because you were retried and had a much lower gross income?
I briefly looked into how you go about getting financial aid for college. It looks like pretty much everyone would have to fill out a FAFSA (Free Application For Federal Student Aid) with the goverment. Doing so results in a score of EFC (Expected Family Contribution). There are some rough calculators for this and with my projected income at that time (retired), the number it spits out for us is about $1000 EFC for 1 year college costs of around $14,000 . That $1000 EFC looked really nice to me . But are there any ER's out there that have real-world experience with this? The FAFSA application ignores retirement accounts and primary residence equity. THis is where I have most of my net-worth, so it appears that we could get some financail aid. How likely is this to happen?
THanks,
--Papi
I plan on ER about 2-3 years before the oldest of my 3 kids starts college. I have crunched the numbers for funding their education out of our retirement stash and it appears like it will work, but I would sleep better at night and have a better margin of safety if it were possible to get any financial aid for them.
So are they an ER's out there that have put kids through college while you were retired? Were you able to get any financial aid because you were retried and had a much lower gross income?
I briefly looked into how you go about getting financial aid for college. It looks like pretty much everyone would have to fill out a FAFSA (Free Application For Federal Student Aid) with the goverment. Doing so results in a score of EFC (Expected Family Contribution). There are some rough calculators for this and with my projected income at that time (retired), the number it spits out for us is about $1000 EFC for 1 year college costs of around $14,000 . That $1000 EFC looked really nice to me . But are there any ER's out there that have real-world experience with this? The FAFSA application ignores retirement accounts and primary residence equity. THis is where I have most of my net-worth, so it appears that we could get some financail aid. How likely is this to happen?
THanks,
--Papi