if you're using private, are you saving enough for each child to go to any college?

[Anonymous]

Anonymous wrote:We are just below $200,000 and I am not going to save for college. For us, it doesn't make any sense. I am making a trust that she will have access to after she graduates. That way she will still be eligible for maximum aid.

She will then be allowed to use a portion of the principal to pay off school. The rest will go towards rent.

So nice that you take pride in gaming the system. I'm sure alumni who donate to your daughter's future school would be thrilled to know they'll be supporting her trust fund.

[Anonymous]

Anonymous wrote:We are just below $200,000 and I am not going to save for college. For us, it doesn't make any sense. I am making a trust that she will have access to after she graduates. That way she will still be eligible for maximum aid.

She will then be allowed to use a portion of the principal to pay off school. The rest will go towards rent.

isn't this the same as saving for college? She's going to be using the money in large part, for that purpose.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are just below $200,000 and I am not going to save for college. For us, it doesn't make any sense. I am making a trust that she will have access to after she graduates. That way she will still be eligible for maximum aid.

She will then be allowed to use a portion of the principal to pay off school. The rest will go towards rent.

So nice that you take pride in gaming the system. I'm sure alumni who donate to your daughter's future school would be thrilled to know they'll be supporting her trust fund.

My thoughts exactly. It's why I think twice about supporting scholarships--because people voluntarily impoverish themselves to get handouts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are just below $200,000 and I am not going to save for college. For us, it doesn't make any sense. I am making a trust that she will have access to after she graduates. That way she will still be eligible for maximum aid.

She will then be allowed to use a portion of the principal to pay off school. The rest will go towards rent.

So nice that you take pride in gaming the system. I'm sure alumni who donate to your daughter's future school would be thrilled to know they'll be supporting her trust fund.

My thoughts exactly. It's why I think twice about supporting scholarships--because people voluntarily impoverish themselves to get handouts.

Wait, so if our hhi is around 200k, and we don't yet have many assets (new to our careers and therefore to this income level, lots of student loan debt), should we consider filing for financial aid when we apply this fall?

Honest question, because we're considering not applying to schools over a certain tuition level because of the need to begin saving a least a modest amount. If folks making around this much as getting 2000-3000 reductions off the price tag that might make us bold enough to submit an application.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are just below $200,000 and I am not going to save for college. For us, it doesn't make any sense. I am making a trust that she will have access to after she graduates. That way she will still be eligible for maximum aid.

She will then be allowed to use a portion of the principal to pay off school. The rest will go towards rent.

So nice that you take pride in gaming the system. I'm sure alumni who donate to your daughter's future school would be thrilled to know they'll be supporting her trust fund.

She's absolutely right in gaming college financial aid. Those price tags are bs and no college even Harvard is worth 60k a year. Instead of complaining about costs for elementary and high school private school, lets all work to stop the disgusting price gouging that is happening for college.

[Anonymous]

Yes we save 1250 per kid. We have a high HHI. I wouldn't do it otherwise. Paying for college (no loans) was my first goal when it came to the kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are just below $200,000 and I am not going to save for college. For us, it doesn't make any sense. I am making a trust that she will have access to after she graduates. That way she will still be eligible for maximum aid.

She will then be allowed to use a portion of the principal to pay off school. The rest will go towards rent.

So nice that you take pride in gaming the system. I'm sure alumni who donate to your daughter's future school would be thrilled to know they'll be supporting her trust fund.

My thoughts exactly. It's why I think twice about supporting scholarships--because people voluntarily impoverish themselves to get handouts.

Wait, so if our hhi is around 200k, and we don't yet have many assets (new to our careers and therefore to this income level, lots of student loan debt), should we consider filing for financial aid when we apply this fall?

Are you talking about applying for aid at private school with HHI of 200k and student loan debt? Absolutely, yes, apply for aid. You will likely get 5k to 10k depending on the school.

Honest question, because we're considering not applying to schools over a certain tuition level because of the need to begin saving a least a modest amount. If folks making around this much as getting 2000-3000 reductions off the price tag that might make us bold enough to submit an application.

[Anonymous]

Anonymous wrote:We are just below $200,000 and I am not going to save for college. For us, it doesn't make any sense. I am making a trust that she will have access to after she graduates. That way she will still be eligible for maximum aid.

She will then be allowed to use a portion of the principal to pay off school. The rest will go towards rent.

I'm new at this it don't you have to declare this trust as part of your assets when you apply for aid?

[Anonymous]

Anonymous wrote:She's absolutely right in gaming college financial aid. Those price tags are bs and no college even Harvard is worth 60k a year. Instead of complaining about costs for elementary and high school private school, lets all work to stop the disgusting price gouging that is happening for college.

The money for financial aid doesn't fall from the sky. Should we also stop donating to universities to protest the system?

[Anonymous]

Sorry, was trying to respond to the poster with a HHI of 200k and student loan debt. Absolutely apply for aid. You will likely get between 5k to 10k. Possibly more at larger private schools.

[Anonymous]

We are talking about college and loans. If you are saving for college then you have less to pay for tuition. This is why I am able to give each year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:She's absolutely right in gaming college financial aid. Those price tags are bs and no college even Harvard is worth 60k a year. Instead of complaining about costs for elementary and high school private school, lets all work to stop the disgusting price gouging that is happening for college.

The money for financial aid doesn't fall from the sky. Should we also stop donating to universities to protest the system?

Yes, stop donating to universities.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are just below $200,000 and I am not going to save for college. For us, it doesn't make any sense. I am making a trust that she will have access to after she graduates. That way she will still be eligible for maximum aid.

She will then be allowed to use a portion of the principal to pay off school. The rest will go towards rent.

isn't this the same as saving for college? She's going to be using the money in large part, for that purpose.

The money will still be in an index fund. A decent loan shouldn't start accruing interest until after he's out. So, the principal increases, on average, 7% each year while the loan stays at 0%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are just below $200,000 and I am not going to save for college. For us, it doesn't make any sense. I am making a trust that she will have access to after she graduates. That way she will still be eligible for maximum aid.

She will then be allowed to use a portion of the principal to pay off school. The rest will go towards rent.

I'm new at this it don't you have to declare this trust as part of your assets when you apply for aid?

Only certain types of trusts. Those that a third party controls that can't be revoked.

[Anonymous]

Yes, but we live in VA, so if DC get into UVA or W&M, they will go there or pay the difference.