More Information from Monday

In talking to the financial planner Monday evening, he also gave me some welcome information about what the kids can expect for financial aid when they start college in a little over 3 years. (yikes! didn't they start preschool last month???) First of all, financial aid will be based on my income, not mine and their dad's combined. I'm the custodial parent and claim both kids on my taxes, so their dad's income will not come into the picture (as long as the rules don't change before then). (This is another financial blessing that comes from that long-ago decision to request to take both kids on my taxes and not split them between me and their dad. Thank you, Father!) This was a question I had had for a while because if aid is based on both incomes, the kids would not qualify for much need-based aid, and I do not expect their dad to contribute to their college expenses. If I can get him to continue to carry them on his insurance during those 4 years, that will be a major victory! Anyhoo, based on my income alone and the fact that I will have 2 children in college at the same time, they should qualify for a ton of need-based grants. That's good news. (Well, kinda. I hate to be considered as low-income, but it is what it is, and we might as well take advantage of what's available.)

Second, I can continue to claim the kids as dependents until they are out of college and on their own or until the age of 24. This is also a huge blessing as I was looking at taking a major hit in income between the loss of child support and losing their deductions on my income tax. Hopefully by phasing in my loss of income over a few years, I will be better able to adjust and not have to worry so much about finding a 2nd job as soon as they graduate high school.

He also asked if they were going to private or public schools. My son hasn't expressed a preference, but my daughter wants to attend a Wesleyan school, and they all have a per-year tuition that is more than my annual income! She is working very hard on her grades to be eligible for as many academic scholarships as she can, and we have a small amount in the Ohio Tuitition Trust, but that will only be a drop in the bucket if she goes to her first choice, especially since she is dead set against taking out loans. The planner said, though, that with grants and scholarships, private school can actually be more affordable for the low income student than a public school. I guess we will find that out over the next 1-2 years.

So, it was a very informative meeting with all I learned about my retirement funds and college aid. I try to hold to God's promises that He will provide, but it's hard not to worry. He's taken care of us so far, and I need to remember that He is the same yesterday, today and tomorrow, so why wouldn't He continue to do so? The meeting Monday was just another step of reassurance in God's faithfullness.