Anonymous wrote:The people congratulating themselves for sacrificing while judging others without knowing anything about their circumstances is cracking me up. OK you love your kids more than we do because you drove the same car for 10 years.
Here's what the sanctimonious self-sacrificing crowd doesn't get. There are those of us who think that YOU'RE foolish to pay 85K per year for college. It doesn't make financial sense in most cases. You're obsessed with the "best" schools when most research shows that kids going to good publics do just as well. So there are those of us who think, unless you're wealthy, it's foolish to save for 85K a year when you can get the same quality for 40K per year. We're not as into prestige and we're certainly not paying for it. So just know as you're judging us, we're also looking at your values with some critical questions....
Sorry for my tone, but the judgment assuming those who haven't saved for 85K per year are just selfishly splurging.... it's so far from how many of us approach this.
Most of us aren't "congratulateing ourselves" and are middle class, so, we actually get some aid.
The big issue many if us have is hearing those who didn't save complain. Totally fine for you to cashflow a 40k school, but don't complain that you should somehow get a discount at a 90k school.
We scrimp and save to afford the COA of 30k at the 90k school after FA. We could have stretched to 40k, but thank goodness got great aid.
Fantastic but you are paying 60K less than many that also scrimped and saved. The extra $60k is A LOT. That is what you people are missing. We only drive Hondas, one is a 2006! WE don't take splashy vacations or wear name brands, etc. But--colleges have us on the hook for the full freight...even though we are scrimping and saving just as much as you. We only had 2 kids and live frugally. WE do have lots of retirement savings and paid down our mortgage as a priority...we also were funding the 529s since birth. AND if we only had to pay $30k like you--they would be able to attend the Ivies and SLACs that their hard work with no hooks got them into....but they are part of the donut hole class which is REAL no matter how much you people getting $60k discounts think it isn't.
+1 lol at the ^PP who thinks they did it right by getting FA.
Excuse us, but we saved, too, and can afford $50/yr, but we are a donuthole family who gets zilch. We can easily float in state, and maybe cheaper oos, but not the $90K/yr school that ^PP's kid is going to. We also have more than one kid.
There aren't that many great in state options where we are, so even if we look oos, we are restricted to a small number of decent schools for $50K/year.
Calling yourself a donut hole family is a bit of a joke as you have a comfortable salary and choose what you decided to save. Your income has to be pretty high to save that.
Exactly!
As well--there are many many decent schools for $50K/year. Outside of T50, most privates (and many OOS publics) will offer excellent merit to top/good students. There are over 4000 universities in this country. If you want affordable, there will be many excellent options in the T200 alone, and really in the T100.
Well, yes, I stated as much, that DCs are and will be going to a school that's < $50k/year. But, that wasn't the point to the ^PP who said that "they did everything right and can afford an expensive college because they are getting $$ in aid".
Point is, we saved, too, more than that ^PP, but we won't get any aid.
No one in their right mind would pay $200K for a T100 below school. That's a dumb use of money. If I'm paying $200K for a degree, it should be at least a somewhat good school.
Also, you are saying that in order to get any aid, your kid has to be super high achieving.
So, we have all these caveats to "your kid can still go to an expensive school".
I am that PP. Why duch a beef with my kid's aid? You are saying YOU did everything right, but you never say how much you make which seems to be a lot.
If you have extensive health expenses, that is considered in CSS, and you should get some aid if under 250k. So how much do you really make? And, why is it cool to go off on someone for getting need based aud. We have more need than you and less ability to save towards the cost. Why the grudge?
This just feels so entitled.
Because it is ENTITLED! They are made that someone is getting "a handout", in their opinion. NEvermind that they would not want to actually switch places with you for the last 18+ years and live the life required to get that "reward". 30+ years ago, the elite schools were 65%+ rich kids. I went to a T10 where 65% received NO FINANCIAL AIDE at all. Now 60% of students get some aid. That's quite a turnaround, and I for one am glad smart kids, that don't have the resources get the opportunity. And you are accurate, people with 200K income get some FA, as it's a gradual decline as income increases. And most top schools also use CSS so they get a full look at your finances (and unexplained circumstances if they exist).
