When the reality of college cost hits. Cannot do dream school.

[Anonymous]

My niece got into her dream school, an Ivy. Cannot make the numbers work, two-teacher family making just over 200k, expected to contribute 75k per year (roughly 20k per year in aid), have two other kids (twins three years younger), sizable medical expenses. They simply bought a home at a good time and have a lot of equity, ruining financial aid calculations, and they aren't selling their house to pay for college. My sister is heartbroken and feels like she failed her kid. This is not a good feeling.

[Anonymous]

How much has the niece saved toward college?

[Anonymous]

I don't believe you

[Anonymous]

Can niece go to the Ivy for grad school?

I would look ahead.

[Anonymous]

Anonymous wrote:I don't believe you

This is an odd post.

[Anonymous]

Anonymous wrote:My niece got into her dream school, an Ivy. Cannot make the numbers work, two-teacher family making just over 200k, expected to contribute 75k per year (roughly 20k per year in aid), have two other kids (twins three years younger), sizable medical expenses. They simply bought a home at a good time and have a lot of equity, ruining financial aid calculations, and they aren't selling their house to pay for college. My sister is heartbroken and feels like she failed her kid. This is not a good feeling.

Maybe it’s a good time to sell the house. Nobody knows if the real estate market will go south in the next few years. They can downsize or rent.

[Anonymous]

Sorry OP, that is tough. Your niece and her family should appeal the aid offer, there is a process for this and while it is not guaranteed it can certainly help. This is especially true if she received higher aid offers from other schools.
You might offer to help by researching the how to and helping with the letter. I'd at least try

[Anonymous]

Anonymous wrote:

Anonymous wrote:My niece got into her dream school, an Ivy. Cannot make the numbers work, two-teacher family making just over 200k, expected to contribute 75k per year (roughly 20k per year in aid), have two other kids (twins three years younger), sizable medical expenses. They simply bought a home at a good time and have a lot of equity, ruining financial aid calculations, and they aren't selling their house to pay for college. My sister is heartbroken and feels like she failed her kid. This is not a good feeling.

Maybe it’s a good time to sell the house. Nobody knows if the real estate market will go south in the next few years. They can downsize or rent.

This seems nonsensical.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't believe you

This is an odd post.

Under the circumstances OP has described, I don't believe an Ivy would require the parents to pay 75k. I just don't.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't believe you

This is an odd post.

Under the circumstances OP has described, I don't believe an Ivy would require the parents to pay 75k. I just don't.

I'm the OP. I promise you it is true. Your post is strange.

[Anonymous]

I know interest rates stink but what about a HELOC off the value of the house?

Can the kid defer a year, live at home and work to save up some money?

Agree with above to challenge the aid calculation?

[Anonymous]

People, attending an Ivy is not a life or death situation. She will be fine elsewhere. The family does not need to sell the house, get a HELOC, or sell a kidney.

The Ivy worship on this site is insane.

[Anonymous]

Hmm. I am in that rough income bracket and have a kid at an Ivy and the cost is 48K. But, I have another in college at the same time. I do recall the aid letter saying it was based on having another in college, and if that child did not in fact enroll for the 2025-26 year, the cost would be 70K. So this seems legit. But, we are also a little higher - $260K income. We also have some, but not major, assets.

Two things: 1) House equity is likely not counted. Most schools do not count it. 2) The parents should absolutely call the school and share that they have twins coming into college age and medical expenses. They honestly might get more aid. Then, they might want to consider a combo of the more aid plus home equity loan.

Are you willing to share which Ivy? I ask because some have these various "promises" that the parent might want to specify when calling. Usually they're under $200K, but if parents can explain that, in reality due to medical expenses they are under the threshold, it might help.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't believe you

This is an odd post.

Under the circumstances OP has described, I don't believe an Ivy would require the parents to pay 75k. I just don't.

That is exactly what Ivies (excluding Princeton) ask of families such as described. We were in the same position last year with slightly higher income and the schools asked for between $63k and $72k. It’s obscene how bad the financial aid is at the Ivy league level.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't believe you

This is an odd post.

Under the circumstances OP has described, I don't believe an Ivy would require the parents to pay 75k. I just don't.

Seriously, why would someone make this up? And you really don't understand that a family going through this the first time, especially with all of the touting the colleges do about aid for families under 200K might be shocked to find out that other assets largely negate that? Further, I would guess parents might not want to be fully transparent with their DC about medical conditions and costs.