Families making $200k - $400k

[Anonymous]

Anonymous wrote:

Anonymous wrote:If we make $250k a year plus home is valued at 1.5 million can we expect any aid? Will they look at our stock holdings and retirement?

That's our situation, except very minimal stock holdings. It is quite helpful that home and retirement are not considered.

Home equity is considered at CSS schools.

[Anonymous]

Anonymous wrote:300K income and got nothing from yale.

but we saved 200k in 529 over the last 17 years. (probably contributed less than half that, most gains)

had assets but paid down mortgage a year ago, so fully paid off 2mm apartment in nyc and have about 500k in other non-retirement assets.

We'll cash flow and use 529 and be fine.

second kid in HS class of 2028

The issue here isn't your income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If we make $250k a year plus home is valued at 1.5 million can we expect any aid? Will they look at our stock holdings and retirement?

That's our situation, except very minimal stock holdings. It is quite helpful that home and retirement are not considered.

Home equity is considered at CSS schools.

Depends on the school. "CSS" isn't a formula, it's a data collection tool. Each school can impose whatever modifications on the default need calculation from CSS. Much of the T20 and top LACs do not consider equity in the primary residence.

[Anonymous]

Anonymous wrote:300K income and got nothing from yale.

but we saved 200k in 529 over the last 17 years. (probably contributed less than half that, most gains)

had assets but paid down mortgage a year ago, so fully paid off 2mm apartment in nyc and have about 500k in other non-retirement assets.

We'll cash flow and use 529 and be fine.

second kid in HS class of 2028

Thanks for sharing. Sounds like $300k may be income where little to no merit. We used our 529 for HS private school. Fully paid apartment is fantastic!

[Anonymous]

When schools talk about income levels eligible for need-based aid, to what “income” are they referring? Gross income, adjusted gross income, something else?

[Anonymous]

Anonymous wrote:

Anonymous wrote:300K income and got nothing from yale.

but we saved 200k in 529 over the last 17 years. (probably contributed less than half that, most gains)

had assets but paid down mortgage a year ago, so fully paid off 2mm apartment in nyc and have about 500k in other non-retirement assets.

We'll cash flow and use 529 and be fine.

second kid in HS class of 2028

The issue here isn't your income.

well home equity is capped at Yale. So that's only partly it. income is partly it. 529s are partly it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300K income and got nothing from yale.

but we saved 200k in 529 over the last 17 years. (probably contributed less than half that, most gains)

had assets but paid down mortgage a year ago, so fully paid off 2mm apartment in nyc and have about 500k in other non-retirement assets.

We'll cash flow and use 529 and be fine.

second kid in HS class of 2028

The issue here isn't your income.

well home equity is capped at Yale. So that's only partly it. income is partly it. 529s are partly it.

- to be clear, home equity is not excluded but is capped.

[Anonymous]

Anonymous wrote:When schools talk about income levels eligible for need-based aid, to what “income” are they referring? Gross income, adjusted gross income, something else?

My understanding from speaking to finance at DS's prospective university is that it is adjusted gross income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300K income and got nothing from yale.

but we saved 200k in 529 over the last 17 years. (probably contributed less than half that, most gains)

had assets but paid down mortgage a year ago, so fully paid off 2mm apartment in nyc and have about 500k in other non-retirement assets.

We'll cash flow and use 529 and be fine.

second kid in HS class of 2028

You have a 2 million dollar apartment and think you should get aid?

I suspect plenty of people here have 2mm in retirement. does that also astonish you?

No, but a two million dollar apt on that income does. Retirement is different. You can borrow from the apartment.

[Anonymous]

UGA offered in state tuition for our OOS NoVA DC. We would have had to pay the difference btw OOS and In state (don't remember the figure). DC decided on an HYPS college after getting accepted SCEA/REA. We are getting tuition help from his grandparents and one childless Uncle (at their insistence and to our surprise) so the cost of attendance is about the same compared to UGA cost. We are blessed and grateful!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300K income and got nothing from yale.

but we saved 200k in 529 over the last 17 years. (probably contributed less than half that, most gains)

had assets but paid down mortgage a year ago, so fully paid off 2mm apartment in nyc and have about 500k in other non-retirement assets.

We'll cash flow and use 529 and be fine.

second kid in HS class of 2028

You have a 2 million dollar apartment and think you should get aid?

I suspect plenty of people here have 2mm in retirement. does that also astonish you?

No, but a two million dollar apt on that income does. Retirement is different. You can borrow from the apartment.

you can use Roth money with zero penalty.

and lots of parents are 59.5 at some point when they're kids are in college and can take it out for any reason. No need to borrow from apartment and pay interest. Just use retirement