Back when I went to school, I had twins in my HS who were going to go to college almost anywhere for free. Why? Because they were kids #11 and 12, their parents were already 70+. They were also smart kids and did well in life. But why should they be penalized because their parents were old? If a private school wants to give them financial aid, that is the school's choice.
I also got aide because my parents were poor, but not full aid and I had to work my ass off to earn enough to pay for everything and still had major loans. But I don't begrudge the kids who got more aid, as they obviously needed it more
Nope. THis is BS. Need based/financial aid doesn't take into account the cost of living or real estate prices. Families making $150k-200k in other parts of the country are living much ritzier lives in much ritzier homes and get the aid--so much so at the elite schools my kid got into it would almost be completely free for them at $150k. Just look at the 'cost to live comfortably' at cities around the US and you will see.
Until there is a COL adjustment--it’s a bunch of sh*t.
But it’s your choice to
1) live in a HCOL area
2) be employed at your jobs making what you make. There are young couples mid twenties who are bringing home 250k easy. Why did you let yourself plateau and why are you griping about what are essentially choices that are fully in your control?
Your whining is irritating.
Lady, the jobs are in the high COL areas.
You CAN commute like many do OR you can live in cheaper housing. And, there is cheaper housing in this area so don't pretend like there isn't.
so, basically donut hole families should live like middle class people if they want to afford $85K college for their kids, while middle class people can get aid and don't have to live below their means.
DP. No donut hole families need to make a Plan and Compromise. But You don't want to do any of that. You just want to whine. I do not feel bad whatsoever that the Ivies and elite schools are off the table for you. Be sure to explain to your kids how you let them down.
We plan and compromise, but trying to save $400K for college is not that easy with $250K income.
You absolutely CAN do it if you choose to. However, if you cannot afford a $400K college your kids does not go and they go to a college you can afford. Mine know we cannot afford that much. We can afford a state college and grad school. They are fine with that. We wouldn't even consider an IVY or elite school even though our kids are smart enough to go. It's not letting kids down. It's teaching them about money, values and lifestyle choices. If your kids feel they have to go to these colleges, that's a parenting fail either in terms of savings or teaching/modeling financial behavior.
Anonymous wrote:Many regular kids don’t go to college at all. Trade school, military, jobs….
Of course but the parents of those kids are not usually on a college forum.
That is a completely ignorant statement. We live in CCDC and we know a good handful of kids who live here and CCMD and Arlington who didn't go to school. Or, who went to school and are now underemployed. Young men and young women. All parents professionals and some parents ivy grads. Maybe the will eventually go to school, and maybe not. As we all know there are many famous, and fabulously rich people who didn't go to college, dropped out, or went later in life.
--No dog in this fight, but I'd be really sad on my friends' behalf for them to read this nonsense
Anonymous wrote:Many regular kids don’t go to college at all. Trade school, military, jobs….
Of course but the parents of those kids are not usually on a college forum.
That is a completely ignorant statement. We live in CCDC and we know a good handful of kids who live here and CCMD and Arlington who didn't go to school. Or, who went to school and are now underemployed. Young men and young women. All parents professionals and some parents ivy grads. Maybe the will eventually go to school, and maybe not. As we all know there are many famous, and fabulously rich people who didn't go to college, dropped out, or went later in life.
--No dog in this fight, but I'd be really sad on my friends' behalf for them to read this nonsense
Anonymous wrote:The people congratulating themselves for sacrificing while judging others without knowing anything about their circumstances is cracking me up. OK you love your kids more than we do because you drove the same car for 10 years.
Here's what the sanctimonious self-sacrificing crowd doesn't get. There are those of us who think that YOU'RE foolish to pay 85K per year for college. It doesn't make financial sense in most cases. You're obsessed with the "best" schools when most research shows that kids going to good publics do just as well. So there are those of us who think, unless you're wealthy, it's foolish to save for 85K a year when you can get the same quality for 40K per year. We're not as into prestige and we're certainly not paying for it. So just know as you're judging us, we're also looking at your values with some critical questions....
Sorry for my tone, but the judgment assuming those who haven't saved for 85K per year are just selfishly splurging.... it's so far from how many of us approach this.
Most of us aren't "congratulateing ourselves" and are middle class, so, we actually get some aid.
The big issue many if us have is hearing those who didn't save complain. Totally fine for you to cashflow a 40k school, but don't complain that you should somehow get a discount at a 90k school.
