For the purposes of FAFSA, How do I determine the net worth of my timeshares?

[skimble]

Value the TS as nothing. I highly doubt you would be questioned on that. As for all this other fafsa discussion. .. unless they are getting a degree in an employable field (trade of some type such as accounting, dr, plumber electrician ).. getting loans is a bad idea. . (Just the opinion of someone who has seen one too many marketing major earning 30 to 40k per year with over 50k in loans).

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He's going for Mechanical Engineering. We want to avoid debt... something close to a car loan is not that scary... but when it resembles a home loan, that's frightening.
He has a 4.3 GPA, 5's on all his AP exams. He has a 33 on the ACT Math. He's the captain of his Robotics team.

 

[klpca]

He's going for Mechanical Engineering. We want to avoid debt... something close to a car loan is not that scary... but when it resembles a home loan, that's frightening.
He has a 4.3 GPA, 5's on all his AP exams. He has a 33 on the ACT Math. He's the captain of his Robotics team.

Cal Poly SLO would be a great in-state for him, Berkeley, UCLA, UCSD would be great too, just more expensive. If he can get into any honors programs, there is money to be had, and (at least for my daughter) an easier time getting classes. That combined with his AP classes should allow him to graduate sooner. Shaving a few quarters or even a full year off of undergrad is a huge cost savings.

Good luck on the financial aid. My kids never qualified even when we had multiple kids in university at the same time. I had a widowed teacher friend who's daughter didn't receive any Federal aid either. When I heard that, I knew that we were screwed, haha.

 

[Jason245]

He's going for Mechanical Engineering. We want to avoid debt... something close to a car loan is not that scary... but when it resembles a home loan, that's frightening.
He has a 4.3 GPA, 5's on all his AP exams. He has a 33 on the ACT Math. He's the captain of his Robotics team.

As long as the we includes him you should be set. Focus on the best state school for the program that he wants..in florida you can save some money by using a community college for the associates degree and then transferring to university (lower tuition rates, same liberal arts classes that fill the first 2 years of university ).



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[vacationhopeful]

I have nephews in college now ... not like "back in the day" when I and their parents attended. It is BIG BUSINESS now ... with the faculty living "the good life" and "the numbers" really are YOUR KIDS' financial future regarding HOW they live, raise their children (if they can even afford the American Dream) and SAVE for retirement (from age 20 on).

Get those AP tests done, take those liberal arts "requirement fillers" while in high school and/or summer classes at commuter schools, find a college offering FULL course schedules YEAR ROUND, get REAL career experiences at least ONE semester's worth along the way. And remind your child in a semester, a 3/4 course load level costs the same as a 4/5 courses ... college/school is NEVER vacation (party) time.

My nieces are just about done/are done with their formal educations ... both will be/are addressed as "Doctor" ... with degrees in Pharmacy (2 internships/specialties) and Clinical Psych (with internship/residency). The costs for those degrees is STAGGERING.

College is BIG BUSINESS ... educate your children WHAT that means.

 

[taterhed]

So....as to the original discussion:

I think the amount of variance in the expected contributions and subsidized loans is pretty minor if you earn over $50k, unless you significant factors (kids in college etc...)

I think you should strongly focus on private assistance/aid from the university, community, athletics, unions, military, corporations (aerospace or mechanical?). You'll have different qualification formulas and be much more likely to find nuggets of gold there. Especially if your kid is an academic achiever.

And, I agree: huge college loans are a mistake.

Good luck

 

[FLDVCFamily]

As long as the we includes him you should be set. Focus on the best state school for the program that he wants..in florida you can save some money by using a community college for the associates degree and then transferring to university (lower tuition rates, same liberal arts classes that fill the first 2 years of university ).



