Planning ahead for FAFSA as parents of 8th grader - high income strategies?

Start by understanding how FAFSA calculates Student Aid Index (SAI). At your income level, focus on merit scholarships rather than need-based aid. The most important things you can do now: 1. Max out retirement accounts (FAFSA doesn't count these) 2. Pay down consumer debt 3. If buying big assets, do it before sophomore year of high school 4. Have your student focus on academics/test scores for merit aid 5. Research schools that offer good merit packages even without exceptional stats The 529 plans will count as parental assets (only assessed at about 5.64%), so don't avoid them. They're still beneficial for tax-free growth.

lol at thinking u'll get any aid at $300k... the system is designed to EXTRACT money from families like yours not GIVE it to u

The most valuable thing I wish I'd known with my older kids (now finishing college) was to start researching schools' actual pricing models EARLY. The sticker price means nothing. Some resources that helped us: * "The Price You Pay for College" by Ron Lieber * College Data website for seeing actual scholarship data * "Debt-Free Degree" by Anthony ONeal For your income level, focus on schools where your student might be in the top 25% academically - they'll offer better merit packages to attract strong students. Look at schools' Common Data Sets (Google the school name + "common data set") to see what percentage of students get merit aid and how much. Start visiting colleges sophomore year, not just senior year when it's too late.

OMG the FAFSA is THE WORST!!! Just went through this with my oldest and despite making "too much" on paper we got ZERO help. Make sure your kid applies to safety schools that give automatic scholarships based on GPA/test scores. Many state schools publish these formulas right on their websites! Also make sure to check if grandparents are planning to help - TIMING OF GIFTS MATTERS!!! Grandparent 529 distributions used to count as student income (bad) but I think this changed with the new FAFSA? Anyone know for sure???

My daughter just started college this year and I wish I had known about the CSS Profile earlier. While FAFSA is for federal aid and most public schools, many private colleges require the CSS Profile too, which asks MUCH more detailed financial questions. They'll ask about home equity, business assets, etc. that FAFSA doesn't consider. Start researching the specific requirements for target schools early.

Financial aid consultant here. For families in your income bracket, focus on these strategies: 1. Asset positioning matters. Before FAFSA filing year (sophomore spring), consider using available cash to: - Pay down mortgage/debt - Make major planned purchases - Max out retirement contributions 2. Business owners have more flexibility than W-2 earners, but you can still optimize by timing any bonuses or deferred compensation. 3. Have your student look at honors colleges at state universities - often significantly cheaper than private schools but with similar small classes and opportunities. 4. Consider schools that compete for students from your region. Colleges often offer better packages to diversify their geographic representation. The book "Never Pay Retail for College" by Beth Walker is specifically good for higher-income families.

I tried calling Federal Student Aid to ask about planning strategies and sat on hold for HOURS before giving up. Then I found Claimyr (claimyr.com) which got me through to an actual human in minutes. Their video demo shows how it works: https://youtu.be/TbC8dZQWYNQ They connected me directly to an FSA agent who explained some nuances about how assets are counted. Definitely worth it for getting accurate info rather than relying on rumors or outdated advice. The agent confirmed that for higher-income families, focusing on schools with generous merit aid is definitely the way to go.

One strategy specific to your situation: Consider having your 8th grader focus on areas where colleges offer premium scholarships. Many schools have special merit programs for specific majors they're trying to grow (often STEM, foreign languages, or specific arts programs). Even if they change majors later, getting in the door with a big scholarship can be valuable. Also, look at Western Undergraduate Exchange (WUE) schools if you're in the west, or similar regional exchanges in other areas. They offer reduced tuition to out-of-state students, sometimes up to 150% of in-state rates rather than full out-of-state costs.

my sister works in financial aid office and she says rich parents always try these "hacks" but the schools know ALL the tricks lol... just save ur money and accept ur gonna pay full price

One more thing - create a college spreadsheet NOW in 8th grade. Track potential schools with these columns: - Sticker price (tuition, room, board, fees) - Average merit award for students with your child's academic profile - Special scholarship programs they offer - Net price calculator results - Application requirements and deadlines This helps avoid senior year panic and makes it easier to compare options. You'd be surprised how many "expensive" private schools end up cheaper than state options once merit aid is applied. Oh, and have your student take the PSAT seriously in 11th grade - National Merit status can trigger big scholarships!

As someone who just went through this process with twins (both now college sophomores), I can't emphasize enough how much the landscape has changed even in the last few years. A few things I wish I'd known earlier: 1. Don't overlook regional private colleges - they often have more flexibility with merit aid than big-name schools. My daughter got a better package from a smaller liberal arts college than from our state flagship. 2. Consider the "demonstrated interest" factor. Some schools track whether you've visited, attended virtual sessions, or engaged with admissions. This can impact merit aid decisions. 3. Look into Presidential/Chancellor scholarships at target schools - these are often full or near-full rides based on academics and leadership, not financial need. 4. Start building the "whole student" profile now - colleges want well-rounded applicants for their top merit scholarships. Community service, leadership positions, and unique experiences matter as much as grades. The stress is real, but starting early like you are puts you way ahead of most families! Focus on building your daughter's academic profile while researching schools that align with both her interests and your financial strategy.