Any advice?

[Hot dog]

Ok I am gonna lay it all out there here is my financial situation. We make about 95,000 a yr. My daughter gets about 1,000 a month in social security til Sept. 09. I have about 35,000 saved for college, 10,000 in an EF for us, and 5,000 in an EF for the rental. Our mortgage is 295,000 and we pay 2100 a month. The rental's mortgage is like 65,000 and we pay 650 a month hopefully to get adjusted down in April. We also get 1,000 a month in rent so we get 350 a month from that and our tenants are leaving next month and we will rent it for 1100 to the new tenent. We have about 150,000 in equity in the rental. Anyway, my daughter is a senior and I have to do the FAFSA. I would love for her to go away to college and get out of this little town we live in but I cant see her getting any help cause it looks like we have too much money on paper. Is there any way I can make it look better. Just wandering what you all think of my financial picture. I always wonder if my mortgage is too high. I have had it for 3 yrs and done fine and paid off a 25,000 2nd and paid off a 10,000 car and bought bought 10,000 in furniture in last 3 yrs.

[Hot dog]

Oh yeah we both work for the state so will get pensions. I also put bout 13% into a 401k and he doesn't quite put 10% in yet He needs to raise his. We have no Roth but want to start one sometime soon.

[Joan.of.the.Arch]

Won't the Social Security continue as long as your daughter stays in school? I'm pretty sure SS for surviving children works that way. If that is SS for a disability, I think that will be indicated on the FAFSA. And if I'm not mistaken, the FAFSA allows you to also write a statement explaining why it is that the forms do not tell the complete story of your family need.

[Hot dog]

SS stops as soon as they hit 18 or the month before I think depending when in the month their birthday is. So it may stop August. I think it used to continue if they were in college but not any more. They will continue until they are 19 if they are still in HS but not college. Its terrible but makes me wanna make her not get one class and have to take it the next year and some how dual enroll in college while taking 1 HS class to graduate. I just hate to have to spend like 17,000 the first year and her change her mind or just not have anything left for the next 3 yrs.

[creditcardfree]

I don't think you need to get around having too much money. You have $35,000 saved for college. So you have enough for two years of college, right. Start saving for the other two years with cash now. Do the best you can and have your daughter help you by earning some of the money herself.

I don't think you need financial aid. Just my opinion. Great job on the savings!

[Hot dog]

I guess I am just afraid with no ss we will have no wiggle room with our mortgage although I try to put it all away and not use it. I just wonder what we will do if we go through it all the first yr or two. thanks for puttin it in perspective guess lot of people would like to have that problem. I am just a worry wort. I put myself through college without any help at all. But I had and was a single mom which really helped me on the FAFSA and I got to go to one of the most expensive colleges I think it is like 45,000 a yr now and only had to pay 5,000 a year which I got in loans and I paid for my books. I'd just hate to see her not get to go cause I saved so much so she would have more than I did.

[Cylenchar]

Have your daughter research and apply for every scholarship she can find. Even if she can get enough money a semester for books, that's still several hundred per semester she'll save, couple grand by the time she graduates.

[jIM_Ohio]

The FAFSA would qualify you for pell grants and similar aid- right... meaning aid you would not need to pay back.

Instead of looking for free money that way, have your child apply for scholarships. I know many organizations have $500 and $1000 scholarships which they give out every year. Soccer clubs, charities and similar.

I would look to do 2 things
1) have your daughter research scholarships and look to get around 10-25% of first year's tuition paid with scholarships
2) see if you can get your AGI in 2009 and 2010 to qualify for either the hope or lifetime learning tax credits. This could be $2000 more in your pocket come tax time for second and third year of college. 4th year too if you can use the LLC to its full advantage.

[neatdesign]

I don't think you need to get around having too much money. You have $35,000 saved for college. So you have enough for two years of college, right.

Depends on the college, doesn't it? I work for a private university and tuition alone costs $20,000/semester. That doesn't include housing, meals, books, or anything else. Our university is need-blind as well, which is good at least.

I agree -- she should apply for every scholarship she can find. There are some weird ones out there. Being creative and thinking outside the box might help.

~ Jenney

[wincrasher]

Well high price doesn't necessarily=good education.

You really need to flush out what she wants to study and then match up with the most appropriate colleges for that field of study. Many state universities are excellent by reputation and for employment opportunities.

If she really hasn't decided, then there is nothing wrong with a general course of study at one of your states universities and then transfer to a more appropriate school the next year.