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Not for engineering. I'm a mechanical engineer also. Our curriculum is prescribed by ABET (accrediting board). There are no 2 years of core liberal arts classes. The people who did 2 years of CC and then transferred to my engineering school really paid the price...it still took them 4 more years to graduate

 

[FLDVCFamily]

I have nephews in college now ... not like "back in the day" when I and their parents attended. It is BIG BUSINESS now ... with the faculty living "the good life" and "the numbers" really are YOUR KIDS' financial future regarding HOW they live, raise their children (if they can even afford the American Dream) and SAVE for retirement (from age 20 on).

Get those AP tests done, take those liberal arts "requirement fillers" while in high school and/or summer classes at commuter schools, find a college offering FULL course schedules YEAR ROUND, get REAL career experiences at least ONE semester's worth along the way. And remind your child in a semester, a 3/4 course load level costs the same as a 4/5 courses ... college/school is NEVER vacation (party) time.

My nieces are just about done/are done with their formal educations ... both will be/are addressed as "Doctor" ... with degrees in Pharmacy (2 internships/specialties) and Clinical Psych (with internship/residency). The costs for those degrees is STAGGERING.

College is BIG BUSINESS ... educate your children WHAT that means.

ITA with all of this.

 

[1Kflyerguy]

Value the timeshares for the amount a bankruptcy court would get on a sale. Some units definitely have some value but most do not.

It is acceptable but not really correct or favorable to value a timeshare at the property tax value. The property tax is based on the total value of the entire property and then apportioned to the units. The property itself has a great deal of value and therefore must be taxed but the timeshare restrictions and uncontrollable fees cause most individual units to have no sales value to the owner.

I agree, for the FAFSA purpose, or for any net-worth Calculation i would choose the lowest reasonable valuation. That might be zero, or you can look at TUG bargain deals, or eBay.. . There is no reason to pump the value up.. that is pretty similar to have value the residual value when i look at potential purchases.. assume it worth little or nothing down the road unless you buys some sort of flagship resort..

 

[geist1223]

Don't ignore the private schools. They have more $$$$ for scholarships and Aide. When my son started at CALTECH we were paying less out of our pockets then we would have if he went in-state to Oregon State.

 

[mmthomas]

Private Schools also require the FAFSA for their scholarships. They also use supplementary forms.

But the real question is the fair market value of a timeshare. When I had to submit the value (my estimation) to transfer ownership (inheritance) in San Francisco. the property clerk told me he had never seen a property lose value in that city. Their was no pushback, just the comment.

 

[DeniseM]

the property clerk told me he had never seen a property lose value in that city.

This is someone who doesn't understand the difference between real property value (i.e. homes, property, etc.) and timeshare resale value.

 

[grgs]

He's going for Mechanical Engineering. We want to avoid debt... something close to a car loan is not that scary... but when it resembles a home loan, that's frightening.
He has a 4.3 GPA, 5's on all his AP exams. He has a 33 on the ACT Math. He's the captain of his Robotics team.

I would guess with those stats he would be near the top for UC Riverside, and might well receive a Regents Scholarship. That could help bring down expenses quite a bit. He might also want to look at Arizona State or University of Arizona. They had been fairly generous with high stats, out of state students in the past, but I'm not sure if that is still the case. You can look at the ASU Scholarship Calculator. If he's willing to go farther look at the University of Alabama:

http://eng.ua.edu/undergraduate/scholarships/

I also agree with applying to some private schools. Your son may qualify for some great merit scholarships.

You might want to do some reading on College Confidential. Just think of it as the TUG for college info.

Good luck to your son!

Glorian

 

[skimble]

He applied to Cal Poly and some other state schools. In terms of academic scholarships, many schools offer about 30-50% academic scholarships for high ACT/SAT and grades. And, if your FAFSA shows a low enough net worth (and you have strong enough academics), Stanford and a few other private universities are offering free tuition.
The valuation of the timeshare is really based on whatever you put in. They don't look at an itemized list of your assets, but I assume they look at public records-- which would indicate I have a large number of properties-- nearly all timeshares that I would have a hard time giving away.

