I completed the kids' FASFAs on Friday.  I thought the beta version wasn't working because it didn't ask anything about our assets or the kids' assets.  What the heck!?  I quickly figured out that we don't have to report our assets because MM(19) was eligible for food stamps.  That's a completely random loophole that I wasn't expecting.  I had decided that this might eke out an extra $1K in grant money (for DL) next year but otherwise didn't expect much else to come from this development.  But I later thought about it and remembered that we are ineligible for one state grant because our assets are just a bit above the cutoff.  I now think that DL(19) might net an additional $3K - $4K re: lower-income grant.

Side note:  All of this is mostly moot.  I wasn't paying attention and we had been spending down some of these assets to pay for college.  Holy crap, our assets yesterday (when I completed the FASFA) were $425 over the limit to receive this other grant.  So basically this whole food stamp loophole thing is saving my bacon because I wasn't paying attention.  I could have paid down a credit card by $426 and been eligible for this grant anyway.  🙄  I feel very saved by the bell.  We've just not been that close to the limits before, so wasn't paying attention.  This whole thing just gets crazier.

I spent way too much time today looking up how this and that is calculated.  I just confirmed that they only count parent income and assets.  I think it's pretty much guaranteed that our assets will be even smaller next year.  (Barring some very unexpected windfall). But we will only be a 3-person household for DL(19)'s senior college year.  That's a lower income limit, for 3.  I will have to look at our income and spend some time pondering. 

If putting $10K to the 401K nets an extra $3K or $5K college grant for DL's senior year...  That is obviously a no brainer.  But feeling a little cash poor in the moment.  I probably would have to consider putting DL(19)'s college rent money into my 401K.   & I suppose I don't even know what the target is.  I will just have to guess what next year's numbers will be re: inflation.  For reference, our salary is pretty much right at the cutoff (for lower income grant).  With inflation in recent years, we are apparently on the cusp of being eligible for this lower income grant (re: both income and assets).  But I do usually get a bonus and we do have investment income (in addition to our salaries).  I probably need to just put my bonus to 401K and maybe my next paycheck.  That would bring us below the income ceiling for DL(19)'s senior year.  & then like I said, I expect we will also be below the asset ceiling.  After another 12 months of spending down assets on college expenses.  I mean, moving $10K from a taxable account to a 401K...  That will really take care of the asset side of things.  

Note:  Home equity and retirement funds are not counted as 'assets' on the FASFA. 

I thought this was just going to be a post about this food stamp loophole.  But I guess I also discovered I could secure a lower-income grant for DL(19)'s senior college year. 

Edited to add:  I went through the math today.  I forgot to deduct regular 401K contributions when thinking this through in my blog.  & MH took an unpaid month off of work this year.  So our income should easily come in below the income limit for this other grant.  Bonus excepted.  My bonus will likely all have to go into my 401K.  Between grant money earned and taxes saved, I will probably get 100% of that money back in some form or other.  Of course, I might lose other tax breaks and other grants, so it's just a lot of moving parts.  I can report back with the results in about 2 years.

MH was just trying out a new recipe app.  He liked it so much that he went ahead and ordered the windows version (more my speed).  All versions are half-off through the end of the month, FYI.

https://paprikaapp.com/

I was just testing out a few recipes I had saved on my computer.  It works by saving recipes from websites.  But I had an old family recipe saved and looked it up.  That was neat because I pretty quickly found a similar recipe (on google), but it was super easy to tweak it to the way we make it.  

In addition to that, there's menu planning, shopping lists, etc. 

MM(21) Year 4 'Gifted College Fund': $19,150 $19,000 (+$5K ROTH IRA ~ unknown current value)

Note:  I've added 1st quarter financial aid refund (expected any day now) back to this account balance.  I only pull tuition from this fund, which is expected to be $0 (net) this school year.

I expect that tuition will be $9,000 next year (no grants).  This means that MM(21) could probably leave college with $10,000 gift fund remaining.  In addition to that ROTH IRA (funded with gift money).  

The last piece is figuring out that 5th year of rent.  I've got rent covered (money just sitting in cash) through end of 2025.  I am probably about 6 months short.  

I like the idea of pulling $5,000 out of the college fund to cover those last 6 months of rent.  I also have 'college rent money' just sitting here for DL(19) that will probably go unused.  & we have other buckets of money.  But I think both MH and I are kind of over it after cash flowing rent expenses in earlier years when MM(21) was the only kid we had in college.  We are ready to cross off MM's college as 'done and paid for' and would like to move on to other things.  Even if the 'the other thing' is just paying for DL(19)'s college.  

If we pull $5K out of the 'gifted college fund' for those last 6 months of rent, MM(21) will still be able to graduate college with $5K gift funds left.  & he will still have that ROTH IRA. 

This was mostly what I was anticipating, but I thought it was possible that MM(21) would get $0 in grants this year (wiping out his college fund by the time he graduated).  So it's nice to have numbers in hand and figure out what the long term plan is.  

MM(21) can do whatever he wants with any remaining funds.  But I think the most obvious and practical use of that money is buying a car.  (Which he may end up doing before he is done with college.)

Edited to add:  The grant money has arrived in my bank account.  Yay!  It's really really real.

