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My son will be starting his third year of college this fall. We are paying for 75% of his college costs and he has to come up with the rest.

This is really a discussion your should have with the financial office at your son's college or university. You (the parents) have to complete and submit a Free Application for Federal Student Aid (FAFSA). Here's the URL so you can complete the form:

FAFSA is about as difficult as completing a federal income tax return. I tried to complete it by hand, and I ended up completing it on computer. My associates, bachelors, and masters degrees where all covered by academic scholarships.

As you have this discussion, you'll find that federal law requires the FAFSA to ensure you (the parents) pay your family's fair share of tuition and fees. The alternative is for you to back out of your family's obligations, and leave your son to find higher cost loans to use.

One of the issues you'll have to address is why you son pays tuition and fees rather than you (his parents). Lots of good answers. You (his parents) are obligated to get him to compulsory education (K-12), but you do have some responsibilities for college and university. If you don't have a good story, your story will lose merit.

Sometimes, some colleges review academic performance in high school or college. The version I know is an A is an A along with good athletic performance, but Bs and Cs and poor athletic performance have lower value, depending on the school. This story seems to have a stronger rule with high quality colleges and universities, and lower quality community colleges.

The bottom line from your perspective is the FAFSA will determine how much annual tuition and fees your family must provide.

I know you'll have problems with this answer. It's been a long time since I looked at the rules. You might find an exception.

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