College financial aid for solid income earning households

[Anonymous]

XH and I share 2 kids and he remarried and had 2 more. We are both putting money away for our 2 kids’ college but it’s not very high. It’s enough for our 2 kids to go instate comfortably and not take any loans.

We each are solid income earners (right around the $200k mark each) but household expense (especially for him) is pretty maxed out.

My oldest is a solid student and I’m sure she will have aspirations to explore out of state schools (she’s a sophomore).

I shudder to think she’ll want to go to a private university because on the face of it, it’s not affordable.

However, I admit I’m a bit in the dark as to overall financial aid process so am not sure what options we would have. Outside of loans, would private colleges offer any other sort of financial aid?

[Anonymous]

Not the Uber-elite ones. One step down, possibly.

[Anonymous]

Anonymous wrote:Not the Uber-elite ones. One step down, possibly.

OP here. Kids are not Ivy League types, for sure but they are solid students.

[Anonymous]

Merit Aid and maybe subsidized loans, otherwise none. Our HHI is just under $200k (one household, not two). The subsidized loans were offered when the second child was in college.

[Anonymous]

Anonymous wrote:XH and I share 2 kids and he remarried and had 2 more. We are both putting money away for our 2 kids’ college but it’s not very high. It’s enough for our 2 kids to go instate comfortably and not take any loans.

We each are solid income earners (right around the $200k mark each) but household expense (especially for him) is pretty maxed out.

My oldest is a solid student and I’m sure she will have aspirations to explore out of state schools (she’s a sophomore).

I shudder to think she’ll want to go to a private university because on the face of it, it’s not affordable.

However, I admit I’m a bit in the dark as to overall financial aid process so am not sure what options we would have. Outside of loans, would private colleges offer any other sort of financial aid?

You might get a lot of needs-based aid from a few really rich schools, like Princeton. Probably not that much from most others, but try putting numbers into “effective family contribution”calculators. They were pretty accurate for us, and the numbers were better than what I’d feared.

Otherwise:

1. It sounds as if you actually have lot saved. Take pride in what you have done.

2. Help your children understand what you think you can contribute, and talk about sources of uncertainty.

3. Private schools and out-of-state schools might get their after-aid costs to what the state flagship charges.

4. Other ideas: the Coast Guard Academy, ROTC, schools that are naturally unusually cheap (example: Brigham Young); English-language bachelor’s programs at universities in places like Greece; or even local language programs, if your children are fluent in other languages.

[Anonymous]

Our HHI is around 180K, one kid, 12% of class. There were a few grants offered from W&L (most generous), UofRochester & CMU. No work-study and mostly scholarships, if anything at all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:XH and I share 2 kids and he remarried and had 2 more. We are both putting money away for our 2 kids’ college but it’s not very high. It’s enough for our 2 kids to go instate comfortably and not take any loans.

We each are solid income earners (right around the $200k mark each) but household expense (especially for him) is pretty maxed out.

My oldest is a solid student and I’m sure she will have aspirations to explore out of state schools (she’s a sophomore).

I shudder to think she’ll want to go to a private university because on the face of it, it’s not affordable.

However, I admit I’m a bit in the dark as to overall financial aid process so am not sure what options we would have. Outside of loans, would private colleges offer any other sort of financial aid?

You might get a lot of needs-based aid from a few really rich schools, like Princeton. Probably not that much from most others, but try putting numbers into “effective family contribution”calculators. They were pretty accurate for us, and the numbers were better than what I’d feared.

Otherwise:

1. It sounds as if you actually have lot saved. Take pride in what you have done.

2. Help your children understand what you think you can contribute, and talk about sources of uncertainty.

3. Private schools and out-of-state schools might get their after-aid costs to what the state flagship charges.

4. Other ideas: the Coast Guard Academy, ROTC, schools that are naturally unusually cheap (example: Brigham Young); English-language bachelor’s programs at universities in places like Greece; or even local language programs, if your children are fluent in other languages.

This is OP and thanks for all this! Regarding the bolded, can you please explain this?

[Anonymous]

Your kid has a long way to go before applying to college. Come back in a year or two and let us know just how “solid” of a student she is.

[Anonymous]

FYI his wife’s income and assets will factor in with CSS schools. For FAFSA hers will also factor in if he supports the kids more financially.

Divorced kids whose parents remarry get screwed

[Anonymous]

Anonymous wrote:FYI his wife’s income and assets will factor in with CSS schools. For FAFSA hers will also factor in if he supports the kids more financially.

Divorced kids whose parents remarry get screwed

This is incorrect.

OP, please go to the library and read one of the many books on this topic. You'll only get misinformation here.

[Anonymous]

Your joint hhi is 400k. Plus does the wife have any income or assets? You’re not getting need based aid from anywhere with those numbers. You have one kid and make 200k. Either accept that she will go instate or start saving more. You could sell your house and move into a one bedroom apartment and cash flow. Not that I’m recommending that.

She might get merit aid that could bring the price down from 80l to 60k but the top schools don’t do merit.

I think people are missing that they each make 200,000 that’s 400,000 total plus whatever the new wife makes actually under some formulas and scenarios.

[Anonymous]

Anonymous wrote:

Anonymous wrote:FYI his wife’s income and assets will factor in with CSS schools. For FAFSA hers will also factor in if he supports the kids more financially.

Divorced kids whose parents remarry get screwed

This is incorrect.

OP, please go to the library and read one of the many books on this topic. You'll only get misinformation here.

This is not incorrect. The fafsa the rules will be changed by the time the kid is a senior.

If you think this is incorrect, exactly what about the statement is incorrect? Do you think a divorced couple with $400,000 in total income, 200k each, can get substantial financial need based aid?

[Anonymous]

Definitely fill out the FAFSA and go to each college's website for the net price calculator. It's way more complicated than just looking at income.

[Anonymous]

Merit aid only

[Anonymous]

Anonymous wrote:Your joint hhi is 400k. Plus does the wife have any income or assets? You’re not getting need based aid from anywhere with those numbers. You have one kid and make 200k. Either accept that she will go instate or start saving more. You could sell your house and move into a one bedroom apartment and cash flow. Not that I’m recommending that.

She might get merit aid that could bring the price down from 80l to 60k but the top schools don’t do merit.

I think people are missing that they each make 200,000 that’s 400,000 total plus whatever the new wife makes actually under some formulas and scenarios.

Oh just saw that you have two kids with him. But sorry you’re still not getting need based aid.