What money is fair game for financial aid?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have 2.5million in assets and close to retirement, you can say we have the money but it would be financially irresponsible to spend 40k for each of our 3 kids. However, the tops schools think we can afford to pay without aids based on our assets

You can "afford it" but you choose to have three kids and spend your money in other ways vs. saving. You should have considered this when you bought your house, vacations and all that stuff. So, your kids got to state school for take out loans. Or, other options. I don't get the three kid excuse. You should have stopped at two.

Why are you assuming people have big house and fancy vacations? We bought a 380k house, never spend more than $5000/year on vacation, driving 14 and 16 year old cars, rarely dined out and saved 2.5 million which includes retirements!

Didn't your financial planner tell you to save for college 20 years ago? Didn't they tell you to open a 529?

When did I ever say We saved nothing? We have saved for can afford in-state 30k per/year/kid. But definitely not the 80k top colleges dispute what the EFC says

The EFC works the same for all of us. If the EFC says that's what you can afford, that is what you can afford. You can choose not to pay it. But all the other kids at those colleges use the exact same calculation as you.

Why would you expect your bill to be less than the rest of us?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have 2.5million in assets and close to retirement, you can say we have the money but it would be financially irresponsible to spend 40k for each of our 3 kids. However, the tops schools think we can afford to pay without aids based on our assets

You can "afford it" but you choose to have three kids and spend your money in other ways vs. saving. You should have considered this when you bought your house, vacations and all that stuff. So, your kids got to state school for take out loans. Or, other options. I don't get the three kid excuse. You should have stopped at two.

Why are you assuming people have big house and fancy vacations? We bought a 380k house, never spend more than $5000/year on vacation, driving 14 and 16 year old cars, rarely dined out and saved 2.5 million which includes retirements!

Didn't your financial planner tell you to save for college 20 years ago? Didn't they tell you to open a 529?

When did I ever say We saved nothing? We have saved for can afford in-state 30k per/year/kid. But definitely not the 80k top colleges dispute what the EFC says

The EFC works the same for all of us. If the EFC says that's what you can afford, that is what you can afford. You can choose not to pay it. But all the other kids at those colleges use the exact same calculation as you.

Why would you expect your bill to be less than the rest of us?

So it is written, so it shall be paid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
CSS schools can consider home equity and retirement accounts, the logic being that if you paid into both aggressively while not saving for school, that is a choice you made and you shouldn't be rewarded.

i agree that paying for college sucks, but financial aid is not for people with expensive houses and big retirement accounts. save for college or choose a less expensive way to get a college degree, i.e. dual credit, CC and then transfer to a local or nearby public U.

Sorry, but no. Whose high stats kid wants to go to CC??

This is an inhumane suggestion, like putting a gifted kid into a special needs classroom. Who would do that?

i guess who would do that is the inhumane people who had plenty of money and chose not to save for their kids' college ande forum is insane. also expect them go to an expensive private U.

the entitlement of many people on this forum is incredible!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
CSS schools can consider home equity and retirement accounts, the logic being that if you paid into both aggressively while not saving for school, that is a choice you made and you shouldn't be rewarded.

i agree that paying for college sucks, but financial aid is not for people with expensive houses and big retirement accounts. save for college or choose a less expensive way to get a college degree, i.e. dual credit, CC and then transfer to a local or nearby public U.

Sorry, but no. Whose high stats kid wants to go to CC??

This is an inhumane suggestion, like putting a gifted kid into a special needs classroom. Who would do that?

i guess who would do that is the inhumane people who had plenty of money and chose not to save for their kids' college ande forum is insane. also expect them go to an expensive private U.

the entitlement of many people on this forum is incredible!

+1 It really astonishes me. You can't have it all folks, and how has your life gone so far that you're shocked by this??

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
CSS schools can consider home equity and retirement accounts, the logic being that if you paid into both aggressively while not saving for school, that is a choice you made and you shouldn't be rewarded.

i agree that paying for college sucks, but financial aid is not for people with expensive houses and big retirement accounts. save for college or choose a less expensive way to get a college degree, i.e. dual credit, CC and then transfer to a local or nearby public U.

Sorry, but no. Whose high stats kid wants to go to CC??

This is an inhumane suggestion, like putting a gifted kid into a special needs classroom. Who would do that?

i guess who would do that is the inhumane people who had plenty of money and chose not to save for their kids' college ande forum is insane. also expect them go to an expensive private U.

the entitlement of many people on this forum is incredible!

+1 It really astonishes me. You can't have it all folks, and how has your life gone so far that you're shocked by this??

Yes, and when you point that out, you are (incorrectly) accused of "gaslighting".

[Anonymous]

"i guess who would do that is the inhumane people who had plenty of money and chose not to save for their kids' college ande forum is insane. also expect them go to an expensive private U.

the entitlement of many people on this forum is incredible!"

These parents of really brilliant kids aren't arguing that the kids should go to schools just because they are expensive. They want the schools that are the best place to nurture those kids' talents, which is what anybody who wants for the USA to remain a strong world leader should want. If they were beyond amazing piano players, they should go to Julliard or wherever the absolute best piano players go to study and max out their abilities. They aren't picking the school because it's expensive.

