What's your HHI and how deferential are you to your DC in school selection?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
I'm a little schocked by some of what I'm reading in this forum, and I suspect it's because you people are simply far wealthier than I am. So out of curiosity:
1. What's your HHI? 2. Are you paying the tuition or are the grandparents helping out (did someone leave money for this purpose)? 3. Scholarships or financial aid? 4. Did you set any financial guidelines RE: school selection? If so, what were they? 5. Will you give your kid a monthly allowance? 6. Do you expect your kid to have a PT gig during school (and over the summer)? |
Anonymous
|
1. About 250 a year (both parents working)
2. We are paying the tuition alone - no help. 3. No merit scholarships were available at the schools she chose 4. No. 5. Yes. 6. No during school but yes during the summer unless a great interning opportunity comes her way. We have been saving money every month since DD was born for her college. This has been a long and disciplined haul for us and is exactly what we wanted for her. |
Anonymous
|
About $850k HHI.
We are paying full tuition Finance not a factor in decisions, they range from $53-62k so not really different enough Yes to allowance but they are expected to cover some of their own expenses Yes to earning money in the summer. One kid is now working on campus. The other will next year. |
Anonymous
|
Anonymous
|
1. HHI is $130k
2. We are paying for college 3. Partial financial aid (about $25k/yr) 4. No restrictions were set 5. College freshman gets about $150/mo allowance to spend more or less as he chooses, including meals off campus, most clothing and extras, concerts, etc. 6. Kid does 10-12 hours/week work study as part of his financial aid package, except last semester he didn't work because of an unusually heavy academic load. He will be working this summer, and he worked last summer as well. |
Anonymous
|
Anonymous
| We bring in seven figures a year. We didn't let our kids apply anywhere we wouldn't let them go to school. Their grandfather pays for college and grad school as long as they maintain a 3.0 or better. We insist they work and volunteer during the year and relax and travel in the summers. |
Anonymous
Oh and yes, each gets a monthly allowance. |
Anonymous
|
1. What's your HHI? $180K
2. Are you paying the tuition or are the grandparents helping out (did someone leave money for this purpose)? We have been saving since they were little so tuition will be paid through a combination of their college funds and cash 3. Scholarships or financial aid? No financial aid. 4. Did you set any financial guidelines RE: school selection? If so, what were they? Yes, we told them we could afford to send them to state schools. Anything above that would be on them to make up the difference thru loans, merit aid, working, etc. This pretty much ruled out all of the top-50 private schools, so they focused on schools where merit aid could be had, or of course the option for state schools was there. 5. Will you give your kid a monthly allowance? No 6. Do you expect your kid to have a PT gig during school (and over the summer)? Over the summer, yes. If they wanted additional spending money beyond what they made over the summer, they were free to find a PT gig. |
Anonymous
|
1. What's your HHI? about 250K
2. Are you paying the tuition or are the grandparents helping out (did someone leave money for this purpose)? We are, out of cash flow. 3. Scholarships or financial aid? Not for the older one currently in college. 4. Did you set any financial guidelines RE: school selection? If so, what were they? In-state schools only (VA) 5. Will you give your kid a monthly allowance? Yes 6. Do you expect your kid to have a PT gig during school (and over the summer)? DC volunteers a lot during school year, so no time for paid work; and works PT in summer |
Anonymous
|
1. 250 K
2. Paying no tuition! One went on GI Bill; Second on a faculty tuition waiver 3. See above. We are saving all of their college funds for grad school. They will have no loans. 4. Oldest applied to schools that matched GI Bill. Second one applied to schools that accepted faculty tuition waiver. 5. Yes 6. My kids love to work and make great money during the summer. They pay for their own gas for their cars. |
Anonymous
|
1 - $400k
2 - We will, no relatives with money. 3 - No financial aid, DC didn't apply to schools offering merit 4 - No, but we discussed extensively how to think about value and cost in the most important financial decision DC will make. 5 - Allowance, no. But, DC will need money for expenses not payable to the school. We'll give DC a lump sum and let him manage it. 6 - Yes, but money will be secondary, it will be for learning how to work and network. |
Anonymous
|
$190k (small mortgage)
Paying for difference between fin aid/merit/sub loans = $1500 per month (10 months) Summer jobs are required for summer spending money and fall clothes monthly allowance plus $ for any new winter clothes and spring break trip The above child is a senior and the youngest has a scholarship with a 2.0 college GPA requirement |
Anonymous
1. $215k, both parents working, 2 kids 2. We are paying for college ourselves. 3. Our EFC (based on FFASA) is ~$45k, so our teen qualifies for some financial aid at schools that pledge to meet 100% need. However, we don't feel we can afford anything close to this amount. We think about $30k per year per kid (4 years each) is reasonable for us. (Our kids won't be in college at the same time.) 4. We absolutely set financial guidelines re school selection. We told DC what we could afford, which would limit DC to in-state options or private schools that offered enough merit aid to bring the cost down to what we could afford. So DC did not apply to any schools that offer only financial aid (which meant skipping most of the top schools). 5. Not sure yet how we will handle spending money. DC has money saved from last year's summer job and will work again this summer. We will figure out what seems like a reasonable monthly spending allowance and supplement if DC does not have enough saved. 6. I would like DC to get a part time job at school if possible. And of course DC will be working this summer. In the future, we will weigh the merits of jobs/internships--I am willing to consider subsidizing DC if an amazing unpaid or low paid internship is on the table. It will depend on the costs and potential benefits. |
Anonymous
|
1-275
2-us 3-merit aid 4-only apply to in-state schools and schools that offer merit aid 5-not decided; likely will be an allowance 6-no job during school year; summer job definitely Our income will be cut in half next year when I start grad school (long-awaited dream), so we may qualify for FA next year. We are making DD pay for her own books and some of her expenses, so she has to earn enough money during the summer to do that. We're also making her take out a small loan each year. We want her to have a stake in her education, and to understand that it's not a right, but a privilege. |