Second edit:  MM(21) registered for classes and it looks like there is an extra $120 lab fee this quarter.  This will bring his college fund balance down to $19K.  Technically, the difference between his net tuition and the college tax credit (that we will cash flow re: lower taxes), the difference is currently $188.  I will pull this $188 from his college fund, but he's earning interest and will end the month with $19K+.

DL(19) Year 2 'Gifted College Fund': $29,000

I suppose that I should also update where DL(19) is at.  Not touching any college funds while he is just living at home.

I am eyeing $5K of this money to fund a 2024 ROTH (same as his brother; during his first big income year).  & have been eyeing roughly $5K of this money as a car fund.  This helped me to sleep at night while he relied on a 20yo car to get to school (before he could find a decent job).  But also, it's sensible that a car is *the* big college expense in his situation.  His biggest college expense is his commute.  

It looks like I paid DL's spring tuition last November.  So I will probably have his sophomore year literally done and paid for, this month.  I will check it off (in my sidebar) when it is official.  Though it would probably be fair to just check off that I know this school year is well covered.  It's just a formality that I can't pay MM(21)'s spring tuition until March.

Two Fridays ago my mom ended up in the hospital (after going to the ER Thursday night).  I briefly considered carpooling with MH (who was taking the train to his SF lunch) but decided to try to get caught up at work.  & I got a really good night sleep on Thursday.  All of this was wise.

I ended up driving to the Bay Area and staying at the hospital Friday night.  I will probably never do this again.  My mom was put on valium by the time I arrived (had no idea I was there) and woke up out of her mind.  I told MH we will never speak about what happened at the hospital.  On some level, this easily could have been the most difficult day of my life.  But on another level, it's just normal any more.  After years of several terrible things happening at once and no time to process anything...  I am just used to it.  I snapped into 'one foot in front of the other' mode and was able to turn off my emotions and just get through it.  It's a mode I am sadly far too used to. 

Saturday was just insanity (including other dramas like a dead car fob battery.  It's the second time that has happened why out of town.  What are the odds?)  In the end, I felt more needed for this one night hospital stay than I did the last time my mom was in the hospital for weeks.  So I was glad this happened on a weekend and I was able to help.   

Of course, on top of all that...  My athlete Dad has (very suddenly) become crippled.  He can barely walk and he can barely stand up.  😞  

Even after all of that, my mom was released from the hospital Saturday and I was able to sleep in my own bed.  I was in disbelief that I would have time to process and share what was going on.  What magic is this?  But then multiple dramas happened on Sunday and I gave up.  

So this is my official 'I give up' post.  

I don't think we spent much since I last posted.  Most of the emergency spending was I did buy gas ($$$$) because MH had the EV when I left town.  That was unfortunate but I ended up driving so much (running several errands for my parents) I think it was for the best. 

My Dad broke my mom out of the hospital (the Saturday I was there) and she is doing very well.   As well as can be.

Yeah, I think this attempt at daily spending sharing was a good window into why I don't blog much any more.  This year has been insane, but it's sadly been one of the calmer years (of past 7 years).  It's been very 'one thing at a time' until both my parents were dealing with significant health struggles at once.  

My employee on her last attendance warning, she didn't show up for work this week.  She is the crux of the drama in my office this year.  (It's more complicated than that.  Not her specifically, but being the 8th or 9th employee in a row that is a personal disaster and constant no-show.  The rest of us are all exhausted after many years of this.)  We really and truly thought we were nipping this in the bud sooner (this time around) but it's been a very long and drawn out thing that created much drama and turnover this year.  *sigh*  I am in a complete 'I give up' mindset and I think the reset would be a good thing overall.  Just starting with a clean slate.  But if I have to seriously hire and train basically two new hires at once...  O.M.G.  I mean, if we end up letting her go today, I had a full month to at least hire and train my new assistant first?  But it is starting to feel a little too 'everything happening all at once.'  

I gave up on blogging October expenses, because life took a sharp turn into crazy town.  

Today I appreciated the extra hour, and got caught up on some things.  & Finally...  MM(21) received financial aid numbers and had some time to give those to me.  So I am no longer in limbo wondering if his middle class grant will be $0 this year (as originally expected).  

I've been waiting for this number, to update his 5-year tuition projection.

MM's expected net college costs:

$42,000 Tuition/fees** (4 Years)

+$11,000 5th Year Tuition/Fees 

-12,000  Tax credits 

-23,500  CA middle class grants 

-  7,500  Scholarships

---------

$10,000 Net cost  

**Includes $1K for one summer school class

I believe it now!  4th year grant was awarded.   Interestingly, MM only got the grant because he added a double major and a 5th year of college.  So this means the 5th year will mostly pay for itself.  We had no idea this would be the outcome or that he would get another $7,000 grant this year.  & then when we realized, I was skeptical.  Until it became more official.  

My degree cost $10,000.  I also took 5 years.  Of course, factoring inflation, MM(21) did much better than I did.  The college credits and middle class grants did not exist during my college years.  He will leave college with much higher pay, and so has greatly improved on the cost/benefit, compared to my own degree (which I thought was pretty darn good re: cost/benefit).

I'll do a seperate post about MM(21)'s college fund and how much I expect he will have left after college.