Bullitt County Kentucky | Tommy - 4/22/2013 08:04
Farmers get TOO good of a deal. Since assets don't count, I've seen this: Farmer Brown owns 700A free and clear, and "rents" it to his farm corp. He takes a modest wage from that corp. His TOTAL income is fantastic, since he owns the corp, and the corp profits funnel back to him. But his PERSONAL income is modest, and farm assets don't count. His kid will get more aid than he should; more than most of his classmates that came from more modest means. The exemption of farm assets was set up so the mom and pop farmer with modest income wouldn't have to sell the farm and jeopardize their livelihood to send their kid to school, but it is a terrific loophole for the "wealthier" farmers.
Sports: do not fall for your child going to a small, private school to play ball, unless they are FANTASTIC. 99% of the time that education will still cost you far more than going to a public university. If they're good enough, they'll get a free ride or close to it. But that's not usually the case; it's a scam, and since we all think our kid is the best, we fall for it. BE CAREFUL as to sports at a smaller, expensive, private school, unless your kid is offered a 100% full, free ride. I know of 2 local kids who went to a private school to play ball. They now have student loans with payments of $775 and $900/month! BE CAREFUL!
That being the case, don't blame "Farmer Brown" for being a prudent business man. I'm assuming you're smart enough that you don't pay every cent possible on your income taxes, am I right? By the same token, no one with a lick of common sense would bypass an opportunity to lower the cost of sending their kids through school. Same logic..... |
College financial aid questions.
