For parents who are primarily paying for college with non need based loans...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I really hope no one is doing this.

Tons of donut hole families pay for college primarily through loans. Both my parents and DH parents funded our educations this way.
They paid off the loans within a few years of their kids’ graduations.

There are no donut families. They code not to save. Bad move.

I don't know any "donut" families who haven't saved for college. What they haven't done (haven't been able to do) is save enough to be full-pay at a private colleges.

I consider my family to be a donut family. We've saved quite a bit for college and were able to pay $35k-$40K/year for 4 years for DC1 to attend college, and now will be able to pay $40k-$45k/year out-of-pocket for DC2 to attend college, no loans involved for either. (With DC1 graduated and living on their own, we actually could pay somewhat more for DC2 if necessary.) But our EFC is about $60k and that's way too steep for us. That's the donut hole. Since we weren't willing to borrow money and didn't want our kids to do so either, it limited the schools that our kids were able to consider. Not complaining (as I don't expect families at our income level to be given need-based aid), just stating facts.

This is why the notion of donut hole families is fake. You can comfortably pay for a state school, just not private. So, your kids go to a state school. Problem solved. They are not entitled to go to a private college because you or they want it. They go where they can afford. Simple. The entitlement amazes me. And, you probably could have saved more but choose a nicer lifestyle.