We scrimp and save to afford the COA of 30k at the 90k school after FA. We could have stretched to 40k, but thank goodness got great aid.
Fantastic but you are paying 60K less than many that also scrimped and saved. The extra $60k is A LOT. That is what you people are missing. We only drive Hondas, one is a 2006! WE don't take splashy vacations or wear name brands, etc. But--colleges have us on the hook for the full freight...even though we are scrimping and saving just as much as you. We only had 2 kids and live frugally. WE do have lots of retirement savings and paid down our mortgage as a priority...we also were funding the 529s since birth. AND if we only had to pay $30k like you--they would be able to attend the Ivies and SLACs that their hard work with no hooks got them into....but they are part of the donut hole class which is REAL no matter how much you people getting $60k discounts think it isn't.
+1 lol at the ^PP who thinks they did it right by getting FA.
Excuse us, but we saved, too, and can afford $50/yr, but we are a donuthole family who gets zilch. We can easily float in state, and maybe cheaper oos, but not the $90K/yr school that ^PP's kid is going to. We also have more than one kid.
There aren't that many great in state options where we are, so even if we look oos, we are restricted to a small number of decent schools for $50K/year.
Calling yourself a donut hole family is a bit of a joke as you have a comfortable salary and choose what you decided to save. Your income has to be pretty high to save that.
Exactly!
As well--there are many many decent schools for $50K/year. Outside of T50, most privates (and many OOS publics) will offer excellent merit to top/good students. There are over 4000 universities in this country. If you want affordable, there will be many excellent options in the T200 alone, and really in the T100.
Well, yes, I stated as much, that DCs are and will be going to a school that's < $50k/year. But, that wasn't the point to the ^PP who said that "they did everything right and can afford an expensive college because they are getting $$ in aid".
Point is, we saved, too, more than that ^PP, but we won't get any aid.
No one in their right mind would pay $200K for a T100 below school. That's a dumb use of money. If I'm paying $200K for a degree, it should be at least a somewhat good school.
Also, you are saying that in order to get any aid, your kid has to be super high achieving.
So, we have all these caveats to "your kid can still go to an expensive school".
I am that PP. Why duch a beef with my kid's aid? You are saying YOU did everything right, but you never say how much you make which seems to be a lot.
If you have extensive health expenses, that is considered in CSS, and you should get some aid if under 250k. So how much do you really make? And, why is it cool to go off on someone for getting need based aud. We have more need than you and less ability to save towards the cost. Why the grudge?
This just feels so entitled.
Because it is ENTITLED! They are made that someone is getting "a handout", in their opinion. NEvermind that they would not want to actually switch places with you for the last 18+ years and live the life required to get that "reward". 30+ years ago, the elite schools were 65%+ rich kids. I went to a T10 where 65% received NO FINANCIAL AIDE at all. Now 60% of students get some aid. That's quite a turnaround, and I for one am glad smart kids, that don't have the resources get the opportunity. And you are accurate, people with 200K income get some FA, as it's a gradual decline as income increases. And most top schools also use CSS so they get a full look at your finances (and unexplained circumstances if they exist).
Back when I went to school, I had twins in my HS who were going to go to college almost anywhere for free. Why? Because they were kids #11 and 12, their parents were already 70+. They were also smart kids and did well in life. But why should they be penalized because their parents were old? If a private school wants to give them financial aid, that is the school's choice.
I also got aide because my parents were poor, but not full aid and I had to work my ass off to earn enough to pay for everything and still had major loans. But I don't begrudge the kids who got more aid, as they obviously needed it more
Nope. THis is BS. Need based/financial aid doesn't take into account the cost of living or real estate prices. Families making $150k-200k in other parts of the country are living much ritzier lives in much ritzier homes and get the aid--so much so at the elite schools my kid got into it would almost be completely free for them at $150k. Just look at the 'cost to live comfortably' at cities around the US and you will see.
Until there is a COL adjustment--its a bunch of sh*t.
I do agree they should use a COL adjustment. However, it's up to the PRIVATE universities to decide how to give out FA. Not many state school is giving full FA to a poor kid.
Ultimately you could choose to go live in a LCOL area and take the best job you could get there, if you truly want FA for college. Just like you could choose to make only $150K and get full FA at a T20 school. However, its really not the smartest fiscal plan and most would rather have the benefits of 18+ years make a higher income and choosing to save.
