Ask Terry Questions College tuition

College tuition

By Terry Savage on April 29, 2024 | College Savings / Student Loans

My husband and I will be paying off our mortgage in 7 years, when our son in a sophomore, he will be 15, in high school. What can we do to not penalize him and not qualify for aid during his college search. I’ve heard the phrase financially independent but how does that work. Please tell me we hurt him while trying to help ourselves!

Terry Says

You have some real misconceptions about financial aid! Start by reading this about FAFSA:
First, your minor son is not going to be “financially independent.”
Second, home equity is not counted in filing the Federal FAFSA form.

YOu might want to spend some time with your son’s high school guidance counselor, discussing not only schools, but costs, and applying for financial aid. And if you’ve paid off your mortgage, you will have extra money to put toward his schooling!

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