DD got into USC with a $17,000 grant and $4,000 scholarship in addition to a NMF scholarship. That makes our OOP within the confines that DH and I set for what we would be willing to spend for each of our kids' educations. We currently have another child at our state flagship university as well a third child in high school.
DH will inherit $150,000 soon. We can shelter about $100,000 in retirement accounts and our home. Does anybody have an idea how much of the $17,000 grant and $4,000 scholarship might be wiped out because of the inheritance? DD would be on the hook for most of that amount.
She is debt averse and is considering less prestigious schools where (among other things) she wouldn't have debt even with the inheritance. I would hate for her to go to USC with the understanding that she will graduate debt-free, and then, in fact, have $60,000 worth of loans. Is there a downside to calling the USC financial aid office to ask them the hypothetical effect of the inheritance? For what it's worth, USC uses the CSS Profile to figure financial aid.
I understand that DH and I could simply use proceeds from the inheritance to pay for the difference but that's not what we had originally agreed to pay, and we have the needs of two other kids to consider. Who has a crystal ball?
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