How does most of America pay for these elite schools?

[Anonymous]

I get that most people on DCUM have $80k saved per year of college and much of America (HHI under $125k) gets aid but do these two realities really cover these gigantic pools of applicants to all the top 50 schools? has the rest of America also saved $80k/year/kid? am I missing something? thinking about this tonight as friends of ours just had their daughter (one of 6 kids, first in college) commit to Carnegie Mellon. I know for a fact that they make more than $150k but I had no idea that $&0k/year was in their budget.

[Anonymous]

Most of America doesn’t even apply. No one from my small town Midwestern high school ever went to a T20 college, at least not in living memory.

The kids who do take on massive debt.

[Anonymous]

Loans

[Anonymous]

As soon as our first son was born we started saving for college A small smoothly amount at first and increased when daycare was no longer needed. We do have 80k a year saved for him and his brothers. We do fine but have 10 year old cars. No fancy handbags, clothes, etc.

Now if we had 6 kids no way could we afford college for all six.

[Anonymous]

Anonymous wrote:As soon as our first son was born we started saving for college A small smoothly amount at first and increased when daycare was no longer needed. We do have 80k a year saved for him and his brothers. We do fine but have 10 year old cars. No fancy handbags, clothes, etc.

Now if we had 6 kids no way could we afford college for all six.

Good for you! It’s nice to read about responsible parents who planned ahead.

[Anonymous]

Anonymous wrote:As soon as our first son was born we started saving for college A small smoothly amount at first and increased when daycare was no longer needed. We do have 80k a year saved for him and his brothers. We do fine but have 10 year old cars. No fancy handbags, clothes, etc.

Now if we had 6 kids no way could we afford college for all six.

2 kids. Did the same thing.

[Anonymous]

Anonymous wrote:I get that most people on DCUM have $80k saved per year of college and much of America (HHI under $125k) gets aid but do these two realities really cover these gigantic pools of applicants to all the top 50 schools? has the rest of America also saved $80k/year/kid? am I missing something? thinking about this tonight as friends of ours just had their daughter (one of 6 kids, first in college) commit to Carnegie Mellon. I know for a fact that they make more than $150k but I had no idea that $&0k/year was in their budget.

I highly doubt that most of DCUM has saved this much. In discussions like these, the people who have are more likely to post and brag about it, while those who haven't are more likely to stay silent.

[Anonymous]

Anonymous wrote:I get that most people on DCUM have $80k saved per year of college and much of America (HHI under $125k) gets aid but do these two realities really cover these gigantic pools of applicants to all the top 50 schools? has the rest of America also saved $80k/year/kid? am I missing something? thinking about this tonight as friends of ours just had their daughter (one of 6 kids, first in college) commit to Carnegie Mellon. I know for a fact that they make more than $150k but I had no idea that $&0k/year was in their budget.

Responsible parents save for their kids' education.

[Anonymous]

In our case - both sets of grandparents are also paying, we only have two kids, and we can live comfortably from the lowest salary, so we also pay as he goes for DC1's med school. We make almost 500K/year and we moved to a lower COL area, so our mortgage is low.

[Anonymous]

Most high stats kids from donuts hole families give up on elite schools and go to the in state flagship

[Anonymous]

Anonymous wrote:In our case - both sets of grandparents are also paying, we only have two kids, and we can live comfortably from the lowest salary, so we also pay as he goes for DC1's med school. We make almost 500K/year and we moved to a lower COL area, so our mortgage is low.

So rich with family money to boot? Got it. Seems about how most private school tuition is paid for

[Anonymous]

Anonymous wrote:Most of America doesn’t even apply. No one from my small town Midwestern high school ever went to a T20 college, at least not in living memory.

The kids who do take on massive debt.

+1

Most of America doesn't care. In the vast majority of places in this country, a degree from the state flagship will be more helpful in the job market than a degree from an Ivy (which just makes people think you're one of those dreadful coastal elitist snobs).

[Anonymous]

Anonymous wrote:In our case - both sets of grandparents are also paying, we only have two kids, and we can live comfortably from the lowest salary, so we also pay as he goes for DC1's med school. We make almost 500K/year and we moved to a lower COL area, so our mortgage is low.

This is either a troll or one of the most tone deaf posts I've ever read on DCUM!

[Anonymous]

Our kid got into an Ivy. We are taking out loans. We don’t feel bad about it. We wish we didn’t have to, but it is what it is. We know our child will do great things with this opportunity.

[Anonymous]

Most of America doesn't even try to go to the Ivys.