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Thanks to everyone for your thoughtful comments.
Here are few of my thoughts:
1. The financial planner is probably a good idea. I had a bad experience a couple of years ago with a so-called "college finance planner." He charged me $400 for a plan no different than I'd already done myself, and all he would recommend was universal life insurance products. His own products, of course, on which he would make a huge commission. What a charlatan! So how do you find a good one? I think both college and retirement plans are in pretty good shape, but it would be good to get advice from someone I could trust.
2. Regardng private vs. state colleges... Don't get me started... suffice it to say that my wife has a strong bias in favor of small liberal arts colleges, since she attended a snooty one near Philadelphia. She says to me "Why have I worked all these years if not to send my kids to college wherever they want to go?" I went to a state school known for its engineering programs, and I make more money than wy wife does, though she is much better at crossword puzzles. Again, don't get me started...
3. The scholarship for my daughter was merit-based, and it's the top scholarship the college offers. (She scored 1490 on the SAT. Pardon my bragging, but we're pretty proud of her.) The way I am looking at it is that the her college cost, with scholarship, is about the same as at a state school with no scholarship. I'm just glad she chose a school that offers merit-based aid. If she had chosen my wife's alma mater, for example, the total cost would have been $40,000 per year, with only need-based financial aid. Which brings me to:
4. The FAFSA. Our expected famly contribution was over $50,000 per year. My wife and I are both professionals and make decent salaries, but I don't think of us as rich. The school helped me fill out the form, and I doubt that anything short of perjury would get the number below $16,000. (I have no idea where they think that kind of money is going to come from. In my opinion, this is another of the serious problems in the college finance process.)
5. My son is likely to study math, science, or engineering. I'll have more influence over his college decision than I do on this one, where I have these two strong-willed women ganging up on me. And in Texas, we have some very fine state schools.
6. The more I think about it, the more stronger my resolve to find a reliable financial planner. We'll want to retire about the time my boy graduates from college, so I need to be sure the finances are in order. So, again, how can I find such a person?
Thanks again for taking the time to respond.
Best regards,
Dave
posted by 24.206.74...
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