College costs and the recession

classes and the recessionDaily announcements and news regarding the massive efforts that are underway to address our economic recession is causing a chronic case of “information overload.” Just as we begin to process the data and find an available little crevice in our brain for storing it, another new development – be it at the federal, state, or local level – takes place. Is this another piece to the fluid puzzle or should this piece replace the one I just stored in memory? If only we could simply add another megabyte of memory like we do to our computers!

If you’re a baby boomer, you’ll no doubt recall a favorite childhood game called “Freeze Tag.” The goal was to chase after a target (another player) and tag them lightly, which then required them to freeze like a mannequin. That’s what I’d like to do with all the parties involved in decisions that may impact college plans and financing for next year. A moving target is tough on the planning process.

Here’s what we have learned since last month:

Our 2008 taxes are in the process of being prepared by our tax accountant, and I have completed the FAFSA worksheets for those areas not dependent on this tax information. I’ll plug in the other numbers once we have our completed tax package. In the interim, we still continue to play the “what if” game for possible back-up plans until many of the fluctuating decision factors have been anchored in certainty – well, at least for the short term, much like freeze tag.

 

Understanding College Costs