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Aug 11, 2016
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I completely understand you. I also have a 529 that would cover a bit over 1 year, and I started when my DD entered kinder.

I asked for a tuition discount, but was not successful. They (college student financial services) offered to talk to us, so I’m coordinating that meeting now. Not sure what is going to come out of that meeting, but I’ll let you know.

I think it would be good to start that conversation with the coach or student financial services early (before your daughter accepts, or even applies).


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As a follow up to this post, I met with the college financial services.

They reiterated that they are a need-based scholarship only school. They do not discount tuition or boarding nor any fees for that matter. They don’t offer merit or any other type of scholarship.

For their decision, they take into consideration mainly 3 things... (1) home equity; (2) non-401K investments; (3) wages.

They directed me to private scholarships... or loans.

Hope this helps.


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Jan 31, 2015
249
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Well, one more word of advice If you have a DD that is a *high-academic* and wants to play DI softball (or any sport) but college costs are going to be a challenge, you may want to consider HBCUs (regardless of DD race) since let's just say that I know of a least one HBCU that made an *unsolicited free-ride* offer to a DD since they were not only impressed with her on the field but her GPA would help pull up the team average. ;-)
 
Last edited:
Nov 17, 2020
145
28
Huntley, IL
I completely understand you. I also have a 529 that would cover a bit over 1 year, and I started when my DD entered kinder.

I asked for a tuition discount, but was not successful. They (college student financial services) offered to talk to us, so I’m coordinating that meeting now. Not sure what is going to come out of that meeting, but I’ll let you know.

I think it would be good to start that conversation with the coach or student financial services early (before your daughter accepts, or even applies).


Sent from my iPhone using Tapatalk
529 plans are a great way to save, but you need to change the owner of the account to a grandparent or someone other than the child or the parent. If you don't, the money in the account will still count towards your EFC.
 
Nov 5, 2014
224
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529 plans are a great way to save, but you need to change the owner of the account to a grandparent or someone other than the child or the parent. If you don't, the money in the account will still count towards your EFC.
It is a little more complex than that. You are correct that grandparent owned 529's don't count towards your EFC but distributions from them to pay for school will count as income the following year and reduce aid by up to 50% of the distribution amount whereas the plan owned by a parent will reduce aid by approximately 5+% of the balance. If you work with a financial advisor definitely consult with them. Also note the biggest factor impacting your EFC is income.
 

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