Really you are only complaining about 20-40 schools that offer great FA. And those schools have SINGLE digit acceptance rates. Take some responsibility and save for college. You chose to live in a HCOL area, you could be living in Montana if you chose.
Also, even in a high cost of living area, there are differences in cost and ways to save. Do you really need to be in Bethesda for that W school? Or, will Silver Spring suffice? Or (gasp) PG county? Do you go out to eat a lot? Drop $30 pp to dine out rather than $30 for the family if cooking? Daily Starbucks? Do you shell out for Concerts? Subscriptions? Clothes? Or, pare these expenses back? Lots of people find more affordable ways to live in this area to save. I just don't get this outrage.
It’s not really about people’s personal choices. College costs have risen disproportionately compared to income. Think about all the people who were able to work and put themselves through college. Not possible anymore.
Anonymous wrote:The people congratulating themselves for sacrificing while judging others without knowing anything about their circumstances is cracking me up. OK you love your kids more than we do because you drove the same car for 10 years.
Here's what the sanctimonious self-sacrificing crowd doesn't get. There are those of us who think that YOU'RE foolish to pay 85K per year for college. It doesn't make financial sense in most cases. You're obsessed with the "best" schools when most research shows that kids going to good publics do just as well. So there are those of us who think, unless you're wealthy, it's foolish to save for 85K a year when you can get the same quality for 40K per year. We're not as into prestige and we're certainly not paying for it. So just know as you're judging us, we're also looking at your values with some critical questions....
Sorry for my tone, but the judgment assuming those who haven't saved for 85K per year are just selfishly splurging.... it's so far from how many of us approach this.
Most of us aren't "congratulateing ourselves" and are middle class, so, we actually get some aid.
The big issue many if us have is hearing those who didn't save complain. Totally fine for you to cashflow a 40k school, but don't complain that you should somehow get a discount at a 90k school.
We scrimp and save to afford the COA of 30k at the 90k school after FA. We could have stretched to 40k, but thank goodness got great aid.
Fantastic but you are paying 60K less than many that also scrimped and saved. The extra $60k is A LOT. That is what you people are missing. We only drive Hondas, one is a 2006! WE don't take splashy vacations or wear name brands, etc. But--colleges have us on the hook for the full freight...even though we are scrimping and saving just as much as you. We only had 2 kids and live frugally. WE do have lots of retirement savings and paid down our mortgage as a priority...we also were funding the 529s since birth. AND if we only had to pay $30k like you--they would be able to attend the Ivies and SLACs that their hard work with no hooks got them into....but they are part of the donut hole class which is REAL no matter how much you people getting $60k discounts think it isn't.
+1 lol at the ^PP who thinks they did it right by getting FA.
Excuse us, but we saved, too, and can afford $50/yr, but we are a donuthole family who gets zilch. We can easily float in state, and maybe cheaper oos, but not the $90K/yr school that ^PP's kid is going to. We also have more than one kid.
There aren't that many great in state options where we are, so even if we look oos, we are restricted to a small number of decent schools for $50K/year.
Calling yourself a donut hole family is a bit of a joke as you have a comfortable salary and choose what you decided to save. Your income has to be pretty high to save that.
Exactly!
As well--there are many many decent schools for $50K/year. Outside of T50, most privates (and many OOS publics) will offer excellent merit to top/good students. There are over 4000 universities in this country. If you want affordable, there will be many excellent options in the T200 alone, and really in the T100.
Well, yes, I stated as much, that DCs are and will be going to a school that's < $50k/year. But, that wasn't the point to the ^PP who said that "they did everything right and can afford an expensive college because they are getting $$ in aid".
Point is, we saved, too, more than that ^PP, but we won't get any aid.
No one in their right mind would pay $200K for a T100 below school. That's a dumb use of money. If I'm paying $200K for a degree, it should be at least a somewhat good school.
Also, you are saying that in order to get any aid, your kid has to be super high achieving.
So, we have all these caveats to "your kid can still go to an expensive school".
I am that PP. Why duch a beef with my kid's aid? You are saying YOU did everything right, but you never say how much you make which seems to be a lot.
