UVA vs Cornell, Georgetown, etc. for in-state

[Anonymous]

Anonymous wrote:

Anonymous wrote:Am I alone in thinking that it's ok if people who make $300K a year and/or have $1M in non-retirement assets not to qualify for financial aid?

Financial aid is meant for people who don't have the means to pay for college, not for people who do have the means but choose to spend the money on expensive houses or other non-essential luxury items.

Did you read the thread? The poster with $300K income has spent their savings on private school and tutoring and has other commitments (parent care, two other children, retirement, etc).

I get your point but don't talk like Ivys and other top schools are giving out a lot of aid. If you aren't poor (yes, 65K/yr is poor), you don't get aid. Period.

But one could argue that was a poor financial choice. Could have saved the money for private school for college. All about choices.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Am I alone in thinking that it's ok if people who make $300K a year and/or have $1M in non-retirement assets not to qualify for financial aid?

Financial aid is meant for people who don't have the means to pay for college, not for people who do have the means but choose to spend the money on expensive houses or other non-essential luxury items.

Did you read the thread? The poster with $300K income has spent their savings on private school and tutoring and has other commitments (parent care, two other children, retirement, etc).

I get your point but don't talk like Ivys and other top schools are giving out a lot of aid. If you aren't poor (yes, 65K/yr is poor), you don't get aid. Period.

THIS IS COMPLETELY UNTRUE. My family made $165,000 last year. My kid is a freshman at a non-HYP Ivy. We are paying $24,936 this year with no loans. I know this because my 8th and final $3117 payment of the year is due next week. We are receiving more than $45,000 in financial aid - and yet we make $100,000 more per year than your farcical $65,000 financial aid cutoff point.

Congratulations on your kid's admission into an Ivy! We are in a similar situation income-wise but have non-retirement assets of over $1M. I suspect you would not have received any aid if your savings were substantial. At least that's what the Harvard calculator shows for us. If you can share the University your son goes to, I can check it out for my situation.

[Anonymous]

My nephew attended a selective private college with need blind admissions and my sister probably had the equivalent household income of around 100K. The need based financial aid brought the cost down to the equivalent of in state tuition.

We have a higher income and will be a donut hole family. We will manage somehow and that is why we do not qualify for need based aid.

[Anonymous]

I could have gotten into ivy league schools but only applied to Maryland and went there for totally free

Did I make a bad life decision?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Am I alone in thinking that it's ok if people who make $300K a year and/or have $1M in non-retirement assets not to qualify for financial aid?

Financial aid is meant for people who don't have the means to pay for college, not for people who do have the means but choose to spend the money on expensive houses or other non-essential luxury items.

Did you read the thread? The poster with $300K income has spent their savings on private school and tutoring and has other commitments (parent care, two other children, retirement, etc).

I get your point but don't talk like Ivys and other top schools are giving out a lot of aid. If you aren't poor (yes, 65K/yr is poor), you don't get aid. Period.

THIS IS COMPLETELY UNTRUE. My family made $165,000 last year. My kid is a freshman at a non-HYP Ivy. We are paying $24,936 this year with no loans. I know this because my 8th and final $3117 payment of the year is due next week. We are receiving more than $45,000 in financial aid - and yet we make $100,000 more per year than your farcical $65,000 financial aid cutoff point.

Congratulations on your kid's admission into an Ivy! We are in a similar situation income-wise but have non-retirement assets of over $1M. I suspect you would not have received any aid if your savings were substantial. At least that's what the Harvard calculator shows for us. If you can share the University your son goes to, I can check it out for my situation.

If you have substantial savings which would also generate a decent income on top of making 300k from your job and on top of your retirement savings, then of course you should not qualify for need-based aid. If you have extenuating circumstances and expenses then you could clarify that in your app and if they are actually legit, there is a high likelihood you will get some need-based aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Am I alone in thinking that it's ok if people who make $300K a year and/or have $1M in non-retirement assets not to qualify for financial aid?

Financial aid is meant for people who don't have the means to pay for college, not for people who do have the means but choose to spend the money on expensive houses or other non-essential luxury items.

Did you read the thread? The poster with $300K income has spent their savings on private school and tutoring and has other commitments (parent care, two other children, retirement, etc).

I get your point but don't talk like Ivys and other top schools are giving out a lot of aid. If you aren't poor (yes, 65K/yr is poor), you don't get aid. Period.

THIS IS COMPLETELY UNTRUE. My family made $165,000 last year. My kid is a freshman at a non-HYP Ivy. We are paying $24,936 this year with no loans. I know this because my 8th and final $3117 payment of the year is due next week. We are receiving more than $45,000 in financial aid - and yet we make $100,000 more per year than your farcical $65,000 financial aid cutoff point.

One should not have to prematurely cash our their IRAs, and SEP-IRAs for retirement for college. I'm the 300k who got no aid. We did save. I started trust funds for children immediately after each was born (this was before 529s/state funded plans) and funded all three with any cash gifts they received and annual contributions from us. They were decimated in the great recession (yes, I had a professional looking after it), as were all our holdings. After that. our CPA, who was familiar with FAFSA, said to cash them out to use on private school tuition and counseling, which was imperative for one of the kids who turned out to have SNs. I tried, but the Rule of 7 did not work for us in trusts, so we are now trying to do three in college on $150K (after tax 300K) and got zero aid from FAFSA. All are in Virginia schools. One wants to go to law school, which will have to be on him. Grandparents are helping. And we have no employer-sponsored health care plan so are on the remaining Obamacare plan in our zip code. It was 26K a year last year for a family of five. It's 35K a year for us. We are those people you read about in the paper where health care costs have tripled.

Congratulations on your kid's admission into an Ivy! We are in a similar situation income-wise but have non-retirement assets of over $1M. I suspect you would not have received any aid if your savings were substantial. At least that's what the Harvard calculator shows for us. If you can share the University your son goes to, I can check it out for my situation.

If you have substantial savings which would also generate a decent income on top of making 300k from your job and on top of your retirement savings, then of course you should not qualify for need-based aid. If you have extenuating circumstances and expenses then you could clarify that in your app and if they are actually legit, there is a high likelihood you will get some need-based aid.

[Anonymous]

^^ You didn't even take time to read. STock market crash of 1997; taking care of elderly grandparents (3 of them), extraordinary health care costs, and I forgot to mention at least one of the children will have to take a fifth year of college due to SN, which is becoming (fifth and sixth year) more and more common. We filed for extenuating circumstances due to grandparents. It didn't help. We simply make too much for the FAFSA computer. This is what is called a donut hole family. There are many of us. Our property taxes alone are killing us. What we need to do is sell our house and move into an apartment but I haven't the energy due to child and elderly senile parents issues. You go through FAFSA and post back please. We do FAFSA every single year and have received zero every single year. We don't have substantial savings and even if the IRAs and SEP IRAs were doing well, you know that that income stays right on the IRA, I can't take it out without penalty.

[Anonymous]

Talk to your CPA or accountant if you have one, now! (from the PP who is a donut hole person). http://www.smartplanforcollege.com/donut-hole/