Do families with $250K in income get financial aid? If not, how do they afford college?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

How many children do you have and how many are in college?

1 child, rising sophomore. another child will be applying to college this fall as a hs senior. waiting for FA to come out in July so can keep updated if people are curious.

yes please

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

Out of curiosity, how much do you have in retirement savings, and how much equity do you have in your house?

princeton does not consider primary home equity or retirement savings, which is why we can get so much in aid.

600k in home, about 1.6 million in combined retirement accounts for the two of us.

Princeton’s (and every school we checked for that matter) net price calculator gave us zero. 250k HHI, 475k in house (we purchased a home well within our comfort zone), one child, 2.3 retirement accounts, 70k in 529, cash 1.3 million…the cash disqualified us…for fun I put in a HHI of 30k…still nada.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

Out of curiosity, how much do you have in retirement savings, and how much equity do you have in your house?

princeton does not consider primary home equity or retirement savings, which is why we can get so much in aid.

600k in home, about 1.6 million in combined retirement accounts for the two of us.

Princeton’s (and every school we checked for that matter) net price calculator gave us zero. 250k HHI, 475k in house (we purchased a home well within our comfort zone), one child, 2.3 retirement accounts, 70k in 529, cash 1.3 million…the cash disqualified us…for fun I put in a HHI of 30k…still nada.

understatement of the year

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

Out of curiosity, how much do you have in retirement savings, and how much equity do you have in your house?

princeton does not consider primary home equity or retirement savings, which is why we can get so much in aid.

600k in home, about 1.6 million in combined retirement accounts for the two of us.

Princeton’s (and every school we checked for that matter) net price calculator gave us zero. 250k HHI, 475k in house (we purchased a home well within our comfort zone), one child, 2.3 retirement accounts, 70k in 529, cash 1.3 million…the cash disqualified us…for fun I put in a HHI of 30k…still nada.

Well, duh. You have 1.3 million in cash and clearly don't need FA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

People need to understand it’s about liquid assets. $$ in savings, 529s, CDs, brokerage accounts (other than 401k) will disqualify you from financial aid even from generous schools like Princeton no matter how low your HHI.

sounds like they punish excessive savers.

Yep. It’s effed up.

Not at all. Those able to save that much don't need the aid. They don't punish reasonable savers. We had 200k saved and still got great aid. Income weighs far more heavily than savings. You'd have to have a lot of assets (vacay home)/savings to lose out on FA, and then there'd be no need for FA!

200k is too low of a savings threshold at a 250k income to eliminate FA. I’m not tapping my retirement accounts to pay for college but as a taxpayer I don’t appreciate my tax dollars subsidizing people who spend more than they should.

Hahahahaha. This is such an entitled perspective. We only make 140k. If you make 250k, you should be able to save more than that. Even if you don't, you can cashflow some and take loans to pay for the remainder. And, if you cashflow some of 1st year, your 529 savings are still accruing interest for the later years.

If you can do this on 250k with 200k savings, then go in-state or to a school that offers merit. You choose not to save/invest, then fine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

People need to understand it’s about liquid assets. $$ in savings, 529s, CDs, brokerage accounts (other than 401k) will disqualify you from financial aid even from generous schools like Princeton no matter how low your HHI.

sounds like they punish excessive savers.

Yep. It’s effed up.

Not at all. Those able to save that much don't need the aid. They don't punish reasonable savers. We had 200k saved and still got great aid. Income weighs far more heavily than savings. You'd have to have a lot of assets (vacay home)/savings to lose out on FA, and then there'd be no need for FA!

200k is too low of a savings threshold at a 250k income to eliminate FA. I’m not tapping my retirement accounts to pay for college but as a taxpayer I don’t appreciate my tax dollars subsidizing people who spend more than they should.

Hahahahaha. This is such an entitled perspective. We only make 140k. If you make 250k, you should be able to save more than that. Even if you don't, you can cashflow some and take loans to pay for the remainder. And, if you cashflow some of 1st year, your 529 savings are still accruing interest for the later years.

What happens if I made better choices and investments than you? If I'm retired at the double nickel with money in the bank, am I or my husband bad people?

If you can do this on 250k with 200k savings, then go in-state or to a school that offers merit. You choose not to save/invest, then fine.

[Anonymous]

Two years of community college followed by two years of state university.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

Out of curiosity, how much do you have in retirement savings, and how much equity do you have in your house?

princeton does not consider primary home equity or retirement savings, which is why we can get so much in aid.

600k in home, about 1.6 million in combined retirement accounts for the two of us.

Princeton’s (and every school we checked for that matter) net price calculator gave us zero. 250k HHI, 475k in house (we purchased a home well within our comfort zone), one child, 2.3 retirement accounts, 70k in 529, cash 1.3 million…the cash disqualified us…for fun I put in a HHI of 30k…still nada.

Well, duh. You have 1.3 million in cash and clearly don't need FA.

Of course we do not need financial aid. The point is we live comfortably but not lavishly…if we had purchased a multimillion dollar home, expensive cars, spent to the nines our financial situation would not be as healthy and the college net calculators would reflect this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

Out of curiosity, how much do you have in retirement savings, and how much equity do you have in your house?

princeton does not consider primary home equity or retirement savings, which is why we can get so much in aid.

600k in home, about 1.6 million in combined retirement accounts for the two of us.

