How to maximize financial aid
My sons are still 12 and 14 years away from college, but the more I think about it, the more worried I get. I am not one of those people that save for goals. I save ALL the time, and when something comes up, either I can afford it or I cannot.
But this is not an option when it comes to college. Not only do I want and expect them to go to college, I want them to go to the best college they can get into.
How is financial aid calculated? Is it based on total net assets? Cash and other liquid instruments? I have some investment properties, should I keep the income in cash or use it to pay down the mortgages?
Will I even qualify for financial aid? Though looking at the cost of private schools today (60k per year?!?) and projecting it out another decade plus... ouch. Even multi millionaires would flinch at the cost of 2 kids in college at the same time. And I am nowhere close to that.
Any help greatly appreciated!