"They do have the money; it's just in the wrong places," says college financial specialist, Andrew Hathaway, on middle-class families putting kids through college. Read how college name brand affects employability, Andrew's future outlook on financial aid awards, and how rearranging assets can turn a family's financial profile upside down.
- Jemima, a parent of a UC applicant
“Things moms and dads say: ‘We didn’t realize it was so expensive,’ or ‘We thought scholarships would be more generous,'” college funding specialist Andrew Hathaway says. “It was too late… You’ve already dipped into your IRAs, or you took a HELOC on your house.” Andrew shares the truth behind 529 plans, and why asking financial aid counselors for help is like asking the IRS for tax loopholes.
“‘X school gave me this amount of money. What are you going to do?’ is the absolute wrong approach,” says Leah Young, Dickinson College’s Director of Financial Aid, about appeals for more aid. Our aid insider shares why families with assets qualify for more aid than they think, how the CSS Profile lowers admissions chances if you’re high-need, special aid considerations for divorced parents, and how Dickinson’s financial aid policy can benefit international more than domestic students.
“If you have a 2020 BMW and $10,000 a year in income, we’re going to wonder what else is going on,” says Dickinson College’s Director of Financial Aid, Leah Young. Our money expert answers reader questions: How do assets work for and against your child’s aid award? How do schools judge retirement funds, home equity, even the cars? Leah busts FAFSA myths, warns readers of aid misconceptions, and reveals little-known ways colleges determine aid, especially during Covid.
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– Amber, a high school senior
– Jim, a parent of a college applicant
– Parent of a high school senior
– Chloe in Oregon
– Herve, a parent from Pennsylvania
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