An Excerpt from an Expert----
LESSONS TO BE LEARNED:
1. Do not blindly approach the college funding process
2. Do not solely bank on "hope" of scholarships to make college affordable for your kids
There is a formula that calculates financial aid and as long as you understand the "rules" that govern how money is dispersed, you'll be able to position yourself to benefit--not be hurt--by those rules.
As far as the mother is concerned, she may have to break what's left of her retirement and pay all the penalties in order to get her son through his last year.
The part that chokes me up the most is that if she had started planning in the process early on most of the loans she currently took out could have been avoided.
So please be careful everyone, take the time to learn about the system and don't let the same mistake happen to you.