Princeton’s (and every school we checked for that matter) net price calculator gave us zero. 250k HHI, 475k in house (we purchased a home well within our comfort zone), one child, 2.3 retirement accounts, 70k in 529, cash 1.3 million…the cash disqualified us…for fun I put in a HHI of 30k…still nada.

understatement of the year

475k is the equity, not purchase price.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

Out of curiosity, how much do you have in retirement savings, and how much equity do you have in your house?

princeton does not consider primary home equity or retirement savings, which is why we can get so much in aid.

600k in home, about 1.6 million in combined retirement accounts for the two of us.

Princeton’s (and every school we checked for that matter) net price calculator gave us zero. 250k HHI, 475k in house (we purchased a home well within our comfort zone), one child, 2.3 retirement accounts, 70k in 529, cash 1.3 million…the cash disqualified us…for fun I put in a HHI of 30k…still nada.

understatement of the year

475k is the equity, not purchase price.

so you are carrying debt on your home while sitting on million+ in cash?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

Out of curiosity, how much do you have in retirement savings, and how much equity do you have in your house?

princeton does not consider primary home equity or retirement savings, which is why we can get so much in aid.

600k in home, about 1.6 million in combined retirement accounts for the two of us.

Princeton’s (and every school we checked for that matter) net price calculator gave us zero. 250k HHI, 475k in house (we purchased a home well within our comfort zone), one child, 2.3 retirement accounts, 70k in 529, cash 1.3 million…the cash disqualified us…for fun I put in a HHI of 30k…still nada.

understatement of the year

475k is the equity, not purchase price.

so you are carrying debt on your home while sitting on million+ in cash?

That makes perfect sense if mortgage rate is low like 4%. The cash can make you money at higher rate hence positive cash flow.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

People need to understand it’s about liquid assets. $$ in savings, 529s, CDs, brokerage accounts (other than 401k) will disqualify you from financial aid even from generous schools like Princeton no matter how low your HHI.

sounds like they punish excessive savers.

Yep. It’s effed up.

Not at all. Those able to save that much don't need the aid. They don't punish reasonable savers. We had 200k saved and still got great aid. Income weighs far more heavily than savings. You'd have to have a lot of assets (vacay home)/savings to lose out on FA, and then there'd be no need for FA!

200k is too low of a savings threshold at a 250k income to eliminate FA. I’m not tapping my retirement accounts to pay for college but as a taxpayer I don’t appreciate my tax dollars subsidizing people who spend more than they should.

Hahahahaha. This is such an entitled perspective. We only make 140k. If you make 250k, you should be able to save more than that. Even if you don't, you can cashflow some and take loans to pay for the remainder. And, if you cashflow some of 1st year, your 529 savings are still accruing interest for the later years.

What happens if I made better choices and investments than you? If I'm retired at the double nickel with money in the bank, am I or my husband bad people?

If you can do this on 250k with 200k savings, then go in-state or to a school that offers merit. You choose not to save/invest, then fine.

I love that this person thinks that because they make 250k or have more money, it's simply because of "better choices." If you are all set, then why are you talking about tapping retirement accounts? That's not even a consideration. If you make 250k, you should get some FA and have some savings, more than mine because you make more, dummy, not because of "choices." If you have a million saved because of your savvy choices, great! You don’t need FA. Don't complain here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

Out of curiosity, how much do you have in retirement savings, and how much equity do you have in your house?

princeton does not consider primary home equity or retirement savings, which is why we can get so much in aid.

600k in home, about 1.6 million in combined retirement accounts for the two of us.

Princeton’s (and every school we checked for that matter) net price calculator gave us zero. 250k HHI, 475k in house (we purchased a home well within our comfort zone), one child, 2.3 retirement accounts, 70k in 529, cash 1.3 million…the cash disqualified us…for fun I put in a HHI of 30k…still nada.

Well, duh. You have 1.3 million in cash and clearly don't need FA.

Of course we do not need financial aid. The point is we live comfortably but not lavishly…if we had purchased a multimillion dollar home, expensive cars, spent to the nines our financial situation would not be as healthy and the college net calculators would reflect this.

1.3 mil in cash is beyond "comfortable." So tone deaf.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

Out of curiosity, how much do you have in retirement savings, and how much equity do you have in your house?

princeton does not consider primary home equity or retirement savings, which is why we can get so much in aid.

600k in home, about 1.6 million in combined retirement accounts for the two of us.

Princeton’s (and every school we checked for that matter) net price calculator gave us zero. 250k HHI, 475k in house (we purchased a home well within our comfort zone), one child, 2.3 retirement accounts, 70k in 529, cash 1.3 million…the cash disqualified us…for fun I put in a HHI of 30k…still nada.

Princeton (and the few other very generous schools) do include a disclaimer that pretty much says "with typical assets" (for your income)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we make about 275k and receive 40k in aid annually from princeton

Out of curiosity, how much do you have in retirement savings, and how much equity do you have in your house?

princeton does not consider primary home equity or retirement savings, which is why we can get so much in aid.

600k in home, about 1.6 million in combined retirement accounts for the two of us.

Princeton’s (and every school we checked for that matter) net price calculator gave us zero. 250k HHI, 475k in house (we purchased a home well within our comfort zone), one child, 2.3 retirement accounts, 70k in 529, cash 1.3 million…the cash disqualified us…for fun I put in a HHI of 30k…still nada.

Princeton (and the few other very generous schools) do include a disclaimer that pretty much says "with typical assets" (for your income)

That is why you don't quality even with a HHI of 30k