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Another question I thought of after someone else mentioned it...does NM really offer college scholarships to those students who graduate from high school there, go directly into college, and maintain a specific GPA?
Thanks again for any info!
I'm a retired private college counselor who has worked with a number of students living in New Mexico in the past. Although I am not up on everything available there any longer, I would encourage you to read the details on the NM scholarships carefully. For instance, for the NM Scholars there is a cap on family income of $60,000. And it only covers tuition, not room and board. The Legislative Lottery Scholarship only pays a portion of tuition, and it doesn't kick in until the second semester after a student enrolls. You can read the details under scholarships here: http://www.hed.state.nm.us/students/ (And, note that what is true today can change before your youngest heads off to college. )
However, in addition to the state funds, many of the public university campuses in New Mexico offer great scholarships to top students, which can greatly help with college expenses as well, if a student qualifies for those scholarships. (See, for example, the scholarships available at the University of New Mexico: https://scholarship.unm.edu/)
However, it sounds like you'll have several kids in college at the same time. And financial aid programs, both through the Federal Government and at individual colleges, take into account the number of children in a family. So, it's highly likely that your children will be eligible for federal and institutional financial aid and scholarships at MANY colleges and universities across the U.S., including private colleges and universities, especially if they have strong grades and test scores. Sometimes, private colleges can actually end up being a better deal for certain students, especially if they qualify for financial aid or scholarships.
Still, I always tell parents that it is smart to not count on financial aid and scholarships to entirely pay for college. Unless you are living at the poverty level, financial aid is always based on the expectation that families will contribute something to their children's education. Even though it is tough, if you save even a small amount each month, your kids will have more options and need to take on less student debt when it is time to go to college. (Tip: don't put college savings in accounts in your kids' names. If you do those savings will be counted towards financial aid at a higher rate than an account in the parents' names).
If you're curious, you can get an estimate of your Expected Family Contribution (or EFC) for financial aid purposes here: https://bigfuture.collegeboard.org/p...ion-calculator You can also go to any college website and search for their "Net Price Calculator" to get an idea of what the college might expect you to pay after financial aid and scholarships. You can find the Net Price Calculator for the University of New Mexico here as an example: http://admissions.unm.edu/costs_fina...ttendance.html
Although you have a ways to go, it's also never too early to start learning about college costs and financial aid. The sites with the most reliable and easiest to understand information about financial aid are:
If you're planning to homeschool in high school, it also never hurts to get in touch with a few admissions offices when your oldest begins 9th grade to ask about the documentation and any special information they require of homeschoolers (such as SAT subject tests) so that you can plan ahead to have everything covered. For instance, the University of New Mexico strongly recommends that homeschool students get their GED, and the GED is required in order to be considered for some of UNM's top scholarships.
I'm speaking very broadly here, as there are so many variations, but in general private colleges tend to be more open to homeschoolers than public universities, as public university admission is often very formula driven, while private colleges often use a more holistic approach. But, I've worked with homeschoolers who have been admitted to schools like Stanford and Harvard with fantastic financial aid packages (no loans!), so with a little preparation and planning, homeschooling can be a good option for college bound students.
Hope this information is helpful. Good luck with your move.
I'm a retired private college counselor who has worked with a number of students living in New Mexico in the past. Although I am not up on everything available there any longer, I would encourage you to read the details on the NM scholarships carefully. For instance, for the NM Scholars there is a cap on family income of $60,000. And it only covers tuition, not room and board. The Legislative Lottery Scholarship only pays a portion of tuition, and it doesn't kick in until the second semester after a student enrolls. You can read the details under scholarships here: Students And Parents Overview (And, note that what is true today can change before your youngest heads off to college. )
However, in addition to the state funds, many of the public university campuses in New Mexico offer great scholarships to top students, which can greatly help with college expenses as well, if a student qualifies for those scholarships. (See, for example, the scholarships available at the University of New Mexico: https://scholarship.unm.edu/)
However, it sounds like you'll have several kids in college at the same time. And financial aid programs, both through the Federal Government and at individual colleges, take into account the number of children in a family. So, it's highly likely that your children will be eligible for federal and institutional financial aid and scholarships at MANY colleges and universities across the U.S., including private colleges and universities, especially if they have strong grades and test scores. Sometimes, private colleges can actually end up being a better deal for certain students, especially if they qualify for financial aid or scholarships.