If you have extensive health expenses, that is considered in CSS, and you should get some aid if under 250k. So how much do you really make? And, why is it cool to go off on someone for getting need based aud. We have more need than you and less ability to save towards the cost. Why the grudge?
This just feels so entitled.
Because it is ENTITLED! They are made that someone is getting "a handout", in their opinion. NEvermind that they would not want to actually switch places with you for the last 18+ years and live the life required to get that "reward". 30+ years ago, the elite schools were 65%+ rich kids. I went to a T10 where 65% received NO FINANCIAL AIDE at all. Now 60% of students get some aid. That's quite a turnaround, and I for one am glad smart kids, that don't have the resources get the opportunity. And you are accurate, people with 200K income get some FA, as it's a gradual decline as income increases. And most top schools also use CSS so they get a full look at your finances (and unexplained circumstances if they exist).
Back when I went to school, I had twins in my HS who were going to go to college almost anywhere for free. Why? Because they were kids #11 and 12, their parents were already 70+. They were also smart kids and did well in life. But why should they be penalized because their parents were old? If a private school wants to give them financial aid, that is the school's choice.
I also got aide because my parents were poor, but not full aid and I had to work my ass off to earn enough to pay for everything and still had major loans. But I don't begrudge the kids who got more aid, as they obviously needed it more
Nope. THis is BS. Need based/financial aid doesn't take into account the cost of living or real estate prices. Families making $150k-200k in other parts of the country are living much ritzier lives in much ritzier homes and get the aid--so much so at the elite schools my kid got into it would almost be completely free for them at $150k. Just look at the 'cost to live comfortably' at cities around the US and you will see.
Until there is a COL adjustment--it’s a bunch of sh*t.
But it’s your choice to
1) live in a HCOL area
2) be employed at your jobs making what you make. There are young couples mid twenties who are bringing home 250k easy. Why did you let yourself plateau and why are you griping about what are essentially choices that are fully in your control?
Your whining is irritating.
Lady, the jobs are in the high COL areas.
You CAN commute like many do OR you can live in cheaper housing. And, there is cheaper housing in this area so don't pretend like there isn't.
so, basically donut hole families should live like middle class people if they want to afford $85K college for their kids, while middle class people can get aid and don't have to live below their means.
DP. No donut hole families need to make a Plan and Compromise. But You don't want to do any of that. You just want to whine. I do not feel bad whatsoever that the Ivies and elite schools are off the table for you. Be sure to explain to your kids how you let them down.
We plan and compromise, but trying to save $400K for college is not that easy with $250K income.
You don't have to save 400k. You start early. Interest/market adds to the savings. You also have the first 3 years of college to cashflow or save extra for the last year. You can also take federal loans each year and pay those back a year or two after college is done. It depends on how early you start and how you save in the 529 (growth account or lower interest). This idea that you need to suddenly find 400k by HS graduation just isn't accurate.
Who said we had to find $400K at HS graduation? Did you read where I stated "we planned"?
You'd have to save $12k per year at 7% for 18 years to reach $400K. And actually, that isn't enough to pay for $85k/year college for 2 kids. That would require $680K. So, that would be saving $20K per year for 18 yrs at 7%.
Like I said, donut hole families would have to give up more than middle class families to afford the same college.
DP. Nope. Donut hole families would not have to GIVE UP more than middle-class families, they just have to LIVE LIKE MIDDLE CLASS families. Live off of 125K instead of 225K.
Anonymous wrote:The people congratulating themselves for sacrificing while judging others without knowing anything about their circumstances is cracking me up. OK you love your kids more than we do because you drove the same car for 10 years.
Here's what the sanctimonious self-sacrificing crowd doesn't get. There are those of us who think that YOU'RE foolish to pay 85K per year for college. It doesn't make financial sense in most cases. You're obsessed with the "best" schools when most research shows that kids going to good publics do just as well. So there are those of us who think, unless you're wealthy, it's foolish to save for 85K a year when you can get the same quality for 40K per year. We're not as into prestige and we're certainly not paying for it. So just know as you're judging us, we're also looking at your values with some critical questions....
Sorry for my tone, but the judgment assuming those who haven't saved for 85K per year are just selfishly splurging.... it's so far from how many of us approach this.
Most of us aren't "congratulateing ourselves" and are middle class, so, we actually get some aid.
