High income but 3 kids in college at once- financial aid

[Anonymous]

Two kids in college, one our of state one in private with scholarships. Both costs $40-$45K all in each year. $80k estimate per child is insane.

[Anonymous]

Anonymous wrote:Hi We will have three kids in college at once (a twin plus singleton situation). We are pretty high income $475k/yr. Please don't jump down my throat -it's a honest question- is there any way we will qualify for any aid
if all three are in school at once, or are we way out of the ball park - We just started making this income and do not have enough saved to pay 80k a year x3 for 4 years (if they go to private universities).

If you just started making that income, it will be easy for you to keep your spending near your old salaries and save save save.

[Anonymous]

Don’t have kids if you can’t afford them.

[Anonymous]

Anonymous wrote:Two kids in college, one our of state one in private with scholarships. Both costs $40-$45K all in each year. $80k estimate per child is insane.

Most privates in the top 50 national universities have a cost of attendance of 75k/yr right now, today. 80k would be the COA to budget for a kid starting a few years out. There are a few schools already at 80k.

[Anonymous]

Just go the Net Price Calculator and find out right now. No need to guess!

[Anonymous]

I’ve put our info into InTuition calculators and we are a little lower - $400K. Not a ton of savings as we also are in a situation where income just spiked. We get need based income at many schools. They figure your EFC and divide it by the number of kids in college - so you are expected to pay the same amount whether one or three.

[Anonymous]

I had twins and a singleton in college at the same time for two full years, make ~$300 in HHI, and received no financial aid. I paid out of pocket, plus the kids all earned a degree of merit aid. All went to public universities and are doing well. Just a data point to consider.

[Anonymous]

Anonymous wrote:I had twins and a singleton in college at the same time for two full years, make ~$300 in HHI, and received no financial aid. I paid out of pocket, plus the kids all earned a degree of merit aid. All went to public universities and are doing well. Just a data point to consider.

Ha same bucket exactly. Twins and one two years behind. Let’s get Starbucks some time. What about letting them get loans and then paying them off over time.

[Anonymous]

Obviously if you are making $475K you have to live like you are making that much so that doesn't actually leave a whole lot for college tuition now does it? Duh!

[Anonymous]

So much judgment on this thread! OP even disqualified it with “don’t jump down my throat” and people just can’t help but call them out for sitting on their imaginary luxury Caribbean vacation to the Starbucks line. It’s an honest question.
OP you may already know this but it’s based on prior prior years income (so two years before child enters college). Not sure if your income is consistent or when it went up.

[Anonymous]

The slight financial aid benefits of having multiples in expensive private schools usually tops out in the mid 200k income levels. And even then it's not that much and loans are offered first.

[Anonymous]

$160,000 and two in college and not a single penny in financial aid.

[Anonymous]

Anonymous wrote:Don’t have kids if you can’t afford them.

Don’t open threads if you have nothing productive to say.

[Anonymous]

At that income level you will not qualify for aid beyond an unsubsidized loan for each student.

[Anonymous]

Anonymous wrote:This is why you forego vacations and restaurants and Starbucks and salon coloring and manicures etc as needed once they are born to start saving for college. You had 18 years’ notice.

This is ridiculous! Don’t go on vacation for 18 years, if you love your kids? The system is broken.