Do families with $250K in income get financial aid? If not, how do they afford college?
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Anonymous
| Question says it all. I have been hearing all of my friends who are federal government workers saying their kids are not eligible for financial aid. But I don't think this is enough $ in income to afford $70K in college costs per kid per year. And it's not as though these families had extra income before their kids went to college - in this area, a mortgage, saving for retirement, and cost of raising kids will eat up all of that income. Where does the extra $ come from if they don't get financial aid? |
Anonymous
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They don’t choose to go to schools that cost $70000 a year?
$250,000 is enough to afford college, just maybe not the most expensive without massive loans. Everyone makes choices. |
Anonymous
| It’s pretty clear OP - go to a cheaper college you can afford. Why should someone else subsidize your 70k per year college??? |
Anonymous
This is OP. Why are you being rude already? We don't have a college age kid yet. I am observing the kids of my friends going to private schools that cost about this amount per year. |
Anonymous
| We make less, we save starting at birth, make savings a priority, no vacations, etc. and state school. |
Anonymous
| We are in this category. We are going to afford it because we have some money in 529s that we saved, and we will be tightening our belts for the 6 years our kids are in college - no expensive vacations, no new major purchases. Also we will be freeing up probably $24,000 a year that we used to spend on kid activities, pocket money, gifts. And the kids will work and take out some loans. |
Anonymous
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I only make $100K and I didn't use any FA. DD got a scholarship to an affordable in-state school and knocked out several college credits her senior year of HS.
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Anonymous
| also, my real question is what type of income level is eligible for financial aid? I have been googling this and can't get a clear answer.... |
Anonymous
Not 250k. |
Anonymous
| We make that and plan to fully fund $75k college. But we stopped at one kid and made savings a priority. Had we had more than one kid, it would be a mix of scholarships, loans, and cheaper schools. |
Anonymous
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we saved for 18 years. 500 a year some years. 10k a year when we were at a 200K HHI and no daycare, no private k-12 tuition. We maxed retirement too.
our most expensive years where when we making 100k and had daycare. now seems easier |
Anonymous
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we saved about 50k over 18 years and that is now 150k in our 529.
if you have a kid who is 10-18 years old, the market has been pretty darn good for you. |
Anonymous
| Loans. |
Anonymous
We got a 15 year mortgage so that when kids started college we would no longer have a mortgage payment. The cash flow that used to go to mortgage payment goes to tuition. In addition, every bonus went to paying off cars. After cars paid off, the amt that was a car payment went to 529s. We have historically kept our cars for a long time so that we have a bunch of years with this model. It might not work for everyone, but it worked for us. |
Anonymous
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It's actually closer to $100,000 per year at some privates. Times two kids in most families. So, $800,000.
It's ridiculous. What we told our kids is you have duel citizenship with Canada. So there's that option. You are a resident of this state and we can swing the cost of the flagship. And if you don't like those options, here's a list of the schools that meet all financial need. Go for it. The catch is that all the schools that will meet all financial need are the extremely selective high endowment schools like Princeton, Rice, Yale, Amherst, Duke, Bowdoin, Stanford etc. Most of these schools are offering aid to families even with $250k in annual income. You just need to get in. Otherwise, it's merit at lower ranked schools. Or hello State U. |