Obviously it can be done. It's all about choices. When you made the jump from lower/maybe $150K, if you simply choose to save the extra your kids will be set. Agreed, it's not the best choice for everyone, but even if you set aside 50% of your increases and don't allow too much lifestyle creep, you can still save for retirement and college. |
Why? If you only have 500K for 3 kids, why would you spend $60K+/year for one kid 9assuming it's kid 1)? That's over half the 529. Will you offer the same opportunity to the next 2 kids? Just curious |
FAFSA does take intergenerational wealth into account, assuming you already have the money/inheritance. Otherwise, it's not your money, so it wouldn't be fair to assume you don't get any FA if you make little enough to qualify |
Yes, it does. Unless any school your kid is applying to requires it for merit aid. Some do, majority do not. Have 3 kids in/out of college (so 30+ college applications) and none of those required fafsa for merit aid. All 3 kids had generous merit awards from majority of the colleges (outside of the T25 universities). |
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DP: WPI and CWRU both offered merit of 40-60% of tuition, and both have more scholarships you can apply to. We didn't as we can afford full pay so we simply took the basic merit offered (the other scholarships are time consuming applications) |
What are you talking about? 500000/3= 166,000 per kid OOS tuition is 27K and room and board is 14k. That's 31k. 31k x 4 = 124000. There's 40k left on the table That's leaves the other kid's share not only untouched but better off. |
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Zero. from FAFSA. " The only money FAFSA can "give" is eligibility for a Pell Grant, which is for those families with a low income, like $50K for a family of 4. |
I always wonder about this magical thinking... if you are making $250,000, who are all of the richer people who should be providing you with financial aid? Not to mention that they also need to use their tax dollars to forgive your kids' loans. Despite all of the assertions to the contrary, college is a luxury, and private college is a real luxury. If you can't afford it, you make the choice that you can afford. |
You mean 41kx4 |
Correct- thanks for catching the error. The point stays the same. |
what college has oos total coa at 31K per year? |
What full pay OOS school is 27K? |
UF ? |
UF oos tuition is $28,658. |