Still, I always tell parents that it is smart to not count on financial aid and scholarships to entirely pay for college. Unless you are living at the poverty level, financial aid is always based on the expectation that families will contribute something to their children's education. Even though it is tough, if you save even a small amount each month, your kids will have more options and need to take on less student debt when it is time to go to college. (Tip: don't put college savings in accounts in your kids' names. If you do those savings will be counted towards financial aid at a higher rate than an account in the parents' names).
If you're curious, you can get an estimate of your Expected Family Contribution (or EFC) for financial aid purposes here: https://bigfuture.collegeboard.org/p...ion-calculator You can also go to any college website and search for their "Net Price Calculator" to get an idea of what the college might expect you to pay after financial aid and scholarships. You can find the Net Price Calculator for the University of New Mexico here as an example: Cost of Attendance :: OFFICE of ADMISSIONS | The University of New Mexico
Although you have a ways to go, it's also never too early to start learning about college costs and financial aid. The sites with the most reliable and easiest to understand information about financial aid are:
If you're planning to homeschool in high school, it also never hurts to get in touch with a few admissions offices when your oldest begins 9th grade to ask about the documentation and any special information they require of homeschoolers (such as SAT subject tests) so that you can plan ahead to have everything covered. For instance, the University of New Mexico strongly recommends that homeschool students get their GED, and the GED is required in order to be considered for some of UNM's top scholarships.
I'm speaking very broadly here, as there are so many variations, but in general private colleges tend to be more open to homeschoolers than public universities, as public university admission is often very formula driven, while private colleges often use a more holistic approach. But, I've worked with homeschoolers who have been admitted to schools like Stanford and Harvard with fantastic financial aid packages (no loans!), so with a little preparation and planning, homeschooling can be a good option for college bound students.
Hope this information is helpful. Good luck with your move.
WOW! Thank you SO much for all this detailed information! This is very helpful. We do not plan to homeschool for junior high or high school, just elem. school. In regards to you mentioning setting aside some money for them --I have a question you may or may not know the answer to but you might be able to point me in the right direction ...Our children have a trust fund set up for some of their college expenses. It is roughly 500k which won't go too far w/ 7 children. (I have a sibling who's tuition was over 45,000 a year) I am ignorant w/ things like this (especially since our oldest is only 10 so we haven't done as much research as we will in the future) but would they not receive as much financial aid if each child has something along the lines of 70-80k set aside for them in this sort of account? Would it behoove us to have that money in some sort of other account? My husband's uncle set this money aside for them and we do not have access to it, so I don't know the ins/outs of it other than it is there and to be used by them split equally and only for their college education. His uncle is quite staunch in this decision so I don't even know if we could convince him to set it up differently anyhow, but it would be good to know for the future.
Thanks so much for any info you can give me
I think you'll find either Santa Fe or Los Alamos very kid-friendly. A family with 7 children would be larger than average but I can't imagine anyone treating you oddly because of it. If housing is challenging, you might consider living closer to Santa Fe and commuting to Los Alamos for work. It's very common and there are a lot of ride shares and shuttles that make the trip easier and cheaper. You'd have more housing options and more variety of things in general to do if you live closer to Santa Fe.
I don't consider summers here "hot" as compared to back east. Average summer temps are pretty mild and generally stay in the 80s with almost no humidity (although summers have been gradually getting hotter, IMO). You don't have the dramatic autumn changes like you do back east, but the aspens will turn bright yellow in the fall and are fun to view. Lots of these trees are carved into historic arborglyphs.
Some local raspberry farms have "You Pick It" days in-season, and there are plenty of small orchards north of Santa Fe toward Taos--they may have apple-picking days as well. Check out Salman or Heidi's Raspberry Farms. And definitely take the kids on an outing to the Santa Fe farmer's market. It's a covered market so is open in all seasons, and is loads of fun.
