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Iowa | 1) Farmers do not have a raw deal, simply not true. Farm assets don't count, with the theory being that you shouldn't have to sell your income-producing assets for your child to go to college.
2) Income does count, why shouldn't it? If you've been making good money the last few years, you should be able to afford more assistance on your end than if you hadn't.
3) it isn't like this just dropped in your lap, you've had 18 years to prepare (save) for this; you should be in the stage to begin to execute the plan you set up 18 years ago.
Everyone's situation is different, so the following thoughts are not directed to you specifically or personally:
Say someone has had several new vehicles, went on expensive vacations, has built a new house, etc, in the last 18 years, and has basically done lots of good living but hasn't saved for their child's education. Why should that person expect government help?
Say someone has earned a modest income for a long period of time, but recently-the last few years- has finally made really good money. (A significant number of farmers probably fall into this category) A state university degree, at least in Iowa, can be done for about $50,000. It can be done for less if you stay out of the dorms; dorms are an expensive way to live. Stash $17,000 a year the last three years during the recent good times and it's like manna from heaven! You didn't plan but lucked out that you had the income right when you needed it! Seems like a godsend, not a curse. | |
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College financial aid questions.
