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Calculating NCP College Support Costs
The even worse thing is the guvmint funding penalizes people that save money
for college, it simply reduces your eligibility for guvmint money, thus rewarding people that don't save and/or invest "Werebat" wrote in message news:7etvf.100694$oG.20857@dukeread02... My parents told me up front, while I was in High School, that they weren't going to be giving me any money for college. I had to make it on my own. And you know what? I made it on my own. Worked to get two scholarships, and they didn't HAVE to contribute anything for the first two years. I think they ended up giving me $2000-$3000 per year for the last two. If Papa State had stepped in and told us all that they HAD to contribute, say, half, guess how much incentive I would have had to excel in school? But Papa State already knows this, which is why he'll NEVER go after married parents, just the official scapegoat of divorced dads. Then he'll claim that it's all good in theory because in theory I could have orchestrated my parents' breakup while I was in school if I'd really wanted that cash. Pathetic! - Ron ^*^ Moon Shyne wrote: "Seektao" wrote in message ups.com... Thanks. I appreciate your input and ideas on this. I'm in NY state, and I want to contribute to my kids education. I have spoken to friends in better financial shape than me paying $2,000- $5,000 per child for college. So I was going on that rough guess. Why is it such a secret? There must be a formula. I do know that saving for retiement cannot be sacrificed for college-- state has an interest there too. Ideas? $2,000 - $5,000 per year? do you KNOW how much college costs? SUNY system http://www.suny.edu/Student/paying_tuition.cfm If you truly want to make that money for for their education, you'd do well to open college trust funds ASAP - and how old your kids already are will determine how much help it's going to be - 4 years (taking that from your original post) - pity you didn't start this whole thing sooner. Bob Whiteside wrote: "Seektao" wrote in message legroups.com... Yes the FAFSA form for calculating the CP financial contribution is only sent to the CP, but how is the NCP contribution figured? It would be helpful if we knew whether you are the CP or the NCP to limit the amount of information to share with you. If you are the CP the CS received for all children plus alimony received is a Worksheet B add-on to your income. If you are an NCP all CS and alimony paid is a Worksheet C deduction from your income. What are the records on case law, judgements as to how the NCP is assessed for his share? It depends on what your state CS law says about CS for adult children attending school. Generally, how an NCP is required to pay CS is based on the number of children and their ages. CS orders for adult children plus minor children still reamining in the home can be split or combined based on whether state law allows the CS to be paid directly to the college student. CS for only one child can be paid directly to the student. The case law in my state is very specific. It makes very clear CS for minor children is for the care and maintenance of the children. And CS for adult children attending school is for advancing the state's interests in having an educated populace. IOW - Once a child reaches the age of 18 in my state the CP no longer gets the use of the CS money and the student has sole discretion over how the CS money is spent since it is paid directly to the student. My finacial adviser suggested $2,000 per child. Along with the child support for two daughters over 4 years this totals $40,000. How much can they grind you for before it is judged 'unjust?' Fire your financial advisor. They are making up stuff and giving you bad advice! You'll get better college funding advice from your student's high school FAFSA advisor and by reading the Department of Education's booklet "Funding Your Education" downloadable from www.fafsa.ed.gov. |
#12
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Calculating NCP College Support Costs
"Seektao" wrote in message ups.com... Thanks. I appreciate your input and ideas on this. I'm in NY state, and I want to contribute to my kids education. I have spoken to friends in better financial shape than me paying $2,000- $5,000 per child for college. So I was going on that rough guess. Why is it such a secret? There must be a formula. I do know that saving for retiement cannot be sacrificed for college-- state has an interest there too. Ideas? Yes. First read the FAFSA booklet I suggested and get any questions you have answered. Then come up with a plan that works for you and the child's mother. Here is how we handled college expenses: 1.) My ex asked me investigate all the details of student financial aid and advise our daughter about how it all works. We keep all the FAFSA form data and output at my house. My daughter completed all of the forms on my PC. 2.) My ex took out the Parent Loans to cover the difference between the student loans and the tuition and housing costs. 3.) The CS I paid was used to pay all the other expenses - books, entertainment, transportation, miscellaneous costs, and the balances on the student's revolving account. 4.) After CS was no longer mandated we keep the same plan, but I gave my daughter money when she needed it, not every month. 5.) When there were questions about the student account, the financial aid, or anything else, I contacted the school's business office to get clarification. 6.) Between my daughter and me we kept her mother informed of what was going on, why the revolving account showed what it did, and how to handle the tax credit implications. (This was the hardest part - trying to explain all the financial stuff and overcoming the perception I was manipulating her.) 7.) When my daughter turned 18 I started taking her as a tax exemption since I was paying more than half of her expenses and there was no further custody of a minor child. When she was away at school I claimed head of household filing status because she stored her stuff at my house. Understanding the tax implications is important too. Download the IRS booklet 970 Tax Benefits for Higher Education to get the details on education tax credits. So to comment on your post above, your friends paying $2,000-$5,000 have way too many variables to comment on those amounts. The costs vary greatly between schools. Students may live at home or on campus. The amounts could be cash outlays or parent loans. What you have to guard against is paying a bunch of college expenses and allowing your ex to take the education tax credits for money you paid. |
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