Our EFC is 500,000????

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

Then they go to public or you figure it out. You choose to have three kids and insist they go to a private. You can sell your million dollar house to pay for it.

Do you feel better about yourself saying things like this? Or are you just pissed that you didn't save as much? Telling someone else to spend all of the assets and show such lack of empathy? And not directing your anger where it really belongs?

Did you save for college?

We absolutely saved enough for a state college and graduate school. If we had that kind of money and income it would be fantastic but we saved for college on 1/2 that income and have a paid-off house with no family help.

If you choose to have three kids, you need to think long term with expenses including college. If you have that kind of money, expecting a free ride is really pathetic.

DP,

you saved enough for in state, but OP's EFC is stating $500K. Can you afford $500K for college? I don't think so.

OP and others are lamenting the fact that 1. college costs are insane 2. these expensive colleges expect you to drain your entire savings to send your kid there. I don't know about others, but we lived very frugally in order to save for our retirement so that we won't be a burden to our children or society. We don't come from family wealth. As a matter of fact, my parents were poor immigrants who don't speak English.

Most people with a good income aren't expecting a free ride, but the EFC for some of these colleges are ridiculous. Yes, you absolutely have a choice to not go. But, colleges have become insanely expensive just like healthcare costs. The EFCs are ridiculous for 99% of people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:NP. It's not annoying. People should not have to deplete their hard earned money that they've saved a lifetime for, to send their kids to college. No one should. And don't say there "are plenty of schools." When a kid works hard and does everything asked of them, stays out of trouble, etc. it's not unreasonable to want to send them to the best schools they can get into. And even a lot of state schools cost in excess of $30k/ year. The cost of college is ridiculous and unsustainable.

College tuition, IMO, is like every other purchase. You decide if the cost is worth it to you. Would I spend $1000 on a Canada Goose jacket? No. LL Bean or similar (on sale) fits the budget. Bought a fixer upper in a nice, but not exclusive area in the DMV, because we actually couldn’t afford pricier homes. Drive nice, but not fancy, cars until they die. Kids make a big commitment to helping pay for college and we deplete the significant amount we saved for each kid. I am not sure why people think of college as anything different than any other purchase. If you want the high ticket item, you choose to pay for it. Fancy cars/purses/houses/college are all the same- a choice.

DP.. I don't disagree but college is not like clothing. The elite colleges seem to be still for the very elite or the bottom half of the income strata. Those who are in between either have to sacrifice or not go to an elite college. If these institutions lowered their costs, which they could given the size of their endowment, more families could afford it without needing aid or loans. But they keep the cost high so as to keep themselves elite, and throw a few bones to the poors to show that they are benevolent.

I don't think those elite colleges are worth going into $100K debt, though. I'm pushing my kid to go to a great in state that is giving DC some merit aid.

[Anonymous]

I am the PP. I disagree. I think it is like any other purchase. If I buy expensive clothes or bought an expensive house, I would not have been able to afford saving for retirement and college. We also did not go on vacation. Was it a sacrifice? Some would say yes. I say it was a choice. The price is what the market will bear for all things. Have 2 kids in college now. One graduating and another starting next year. Tuition costs will exceed our take home pay. That is a choice. No reason to complain.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

Then they go to public or you figure it out. You choose to have three kids and insist they go to a private. You can sell your million dollar house to pay for it.

Do you feel better about yourself saying things like this? Or are you just pissed that you didn't save as much? Telling someone else to spend all of the assets and show such lack of empathy? And not directing your anger where it really belongs?

Did you save for college?

We absolutely saved enough for a state college and graduate school. If we had that kind of money and income it would be fantastic but we saved for college on 1/2 that income and have a paid-off house with no family help.

If you choose to have three kids, you need to think long term with expenses including college. If you have that kind of money, expecting a free ride is really pathetic.

DP,

you saved enough for in state, but OP's EFC is stating $500K. Can you afford $500K for college? I don't think so.

OP and others are lamenting the fact that 1. college costs are insane 2. these expensive colleges expect you to drain your entire savings to send your kid there. I don't know about others, but we lived very frugally in order to save for our retirement so that we won't be a burden to our children or society. We don't come from family wealth. As a matter of fact, my parents were poor immigrants who don't speak English.

Most people with a good income aren't expecting a free ride, but the EFC for some of these colleges are ridiculous. Yes, you absolutely have a choice to not go. But, colleges have become insanely expensive just like healthcare costs. The EFCs are ridiculous for 99% of people.

Again, OP did not get a bill for $500K. Like anyone one else, OP will not pay more than $80K/kid anywhere. The formula does not demand that people drain their savings. At the top of the scale, FAFSA assumes 7% assets and 47% of income are available for college expense that year. So OP has an annual income over $1M, or $7M in assets or some combination of the two. If OP doesn't want to spend more than $30K on college so be it, but absolutely no reason that should be at an $80K school.