More importantly, what used to be expensive not very long ago, like when the parents of today's senior class brought our infants home, is now almost twice as expensive. Today's price ($80K X 4 years) is beyond what anybody who isn't a super high earner could save unless it's just for one kid. (Fewer than 5% of households make over $250K, so that is a super high earner.) And even then, it's hard to do it for more than one child.

The price of college has outstripped the incomes of the parents who send their kids to those colleges. This is true even for the public schools. The admin assistant in your office can't save enough for 4 years of GMU for two kids.

[Anonymous]

Anonymous wrote:"i guess who would do that is the inhumane people who had plenty of money and chose not to save for their kids' college ande forum is insane. also expect them go to an expensive private U.

the entitlement of many people on this forum is incredible!"

These parents of really brilliant kids aren't arguing that the kids should go to schools just because they are expensive. They want the schools that are the best place to nurture those kids' talents, which is what anybody who wants for the USA to remain a strong world leader should want. If they were beyond amazing piano players, they should go to Julliard or wherever the absolute best piano players go to study and max out their abilities. They aren't picking the school because it's expensive.

More importantly, what used to be expensive not very long ago, like when the parents of today's senior class brought our infants home, is now almost twice as expensive. Today's price ($80K X 4 years) is beyond what anybody who isn't a super high earner could save unless it's just for one kid. (Fewer than 5% of households make over $250K, so that is a super high earner.) And even then, it's hard to do it for more than one child.


The price of college has outstripped the incomes of the parents who send their kids to those colleges. This is true even for the public schools. The admin assistant in your office can't save enough for 4 years of GMU for two kids.

But that's why you get financial aid tied to your income and assets. I'm going through it now. Our family earns 120k and our EFC is 32K. It's still a stretch--but we saved, we're allocating a portion of our income now to it, our kid contributes through their own summer/after-school job earnings through high school and in college. He's taking on some subsidized loans. The total cost of attendance of his school is 40k so we're eligible for 8k financial aid, mostly loans and work/study and a 2k grant. It honestly feels pretty reasonable. We'll be going through the same with our second kid in a few years. I had student loans from my own school in the late 1990s. The burden feels pretty similar even though the overall costs have gone up, the EFC formula hasn't changed that much.

[Anonymous]

"But that's why you get financial aid tied to your income and assets. I'm going through it now. Our family earns 120k and our EFC is 32K. It's still a stretch--but we saved, we're allocating a portion of our income now to it, our kid contributes through their own summer/after-school job earnings through high school and in college. He's taking on some subsidized loans. The total cost of attendance of his school is 40k so we're eligible for 8k financial aid, mostly loans and work/study and a 2k grant. It honestly feels pretty reasonable. We'll be going through the same with our second kid in a few years. I had student loans from my own school in the late 1990s. The burden feels pretty similar even though the overall costs have gone up, the EFC formula hasn't changed that much."

How much do you have saved for this student if this is your EFC at this HHI? I take it this is a public school?

[Anonymous]

i agree that the price of college has gotten outrageous and out of reach for many people. borrowing a ton of money for it is also not ideal.

i feel like the demographics of this forum are pretty high income, so it does seem odd to see what most people would classify as "rich people" whining about their EFC for the most expensive schools.

an excellent education can be had at more than just schools that cost 70- 80K, but the DCUM crowd can't seem to accept that.

[Anonymous]

Anonymous wrote:"But that's why you get financial aid tied to your income and assets. I'm going through it now. Our family earns 120k and our EFC is 32K. It's still a stretch--but we saved, we're allocating a portion of our income now to it, our kid contributes through their own summer/after-school job earnings through high school and in college. He's taking on some subsidized loans. The total cost of attendance of his school is 40k so we're eligible for 8k financial aid, mostly loans and work/study and a 2k grant. It honestly feels pretty reasonable. We'll be going through the same with our second kid in a few years. I had student loans from my own school in the late 1990s. The burden feels pretty similar even though the overall costs have gone up, the EFC formula hasn't changed that much."

How much do you have saved for this student if this is your EFC at this HHI? I take it this is a public school?

Yes in-state public (W&M--it's a little less than 40k/yr but I rounded up). We saved about 100k for DC1 (so 25k per year, the remaining we cash-flow out of current income). Basically had been investing around 300/month in a 529 since he was born and investment gains plus a couple extra hundred here and there when we had it brought it up to 100k. For DC2 we only have about 65k saved in the 529, but we also have some unearmarked savings in ibonds we could cash in too. They don't start for a few more years so we'll have a little time to ramp it up a bit more if need be, especially after we're done paying for college for DC1.

[Anonymous]

Anonymous wrote:"i guess who would do that is the inhumane people who had plenty of money and chose not to save for their kids' college ande forum is insane. also expect them go to an expensive private U.

the entitlement of many people on this forum is incredible!"

