Freaking Out Over The Lack Of Financial Aid

HomeFinanceFinancial aidFreaking Out Over The Lack Of Financial Aid?This page may contain affiliate links.Mar 22, 2019 Ive been reading a lot of Facebook posts about the financial aid letter freakout. That was me three years ago except we knew our EFC and what the colleges would likely award because wed run all the numbers so there werent any real surprises. It was still hard, and I lost a lot of sleep. If youre freaking out about what youve been offered (or not offered) in financial aid, I understand exactly where you are. Three years later, with my other child ready to go to college, heres what I can say and please know Im writing with empathy but a little bit of tough love. Unless you have a fully funded 529 plan, you will have to sacrifice and get really creative with your cash flow if you plan to help pay your childs college costs. Our family is sacrificing. We are a middle income family turned lower income because so much of our current income is going to college. My husband isnt too happy about the tight living (for me its easy because thats the way I grew up). But for us, education is a priority. We are on the same page, despite his disgruntlement, and weve cut everything to the bone to do it. You might have to do the same. There is no way to pay for college and not have it affect other aspects of your life if you dont have solid college savings. If youre already low income or you have extenuating circumstances like medical costs, divorce, illness, 6 kids, etc., and you and your kid didnt create a list of colleges that you could afford, so none of his choices offer financial aid, you are in a really tough spot and I feel for you. You have my sympathy. If youre in the top 25 percent like we are, get ready for some austerity living if college is a priority. You need to get clear with yourself about what is important to you. My high schooler doesnt play club sports. We dont pay private school fees. We dont hardly buy clothes. Our cars are old and theres no upgrade in sight. I never get mani-pedis. We dont ski anymore. We never travel to visit our older daughter at her school. Weve kept college tours for my son to a bare minimum (thankfully that works for him). I dont buy coffee out unless I have a gift card (new birthday ask). Seriously. This is what its like. Yes, college is expensive. I totally get it. But in the end, where your kid goes to college is your familys choice and youre in the drivers seat. Make sure you go in with eyes wide open.