The financial aid game is a recurring topic on EphBlog. For many students, it is the most important financial issue of their four years at Williams. Previous posts are here and here. This site provides a thorough discussion of the issues that students/families applying for financial aid should consider. The most important advice includes:

Save money in the parent’s name, not the child’s name.
Spend down the student’s assets and income first.
Prepay your mortgage.

I have finally succeeded in convincing my lovely wife to folllow this advice, at least for now. She had wanted to help the kids “save for college” by putting money in their name, looking at 529 plans and the like. The main effect of these efforts would be to make the college(s) that our daughters attend better off and our family savings worse off.

EphBlog: Your free source of financial advice!

Facebooktwitter
Print  •  Email