FA for 200k HHI

[Anonymous]

DH and I are 2 years away from our 1st heading off to college. Our second will follow in another 2 years. We do not have specific college savings, only 401k's and IRAs.

Will we qualify for aid? How did you determine your budget?

[Anonymous]

You will probably not qualify for any financial aid but your child might get some merit aid depending on the school and their stats. Look at the school's admissions website for the cost of attendance, they have calculators that you can use to estimate.

[Anonymous]

Nope. You won’t qualify. Hopefully your kid has excellent stats and will receive merit aid, because you won’t get anything from FAFSA.

[Anonymous]

It depends on your assets and the school. Our HHI is 211k and we pay 41k per year for college. We have a FA grant of 46ish thousand.

[Anonymous]

PP from above, if you want to get an idea choose a college and fill out their Net Price Calculator. This takes into account several data points to figure out which each school will expect of you. We used NPCs to determine which schools our daughter could apply to.

[Anonymous]

um, why have you put nothing aside for your kids' educations? We just recently got to this HHI, and we've been saving since our first was little and we were living on @$100K

[Anonymous]

You may get some financial aid, but still for any school that doesn't give merit aid, you're looking at a likely annual contribution of at least $40,000. How do you have no college savings? Or are you currently paying for private high school so this $40,000 would just come out of cash flow?

[Anonymous]

You will qualify for a lot of aid at full need met CSS schools. Run the NPCs

[Anonymous]

Anonymous wrote:You will qualify for a lot of aid at full need met CSS schools. Run the NPCs

This is not accurate. Out HHI is 125k and our EFC at those schools is typically around 40k per year and we have very little savings outside of retirement and some home equity

[Anonymous]

Anonymous wrote:It depends on your assets and the school. Our HHI is 211k and we pay 41k per year for college. We have a FA grant of 46ish thousand.

How’d you get that? I assumed income like $211k is full pay.

[Anonymous]

Anonymous wrote:It depends on your assets and the school. Our HHI is 211k and we pay 41k per year for college. We have a FA grant of 46ish thousand.

What kind of assets did you have?

[Anonymous]

Yikes. You didn't start a 529 for each when your kids were born?

You are at the cutoff. Likely will be sh*t out of luck. Best bet they get good grades/scores and apply to schools with high acceptance rates and get merit aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It depends on your assets and the school. Our HHI is 211k and we pay 41k per year for college. We have a FA grant of 46ish thousand.

How’d you get that? I assumed income like $211k is full pay.

DP:

Our HHI is $235k, and our financial aid offers at 3 private schools (one T20, and two T50s) ranged from $52-60K. We have typical 401ks/savings and about $175K in home equity.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It depends on your assets and the school. Our HHI is 211k and we pay 41k per year for college. We have a FA grant of 46ish thousand.

How’d you get that? I assumed income like $211k is full pay.

DP:

Our HHI is $235k, and our financial aid offers at 3 private schools (one T20, and two T50s) ranged from $52-60K. We have typical 401ks/savings and about $175K in home equity.

I don't believe this. Are you including merit aid in this?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It depends on your assets and the school. Our HHI is 211k and we pay 41k per year for college. We have a FA grant of 46ish thousand.

How’d you get that? I assumed income like $211k is full pay.

DP:

Our HHI is $235k, and our financial aid offers at 3 private schools (one T20, and two T50s) ranged from $52-60K. We have typical 401ks/savings and about $175K in home equity.

PP: forgot to add that we can cash flow and use 529 savings to pay