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Helping Your Kids -- Student Loans For College
My son is going to go to college this year. We had to fill out a federal aid form for him to qualify for loans and how much they would loan him. Last year I recieved about 1/3 of my normal salery as a benificiary but the money was taxable (from the death of my dad) I had put that money right into a retirement fund (for obvious reasons since I knew I was not working and did not want to be able to touch it if times got tough). That money made my income jump unto anouther tax bracket. This is not something that someone should complain about right? Try explaining to the feds why this is not your usual income and how there will be no way in hell I ever make that again? They told me I have to hash it out with the college and get them to LOOK at the extenuating circumstances. Even when something good comes along (even though it stemmed from something bad) It seems like you cant win. So now I am talking with the college crying the blues about recieveing more money than I usually have? 
I hope your following this and I am making sense? I had planned only to give each kid 10K for college and they could borrow the rest from where ever. Looks like my son is going to get shafted because I had a death in the family.
Wife is telling me we need to help him out more now because of this? He will be able to find the money somewhere and I really dont want to give the kids any more than what I arady said I was. I am a firm believer in you work harder for something when it is not given to you. I have one child that I would be very concerned about if I help them more than the 10K. The other 2 kids will do fine regaurdless of what I give them.
Should I break down and cough up some more money or stick to my guns? I cant touch the money I put in a retirment fund with out a good sized penalty so the extra money would have to come from working funds.
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Helping Your Kids -- Student Loans For College
1 Broke Arrow: I had sons at UW-O, UW-GB and UW Platteville all at the same time, hence the JD855. You can only supply only so much help. Suggest your son seek out financial assistance in the form of interest free student loans, no interest until he graduates. There are also an amazing amount of scholarships that go unclaimed, small amounts but they help. The campus should have a financial assistance office. He may have to forgo college until he can bankroll it, finding the loans and scholarships could be his way of working for his education. I wish him good luck.
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Helping Your Kids -- Student Loans For College
Which school? Maybe if he has is own address (apartment 2 at your address) your standing won't effect his. There are allways loopholes. He should hav a "financial aid advisor" assigned to him who should be able to help out. YOu have a good and fair system for your kids, don't break it if you don't have to.
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Helping Your Kids -- Student Loans For College
This happened to me when I was in college the first time. Reagan came into office and changed all of the lending rules, causing many students to drop out. The rules are now set up so that 1) you come from extreme poverty, 2) you have been completely separated from your parents for a few years and are still in poverty, 3) you are a minority. If you don't fit that profile, the feds expect the parents/student to pay. Loans, grants, and scholarships are rare for single caucasian males who are fresh out of high school with parents that aren't welfare cases. In other words, your kids will have to work hard to pay their way through college while some deadbeat flunky cashes in all of the scholarships and grants, only to drop out after the first year or so.
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Helping Your Kids -- Student Loans For College
When I worked in automotive engineering it would blow me away that the new interns that would boast what they did with their grant money--like buying a new jet ski. Just free money to them--why "work" (at McDonalds) for it! Shoot, I'm 42 and was raised that I had a "debt to society to pay back"--sure don't hear about that anymore. I said "debt" thing that to a 20-year-old student the other day and she looked at me like I was from another planet.
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