 

[lschaaf]

To be honest. . I will discourage teaching and anything associated. .the whole liberal arts field isn't good at putting food on plates, roofs on heads or cars in driveway. . I want my kid to be middle class or higher and teaching in pre university level just won't cut it..

If they must do it.. I would tell them to specialize in special needs kids. .since that is where the money is(if any)..

As for early childhood development. . I would encourage them to use that to open a daycare, not work for one... daycares are cash cows. ..


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I just hate this conversation. I'm going to take my and my husbands liberal arts education (and yes, I DID NOT know what I wanted to do w/my life and am so thankful my family supported me with my indecisiveness when I decided after 2 years computer science was not for me) and pay either in-state or out-of-state tuition in full for our children w/out taking out any loans because we got good jobs with our liberal arts degrees, made good choices early on, saving as much as we could, and not buying things we couldn't afford. Now we are 50ish, I'm on my 2nd career as a PHOTOGRAPHER, horrors! Making over 6 figures, as is my husband, who makes more than me.

Our children are in high school, about to go off to college and are fearful of making the wrong choice for major. My advice is opposite to them, get a degree you enjoy because unless you are going into a specialized job or you know you want a technical field, chances are your first job won't even be in your degree and it's your grades that matter more than your degree for that initial job. But I tell them not to stress about that either, they are hard workers, respectful, and will do great in life no matter what. And if they want to continue with their education, their degree matters even less. Law school? Any liberal arts degree can get you there. Med School, MBA? You can do that too w/a liberal arts degree.

I commend you on working hard, funding your own education. And if you think forcing you kids to go to Germany for their education is the best thing, more power to you. I would hope that's your children's desires too. But its not the only way to a fulfilling and successful life and career and your slamming avenues/degrees other than your own is unnecessary. You may know many low income liberal arts majors, but I know a lot of unemployed engineers....

 

[Jason245]

I just hate this conversation. I'm going to take my and my husbands liberal arts education (and yes, I DID NOT know what I wanted to do w/my life and am so thankful my family supported me with my indecisiveness when I decided after 2 years computer science was not for me) and pay either in-state or out-of-state tuition in full for our children w/out taking out any loans because we got good jobs with our liberal arts degrees, made good choices early on, saving as much as we could, and not buying things we couldn't afford. Now we are 50ish, I'm on my 2nd career as a PHOTOGRAPHER, horrors! Making over 6 figures, as is my husband, who makes more than me.

Our children are in high school, about to go off to college and are fearful of making the wrong choice for major. My advice is opposite to them, get a degree you enjoy because unless you are going into a specialized job or you know you want a technical field, chances are your first job won't even be in your degree and it's your grades that matter more than your degree for that initial job. But I tell them not to stress about that either, they are hard workers, respectful, and will do great in life no matter what. And if they want to continue with their education, their degree matters even less. Law school? Any liberal arts degree can get you there. Med School, MBA? You can do that too w/a liberal arts degree.

I commend you on working hard, funding your own education. And if you think forcing you kids to go to Germany for their education is the best thing, more power to you. I would hope that's your children's desires too. But its not the only way to a fulfilling and successful life and career and your slamming avenues/degrees other than your own is unnecessary. You may know many low income liberal arts majors, but I know a lot of unemployed engineers....

Forcing my kids to go to Germany? Who said anything about forcing them...

I am glad your liberal arts degree is paying off.. and yes there are unemployed and underemployed people in all professions. .that being said, the ones graduating without jobs and with tens of thousands in debt that they are unable to pay are generally not in the stem programs. ..

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[grupp]

Don't forget that some schools require your to complete the CSS Profile and summit your tax returns when applying of financial aid.

