Wondering if anyone has ideas on the best way to maximize qualifications for getting financial aid for college?
I have 4 kids, first won't be going for another 11 years. I am young, and retired, and I have enough to live on for sometime...hopefully until I die...BUT, with private colleges going for as much as $40K per year, times 4 years, times 4 kids, that adds up to some real serious dough. ($640K in todays dollars, probably a million plus in 11 years).
My gut tells me that if I have a million dollars sitting in my checking account when the time comes, my kids will go to college and I will pay a million dollars to the schools....on the otherhand, if I have no money in my checking account when the time comes, my kids will STILL go to college, but at significantly less costs...
You see what I am getting at...
What are the rules as far as what assets are considered and are not considered as far as college aid goes? Does a house count? retirement money? etc.
Got plenty of time to think about it, but want to start planning early!
Thanks.
I have 4 kids, first won't be going for another 11 years. I am young, and retired, and I have enough to live on for sometime...hopefully until I die...BUT, with private colleges going for as much as $40K per year, times 4 years, times 4 kids, that adds up to some real serious dough. ($640K in todays dollars, probably a million plus in 11 years).
My gut tells me that if I have a million dollars sitting in my checking account when the time comes, my kids will go to college and I will pay a million dollars to the schools....on the otherhand, if I have no money in my checking account when the time comes, my kids will STILL go to college, but at significantly less costs...
You see what I am getting at...
What are the rules as far as what assets are considered and are not considered as far as college aid goes? Does a house count? retirement money? etc.
Got plenty of time to think about it, but want to start planning early!
Thanks.