[Anonymous]

Right. EFC is the calculation of what you should be able to afford. If you have sextuplets, you can afford to send the amount to Harvard at one time. You will be charged tuition and fees for your student. That is it. You will not need to pay extra for other students. Max tuition is probably low 80s.

[Anonymous]

You can afford to send them all

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

Then they go to public or you figure it out. You choose to have three kids and insist they go to a private. You can sell your million dollar house to pay for it.

Do you feel better about yourself saying things like this? Or are you just pissed that you didn't save as much? Telling someone else to spend all of the assets and show such lack of empathy? And not directing your anger where it really belongs?

Did you save for college?

We absolutely saved enough for a state college and graduate school. If we had that kind of money and income it would be fantastic but we saved for college on 1/2 that income and have a paid-off house with no family help.

If you choose to have three kids, you need to think long term with expenses including college. If you have that kind of money, expecting a free ride is really pathetic.

DP,

you saved enough for in state, but OP's EFC is stating $500K. Can you afford $500K for college? I don't think so.

OP and others are lamenting the fact that 1. college costs are insane 2. these expensive colleges expect you to drain your entire savings to send your kid there. I don't know about others, but we lived very frugally in order to save for our retirement so that we won't be a burden to our children or society. We don't come from family wealth. As a matter of fact, my parents were poor immigrants who don't speak English.

Most people with a good income aren't expecting a free ride, but the EFC for some of these colleges are ridiculous. Yes, you absolutely have a choice to not go. But, colleges have become insanely expensive just like healthcare costs. The EFCs are ridiculous for 99% of people.

Again, OP did not get a bill for $500K. Like anyone one else, OP will not pay more than $80K/kid anywhere. The formula does not demand that people drain their savings. At the top of the scale, FAFSA assumes 7% assets and 47% of income are available for college expense that year. So OP has an annual income over $1M, or $7M in assets or some combination of the two. If OP doesn't want to spend more than $30K on college so be it, but absolutely no reason that should be at an $80K school.

FAFSA expects people to use 47% of income to pay for college? That's freakin ridiculous.

Sure, if you aren't gonna miss $80k per year, that makes sense. But 80k is about half of the median income in the DC area.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

Then they go to public or you figure it out. You choose to have three kids and insist they go to a private. You can sell your million dollar house to pay for it.

We don’t have a million dollar house and drive 18 yr old car despite the 230k EFC

And people who live above their means and spend all their money on fancy cars and vacations can show financial need. I get how unfair it is.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

Then they go to public or you figure it out. You choose to have three kids and insist they go to a private. You can sell your million dollar house to pay for it.

We don’t have a million dollar house and drive 18 yr old car despite the 230k EFC

And people who live above their means and spend all their money on fancy cars and vacations can show financial need. I get how unfair it is.

+1 this is what really bothers me. People who were frugal and saved don't get any aid, but people who bought expensive cars and what not such that they saved little do get aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

Then they go to public or you figure it out. You choose to have three kids and insist they go to a private. You can sell your million dollar house to pay for it.

Do you feel better about yourself saying things like this? Or are you just pissed that you didn't save as much? Telling someone else to spend all of the assets and show such lack of empathy? And not directing your anger where it really belongs?

Did you save for college?

We absolutely saved enough for a state college and graduate school. If we had that kind of money and income it would be fantastic but we saved for college on 1/2 that income and have a paid-off house with no family help.

If you choose to have three kids, you need to think long term with expenses including college. If you have that kind of money, expecting a free ride is really pathetic.

DP,

you saved enough for in state, but OP's EFC is stating $500K. Can you afford $500K for college? I don't think so.

OP and others are lamenting the fact that 1. college costs are insane 2. these expensive colleges expect you to drain your entire savings to send your kid there. I don't know about others, but we lived very frugally in order to save for our retirement so that we won't be a burden to our children or society. We don't come from family wealth. As a matter of fact, my parents were poor immigrants who don't speak English.

Most people with a good income aren't expecting a free ride, but the EFC for some of these colleges are ridiculous. Yes, you absolutely have a choice to not go. But, colleges have become insanely expensive just like healthcare costs. The EFCs are ridiculous for 99% of people.

Again, OP did not get a bill for $500K. Like anyone one else, OP will not pay more than $80K/kid anywhere. The formula does not demand that people drain their savings. At the top of the scale, FAFSA assumes 7% assets and 47% of income are available for college expense that year. So OP has an annual income over $1M, or $7M in assets or some combination of the two. If OP doesn't want to spend more than $30K on college so be it, but absolutely no reason that should be at an $80K school.

Our HHI is about $300k, and our efc came out to be about $100K because we were frugal and saved a lot. So yes, those EFCs are somewhat unreasonable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why did you even complete FASFA. You people are fools and refuse to believe what actual need based aid consists of.