Finally, a comment on universities--I'm a BIG fan of community colleges. I wasted money at a four year university and it wasn't until I took a year "off" and went to a community college that I actually learned what I wanted to major in. Santa Fe Community College is very good, so you might consider that or another two-year college for some of your kids' first and/or second years. Junior colleges are generally much less expensive than four-year schools and have more flexible class schedules. If I could do things all over I'd take two years at community college and then transfer to a four-year school. It would have saved me and my parents a ton of money!
WOW! Thank you SO much for all this detailed information! This is very helpful. We do not plan to homeschool for junior high or high school, just elem. school. In regards to you mentioning setting aside some money for them --I have a question you may or may not know the answer to but you might be able to point me in the right direction ...Our children have a trust fund set up for some of their college expenses. It is roughly 500k which won't go too far w/ 7 children. (I have a sibling who's tuition was over 45,000 a year) I am ignorant w/ things like this (especially since our oldest is only 10 so we haven't done as much research as we will in the future) but would they not receive as much financial aid if each child has something along the lines of 70-80k set aside for them in this sort of account? Would it behoove us to have that money in some sort of other account? My husband's uncle set this money aside for them and we do not have access to it, so I don't know the ins/outs of it other than it is there and to be used by them split equally and only for their college education. His uncle is quite staunch in this decision so I don't even know if we could convince him to set it up differently anyhow, but it would be good to know for the future.
Thanks so much for any info you can give me
Regarding the trust fund, is it held in the individual names of your children, or your (parents) names? If it is held in your names, then it will be better for financial aid purposes.
Federal financial aid formulas assume that a higher percentage of money held in savings in children's names is available to pay for college than money held in a parental savings account.
It can get a bit tricky though with trusts depending on how they are set up and whose names they are held in. One thing to know is that 529 savings held in a relative's name other than the student or the parent is not considered for financial aid purposes, so sometimes (but not always) it can be better for a relative who wants to set aside funds for college to put it into a 529 instead of a trust.
The best advice I can give you is to try to meet with a lawyer and/or tax accountant who is familiar with educational trusts, 529 plans, and federal financial aid who can take a look at the trust and advise you (and the generous uncle) about the best way to set things up for financial aid purposes. Since your oldest is 10, now would be the time to do this so the uncle can make adjustments as necessary. Of course, if the trust is irrevocable, there may not be much you or the uncle can do.
But, in any case, your kids are lucky to have the money tucked safely away. It made a huge difference for our kids when it came time to apply to college to know that there was money "in the bank" to help pay for college as it opened options for them they wouldn't have had, and helped them get through college without taking out student loans. With scholarships from the colleges they attended and some contributions towards their education from us, it all added up very positively.
In the end, it is always better to have "money in the bank" to help pay for college than it is to rely on financial aid. Most people don't understand that college financial aid almost always includes some sort of student and/or parent loans (that's true even if you're heading to community college and will need financial aid). Where that "money in the bank" makes the difference is the ability to avoid taking on too many (or any) student loans. So, ultimately, that's the way to think about the great gift from your kids uncle: it may not pay for college entirely, but it will help your kids get through college with the smallest amount of loans possible, and that REALLY is a wonderful gift.
Last edited by RosieSD; 08-29-2016 at 12:50 AM..
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...Our children have a trust fund set up for some of their college expenses. It is roughly 500k which won't go too far w/ 7 children. (I have a sibling who's tuition was over 45,000 a year) I am ignorant w/ things like this (especially since our oldest is only 10 so we haven't done as much research as we will in the future) but would they not receive as much financial aid if each child has something along the lines of 70-80k set aside for them in this sort of account? Would it behoove us to have that money in some sort of other account? My husband's uncle set this money aside for them and we do not have access to it, so I don't know the ins/outs of it other than it is there and to be used by them split equally and only for their college education. His uncle is quite staunch in this decision so I don't even know if we could convince him to set it up differently anyhow, but it would be good to know for the future. 