The big issue many if us have is hearing those who didn't save complain. Totally fine for you to cashflow a 40k school, but don't complain that you should somehow get a discount at a 90k school.
We scrimp and save to afford the COA of 30k at the 90k school after FA. We could have stretched to 40k, but thank goodness got great aid.
Fantastic but you are paying 60K less than many that also scrimped and saved. The extra $60k is A LOT. That is what you people are missing. We only drive Hondas, one is a 2006! WE don't take splashy vacations or wear name brands, etc. But--colleges have us on the hook for the full freight...even though we are scrimping and saving just as much as you. We only had 2 kids and live frugally. WE do have lots of retirement savings and paid down our mortgage as a priority...we also were funding the 529s since birth. AND if we only had to pay $30k like you--they would be able to attend the Ivies and SLACs that their hard work with no hooks got them into....but they are part of the donut hole class which is REAL no matter how much you people getting $60k discounts think it isn't.
+1 lol at the ^PP who thinks they did it right by getting FA.
Excuse us, but we saved, too, and can afford $50/yr, but we are a donuthole family who gets zilch. We can easily float in state, and maybe cheaper oos, but not the $90K/yr school that ^PP's kid is going to. We also have more than one kid.
There aren't that many great in state options where we are, so even if we look oos, we are restricted to a small number of decent schools for $50K/year.
Calling yourself a donut hole family is a bit of a joke as you have a comfortable salary and choose what you decided to save. Your income has to be pretty high to save that.
Exactly!
As well--there are many many decent schools for $50K/year. Outside of T50, most privates (and many OOS publics) will offer excellent merit to top/good students. There are over 4000 universities in this country. If you want affordable, there will be many excellent options in the T200 alone, and really in the T100.
Well, yes, I stated as much, that DCs are and will be going to a school that's < $50k/year. But, that wasn't the point to the ^PP who said that "they did everything right and can afford an expensive college because they are getting $$ in aid".
Point is, we saved, too, more than that ^PP, but we won't get any aid.
No one in their right mind would pay $200K for a T100 below school. That's a dumb use of money. If I'm paying $200K for a degree, it should be at least a somewhat good school.
Also, you are saying that in order to get any aid, your kid has to be super high achieving.
So, we have all these caveats to "your kid can still go to an expensive school".
I am that PP. Why duch a beef with my kid's aid? You are saying YOU did everything right, but you never say how much you make which seems to be a lot.
If you have extensive health expenses, that is considered in CSS, and you should get some aid if under 250k. So how much do you really make? And, why is it cool to go off on someone for getting need based aud. We have more need than you and less ability to save towards the cost. Why the grudge?
This just feels so entitled.
Because it is ENTITLED! They are made that someone is getting "a handout", in their opinion. NEvermind that they would not want to actually switch places with you for the last 18+ years and live the life required to get that "reward". 30+ years ago, the elite schools were 65%+ rich kids. I went to a T10 where 65% received NO FINANCIAL AIDE at all. Now 60% of students get some aid. That's quite a turnaround, and I for one am glad smart kids, that don't have the resources get the opportunity. And you are accurate, people with 200K income get some FA, as it's a gradual decline as income increases. And most top schools also use CSS so they get a full look at your finances (and unexplained circumstances if they exist).
Back when I went to school, I had twins in my HS who were going to go to college almost anywhere for free. Why? Because they were kids #11 and 12, their parents were already 70+. They were also smart kids and did well in life. But why should they be penalized because their parents were old? If a private school wants to give them financial aid, that is the school's choice.
I also got aide because my parents were poor, but not full aid and I had to work my ass off to earn enough to pay for everything and still had major loans. But I don't begrudge the kids who got more aid, as they obviously needed it more
Nope. THis is BS. Need based/financial aid doesn't take into account the cost of living or real estate prices. Families making $150k-200k in other parts of the country are living much ritzier lives in much ritzier homes and get the aid--so much so at the elite schools my kid got into it would almost be completely free for them at $150k. Just look at the 'cost to live comfortably' at cities around the US and you will see.
Until there is a COL adjustment--its a bunch of sh*t.
I do agree they should use a COL adjustment. However, it's up to the PRIVATE universities to decide how to give out FA. Not many state school is giving full FA to a poor kid.