Or....maybe you don't realize that some scholarship programs require FAFSA. Some are for merit aid (which I suspect you are against this family from getting - I'm not). Bit some of these are programs that have honors-like academic benefits tied to them - so even families who can afford to attend without any sort of aid will want to be considered.

Can you name any? I had heard this too, but when I have asked college officials they act like I'm crazy and say they have never heard of this.

Miami of Ohio

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why did you even complete FASFA. You people are fools and refuse to believe what actual need based aid consists of.

Or....maybe you don't realize that some scholarship programs require FAFSA. Some are for merit aid (which I suspect you are against this family from getting - I'm not). Bit some of these are programs that have honors-like academic benefits tied to them - so even families who can afford to attend without any sort of aid will want to be considered.

Can you name any? I had heard this too, but when I have asked college officials they act like I'm crazy and say they have never heard of this.

GMU Wouk’s t talk to me about merit or financial aid until we filed the FAFSA

[Anonymous]

Anonymous wrote:Why did you even complete FASFA. You people are fools and refuse to believe what actual need based aid consists of.

Those “fools”, like us, want access to the unsubsidized federal loan program. You can’t get those lii out and without filing the FAFSA. Both of my kids took out the federal loans all four years. FAFSA determimed us to be full-pay do those loans we’re very helpful and made my kids have skin in the game

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP. It's not annoying. People should not have to deplete their hard earned money that they've saved a lifetime for, to send their kids to college. No one should. And don't say there "are plenty of schools." When a kid works hard and does everything asked of them, stays out of trouble, etc. it's not unreasonable to want to send them to the best schools they can get into. And even a lot of state schools cost in excess of $30k/ year. The cost of college is ridiculous and unsustainable.

College tuition, IMO, is like every other purchase. You decide if the cost is worth it to you. Would I spend $1000 on a Canada Goose jacket? No. LL Bean or similar (on sale) fits the budget. Bought a fixer upper in a nice, but not exclusive area in the DMV, because we actually couldn’t afford pricier homes. Drive nice, but not fancy, cars until they die. Kids make a big commitment to helping pay for college and we deplete the significant amount we saved for each kid. I am not sure why people think of college as anything different than any other purchase. If you want the high ticket item, you choose to pay for it. Fancy cars/purses/houses/college are all the same- a choice.

DP.. I don't disagree but college is not like clothing. The elite colleges seem to be still for the very elite or the bottom half of the income strata. Those who are in between either have to sacrifice or not go to an elite college. If these institutions lowered their costs, which they could given the size of their endowment, more families could afford it without needing aid or loans. But they keep the cost high so as to keep themselves elite, and throw a few bones to the poors to show that they are benevolent.

I don't think those elite colleges are worth going into $100K debt, though. I'm pushing my kid to go to a great in state that is giving DC some merit aid.

So what. Plenty of institutions could lower costs to make life for everyone more affordable . I’d be more upset that people can’t afford food or housing than a handful of private colleges.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

Then they go to public or you figure it out. You choose to have three kids and insist they go to a private. You can sell your million dollar house to pay for it.

Do you feel better about yourself saying things like this? Or are you just pissed that you didn't save as much? Telling someone else to spend all of the assets and show such lack of empathy? And not directing your anger where it really belongs?

Did you save for college?

We absolutely saved enough for a state college and graduate school. If we had that kind of money and income it would be fantastic but we saved for college on 1/2 that income and have a paid-off house with no family help.

If you choose to have three kids, you need to think long term with expenses including college. If you have that kind of money, expecting a free ride is really pathetic.

DP,

you saved enough for in state, but OP's EFC is stating $500K. Can you afford $500K for college? I don't think so.

OP and others are lamenting the fact that 1. college costs are insane 2. these expensive colleges expect you to drain your entire savings to send your kid there. I don't know about others, but we lived very frugally in order to save for our retirement so that we won't be a burden to our children or society. We don't come from family wealth. As a matter of fact, my parents were poor immigrants who don't speak English.

Most people with a good income aren't expecting a free ride, but the EFC for some of these colleges are ridiculous. Yes, you absolutely have a choice to not go. But, colleges have become insanely expensive just like healthcare costs. The EFCs are ridiculous for 99% of people.

Again, OP did not get a bill for $500K. Like anyone one else, OP will not pay more than $80K/kid anywhere. The formula does not demand that people drain their savings. At the top of the scale, FAFSA assumes 7% assets and 47% of income are available for college expense that year. So OP has an annual income over $1M, or $7M in assets or some combination of the two. If OP doesn't want to spend more than $30K on college so be it, but absolutely no reason that should be at an $80K school.

FAFSA expects people to use 47% of income to pay for college? That's freakin ridiculous.

Sure, if you aren't gonna miss $80k per year, that makes sense. But 80k is about half of the median income in the DC area.

This is only after thresholds. But, yeah, there's a point well bellow $1M takehome where cash flowing $80K tuition should be doable, that's a choice. Most people are not hitting that percentage.