 

[SMHarman]

I just hate this conversation. I'm going to take my and my husbands liberal arts education (and yes, I DID NOT know what I wanted to do w/my life and am so thankful my family supported me with my indecisiveness when I decided after 2 years computer science was not for me) and pay either in-state or out-of-state tuition in full for our children w/out taking out any loans because we got good jobs with our liberal arts degrees, made good choices early on, saving as much as we could, and not buying things we couldn't afford. Now we are 50ish, I'm on my 2nd career as a PHOTOGRAPHER, horrors! Making over 6 figures, as is my husband, who makes more than me.

Our children are in high school, about to go off to college and are fearful of making the wrong choice for major. My advice is opposite to them, get a degree you enjoy because unless you are going into a specialized job or you know you want a technical field, chances are your first job won't even be in your degree and it's your grades that matter more than your degree for that initial job. But I tell them not to stress about that either, they are hard workers, respectful, and will do great in life no matter what. And if they want to continue with their education, their degree matters even less. Law school? Any liberal arts degree can get you there. Med School, MBA? You can do that too w/a liberal arts degree.

I commend you on working hard, funding your own education. And if you think forcing you kids to go to Germany for their education is the best thing, more power to you. I would hope that's your children's desires too. But its not the only way to a fulfilling and successful life and career and your slamming avenues/degrees other than your own is unnecessary. You may know many low income liberal arts majors, but I know a lot of unemployed engineers....

But your liberal arts (or your peers STEM) degree cost a lot less in general than your kids degrees will.

Higher Education inflation is out of control.

 

[DazedandConfused]

I personally think that the value of the timeshares are negative, as in they are a Debt not an asset, like a car loan, because the annual dues is probably greater than the liquidation value. But for the FASFA, I would probably list the value as $0 or try not to list them at all (but I do not know if that is a violation or not)

 

[bogey21]

You're supposed to value your assets.

IMHO most TS Weeks are like my race horses, more liabilities than assets.

George

 

[grupp]

For the FAFSA formula, parents are expect to contribute 5.64% of the unprotected assists (residence and IRA are protected). A timeshare valued at $10,000 would increase your EFC by $564. So, it does not move the needle much either way in relation to the overall cost of college.

You should include your timeshare, but would not worry to much about the actually value used as long as it is reasonable. I doubt they will be spending a lot of time looking for timeshare owners who have undervalued their timeshares on the FAFSA.

 

[ronparise]

Denise has it right.

Dont borrow for school. , unless its a trade school. Id have my kid borrow for auto mechanics school, but not something where there is no guarantee of future employment

 

[DazedandConfused]

Denise has it right.

Dont borrow for school. , unless its a trade school. Id have my kid borrow for auto mechanics school, but not something where there is no guarantee of future employment

You mean borrowing $200,000 to get a degree in "Contemporary European Poetry" will not guarantee my kid future employment? :ignore:

 

[bogey21]

Don't borrow for school. , unless its a trade school. Id have my kid borrow for auto mechanics school, but not something where there is no guarantee of future employment

Back when I was in High School in suburban Philadelphia (1950-1953) my High School had two tracks, College Prep and Vocational Training. Best I can recall the choices in Vocational Training included Drafting, Auto Mechanics, Machine Shop and a couple of others. Those who elected Vocational Training also had to take Reading, Math, English, etc. All students were eligible for sports and other activities and there was absolutely no stigma assigned to those enrolled in Vocational Training.

George

PS Another benefit was that the College Prep classes were more difficult (thus more useful to College Prep students) in that those who didn't want to be there didn't slow things down.

 

[Squan66]

I am filling out both the FAFSA and the CSS Profile.
My son hopes to attend William and Mary in Virginia. The costs are staggering.
We have already figured out we will probably not get one cent from financial aid but hope with his top SAT/ACT and GPA he might get some academic $$.
The entire topic makes me sick most days.
Most of the $ we saved for college went into renovating our home after super storm Sandy (Oct 2012) destroyed it. We finally moved home for good after elevating our renovated home last week.
Apparently I should have refinanced my home so we show more debt..... I too will have to add my timeshare to the forms. I hadn't even thought about this asset/debt.