Ultimately you could choose to go live in a LCOL area and take the best job you could get there, if you truly want FA for college. Just like you could choose to make only $150K and get full FA at a T20 school. However, its really not the smartest fiscal plan and most would rather have the benefits of 18+ years make a higher income and choosing to save.
Really you are only complaining about 20-40 schools that offer great FA. And those schools have SINGLE digit acceptance rates. Take some responsibility and save for college. You chose to live in a HCOL area, you could be living in Montana if you chose.
Also, even in a high cost of living area, there are differences in cost and ways to save. Do you really need to be in Bethesda for that W school? Or, will Silver Spring suffice? Or (gasp) PG county? Do you go out to eat a lot? Drop $30 pp to dine out rather than $30 for the family if cooking? Daily Starbucks? Do you shell out for Concerts? Subscriptions? Clothes? Or, pare these expenses back? Lots of people find more affordable ways to live in this area to save. I just don't get this outrage.
It’s not really about people’s personal choices. College costs have risen disproportionately compared to income. Think about all the people who were able to work and put themselves through college. Not possible anymore.
I would agree that college costs have risen disproportionately, but so have some other costs. Also, the extent of aid for middle class has increased dramatically. So, actually, top schools are far more affordable for the middle and lower class than they were.
Anonymous wrote:The people congratulating themselves for sacrificing while judging others without knowing anything about their circumstances is cracking me up. OK you love your kids more than we do because you drove the same car for 10 years.
Here's what the sanctimonious self-sacrificing crowd doesn't get. There are those of us who think that YOU'RE foolish to pay 85K per year for college. It doesn't make financial sense in most cases. You're obsessed with the "best" schools when most research shows that kids going to good publics do just as well. So there are those of us who think, unless you're wealthy, it's foolish to save for 85K a year when you can get the same quality for 40K per year. We're not as into prestige and we're certainly not paying for it. So just know as you're judging us, we're also looking at your values with some critical questions....
Sorry for my tone, but the judgment assuming those who haven't saved for 85K per year are just selfishly splurging.... it's so far from how many of us approach this.
Most of us aren't "congratulateing ourselves" and are middle class, so, we actually get some aid.
The big issue many if us have is hearing those who didn't save complain. Totally fine for you to cashflow a 40k school, but don't complain that you should somehow get a discount at a 90k school.
We scrimp and save to afford the COA of 30k at the 90k school after FA. We could have stretched to 40k, but thank goodness got great aid.
Fantastic but you are paying 60K less than many that also scrimped and saved. The extra $60k is A LOT. That is what you people are missing. We only drive Hondas, one is a 2006! WE don't take splashy vacations or wear name brands, etc. But--colleges have us on the hook for the full freight...even though we are scrimping and saving just as much as you. We only had 2 kids and live frugally. WE do have lots of retirement savings and paid down our mortgage as a priority...we also were funding the 529s since birth. AND if we only had to pay $30k like you--they would be able to attend the Ivies and SLACs that their hard work with no hooks got them into....but they are part of the donut hole class which is REAL no matter how much you people getting $60k discounts think it isn't.
+1 lol at the ^PP who thinks they did it right by getting FA.
Excuse us, but we saved, too, and can afford $50/yr, but we are a donuthole family who gets zilch. We can easily float in state, and maybe cheaper oos, but not the $90K/yr school that ^PP's kid is going to. We also have more than one kid.
There aren't that many great in state options where we are, so even if we look oos, we are restricted to a small number of decent schools for $50K/year.
Calling yourself a donut hole family is a bit of a joke as you have a comfortable salary and choose what you decided to save. Your income has to be pretty high to save that.
Exactly!
As well--there are many many decent schools for $50K/year. Outside of T50, most privates (and many OOS publics) will offer excellent merit to top/good students. There are over 4000 universities in this country. If you want affordable, there will be many excellent options in the T200 alone, and really in the T100.
Well, yes, I stated as much, that DCs are and will be going to a school that's < $50k/year. But, that wasn't the point to the ^PP who said that "they did everything right and can afford an expensive college because they are getting $$ in aid".
Point is, we saved, too, more than that ^PP, but we won't get any aid.
No one in their right mind would pay $200K for a T100 below school. That's a dumb use of money. If I'm paying $200K for a degree, it should be at least a somewhat good school.