These parents of really brilliant kids aren't arguing that the kids should go to schools just because they are expensive. They want the schools that are the best place to nurture those kids' talents, which is what anybody who wants for the USA to remain a strong world leader should want. If they were beyond amazing piano players, they should go to Julliard or wherever the absolute best piano players go to study and max out their abilities. They aren't picking the school because it's expensive.

More importantly, what used to be expensive not very long ago, like when the parents of today's senior class brought our infants home, is now almost twice as expensive. Today's price ($80K X 4 years) is beyond what anybody who isn't a super high earner could save unless it's just for one kid. (Fewer than 5% of households make over $250K, so that is a super high earner.) And even then, it's hard to do it for more than one child.

The price of college has outstripped the incomes of the parents who send their kids to those colleges. This is true even for the public schools. The admin assistant in your office can't save enough for 4 years of GMU for two kids.

Clearly enough are willing to pay or they would not charge that much.

[Anonymous]

Anonymous wrote:i agree that the price of college has gotten outrageous and out of reach for many people. borrowing a ton of money for it is also not ideal.

i feel like the demographics of this forum are pretty high income, so it does seem odd to see what most people would classify as "rich people" whining about their EFC for the most expensive schools.

an excellent education can be had at more than just schools that cost 70- 80K, but the DCUM crowd can't seem to accept that.

Big difference from dcum salaries and a family who earns $70-80k.

[Anonymous]

Anonymous wrote:"But that's why you get financial aid tied to your income and assets. I'm going through it now. Our family earns 120k and our EFC is 32K. It's still a stretch--but we saved, we're allocating a portion of our income now to it, our kid contributes through their own summer/after-school job earnings through high school and in college. He's taking on some subsidized loans. The total cost of attendance of his school is 40k so we're eligible for 8k financial aid, mostly loans and work/study and a 2k grant. It honestly feels pretty reasonable. We'll be going through the same with our second kid in a few years. I had student loans from my own school in the late 1990s. The burden feels pretty similar even though the overall costs have gone up, the EFC formula hasn't changed that much."

How much do you have saved for this student if this is your EFC at this HHI? I take it this is a public school?

Ok, I don’t get why you have not saved that much. We have about your income and less early on and we could pay. $32 a year our of the college savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:"But that's why you get financial aid tied to your income and assets. I'm going through it now. Our family earns 120k and our EFC is 32K. It's still a stretch--but we saved, we're allocating a portion of our income now to it, our kid contributes through their own summer/after-school job earnings through high school and in college. He's taking on some subsidized loans. The total cost of attendance of his school is 40k so we're eligible for 8k financial aid, mostly loans and work/study and a 2k grant. It honestly feels pretty reasonable. We'll be going through the same with our second kid in a few years. I had student loans from my own school in the late 1990s. The burden feels pretty similar even though the overall costs have gone up, the EFC formula hasn't changed that much."

How much do you have saved for this student if this is your EFC at this HHI? I take it this is a public school?

Ok, I don’t get why you have not saved that much. We have about your income and less early on and we could pay. $32 a year our of the college savings.

I said we *can* pay and while it's a stretch--it's fairly reasonable--we saved about 100k for 1 kid and 65k for the next kid. We cash flow the rest. The kid takes on loans/works/has a 2k grant. We also used to earn less (like most people). I'm actually one of the ones on this thread not complaining--and I'm saying that the FA formulas seem pretty similar as they were in the late 1990s and the EFC can seem large but it's not that unreasonable to me to be asked to pay roughly 1/4 of your salary for 4 years for something you had 18 years to save up for, and that can be supplemented by your kid working through high school and college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:"But that's why you get financial aid tied to your income and assets. I'm going through it now. Our family earns 120k and our EFC is 32K. It's still a stretch--but we saved, we're allocating a portion of our income now to it, our kid contributes through their own summer/after-school job earnings through high school and in college. He's taking on some subsidized loans. The total cost of attendance of his school is 40k so we're eligible for 8k financial aid, mostly loans and work/study and a 2k grant. It honestly feels pretty reasonable. We'll be going through the same with our second kid in a few years. I had student loans from my own school in the late 1990s. The burden feels pretty similar even though the overall costs have gone up, the EFC formula hasn't changed that much."

How much do you have saved for this student if this is your EFC at this HHI? I take it this is a public school?

Ok, I don’t get why you have not saved that much. We have about your income and less early on and we could pay. $32 a year our of the college savings.

I said we *can* pay and while it's a stretch--it's fairly reasonable--we saved about 100k for 1 kid and 65k for the next kid. We cash flow the rest. The kid takes on loans/works/has a 2k grant. We also used to earn less (like most people). I'm actually one of the ones on this thread not complaining--and I'm saying that the FA formulas seem pretty similar as they were in the late 1990s and the EFC can seem large but it's not that unreasonable to me to be asked to pay roughly 1/4 of your salary for 4 years for something you had 18 years to save up for, and that can be supplemented by your kid working through high school and college.

You could have saved more over the years. We did the bulk of our saving on that income.