Also, you are saying that in order to get any aid, your kid has to be super high achieving.
So, we have all these caveats to "your kid can still go to an expensive school".
I am that PP. Why duch a beef with my kid's aid? You are saying YOU did everything right, but you never say how much you make which seems to be a lot.
If you have extensive health expenses, that is considered in CSS, and you should get some aid if under 250k. So how much do you really make? And, why is it cool to go off on someone for getting need based aud. We have more need than you and less ability to save towards the cost. Why the grudge?
This just feels so entitled.
Because it is ENTITLED! They are made that someone is getting "a handout", in their opinion. NEvermind that they would not want to actually switch places with you for the last 18+ years and live the life required to get that "reward". 30+ years ago, the elite schools were 65%+ rich kids. I went to a T10 where 65% received NO FINANCIAL AIDE at all. Now 60% of students get some aid. That's quite a turnaround, and I for one am glad smart kids, that don't have the resources get the opportunity. And you are accurate, people with 200K income get some FA, as it's a gradual decline as income increases. And most top schools also use CSS so they get a full look at your finances (and unexplained circumstances if they exist).
Back when I went to school, I had twins in my HS who were going to go to college almost anywhere for free. Why? Because they were kids #11 and 12, their parents were already 70+. They were also smart kids and did well in life. But why should they be penalized because their parents were old? If a private school wants to give them financial aid, that is the school's choice.
I also got aide because my parents were poor, but not full aid and I had to work my ass off to earn enough to pay for everything and still had major loans. But I don't begrudge the kids who got more aid, as they obviously needed it more
Nope. THis is BS. Need based/financial aid doesn't take into account the cost of living or real estate prices. Families making $150k-200k in other parts of the country are living much ritzier lives in much ritzier homes and get the aid--so much so at the elite schools my kid got into it would almost be completely free for them at $150k. Just look at the 'cost to live comfortably' at cities around the US and you will see.
Until there is a COL adjustment--it’s a bunch of sh*t.
But it’s your choice to
1) live in a HCOL area
2) be employed at your jobs making what you make. There are young couples mid twenties who are bringing home 250k easy. Why did you let yourself plateau and why are you griping about what are essentially choices that are fully in your control?
Your whining is irritating.
Lady, the jobs are in the high COL areas.
You CAN commute like many do OR you can live in cheaper housing. And, there is cheaper housing in this area so don't pretend like there isn't.
so, basically donut hole families should live like middle class people if they want to afford $85K college for their kids, while middle class people can get aid and don't have to live below their means.
DP. No donut hole families need to make a Plan and Compromise. But You don't want to do any of that. You just want to whine. I do not feel bad whatsoever that the Ivies and elite schools are off the table for you. Be sure to explain to your kids how you let them down.
We plan and compromise, but trying to save $400K for college is not that easy with $250K income.
You don't have to save 400k. You start early. Interest/market adds to the savings. You also have the first 3 years of college to cashflow or save extra for the last year. You can also take federal loans each year and pay those back a year or two after college is done. It depends on how early you start and how you save in the 529 (growth account or lower interest). This idea that you need to suddenly find 400k by HS graduation just isn't accurate.
Who said we had to find $400K at HS graduation? Did you read where I stated "we planned"?
You'd have to save $12k per year at 7% for 18 years to reach $400K. And actually, that isn't enough to pay for $85k/year college for 2 kids. That would require $680K. So, that would be saving $20K per year for 18 yrs at 7%.
Like I said, donut hole families would have to give up more than middle class families to afford the same college.
DP. Nope. Donut hole families would not have to GIVE UP more than middle-class families, they just have to LIVE LIKE MIDDLE CLASS families. Live off of 125K instead of 225K.
Yeah, this person is the epitome of entitlement.
Whatever they have to give up to save more, they'll still net more than middle class. And, they keep acting like they need to amass 400k by the time kid is 18.
Also, if she "planned" with her considerable income which somehow costs her more than it actually amounts to, and which she is careful not to disclose, she should be ok. And if she made less than 250k and had big medical expenses, she'd get financial aid too. So, what is she complaining about? Poor little rich girl. Those of us on 150k in the same HCOL area just have it so "easy" compared to her because we get a break on tuition for a few years.
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