What does "we meet 100% of demonstrated need" really look like in numbers?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If your HHI is $200k and you have $500k+ home equity you should be full pay.

What should home equity have to do with it? Are you expected to borrow against your home?

Yes, because otherwise you’d be encouraging people to shelter (no pun intended) their wealth in real estate. Money is money, whether you choose to put it in your house or the stock market.

Except your home is not a liquid asset.

It's an asset that is very easy to borrow against

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.

You actually sound awful. Why didn’t you save more for college? 30k a year on a 200k HHI seems like a bargain. I don’t care if you have 3 kids in college. You decided to have the number of kids you did and how to space them out. Now you are complaining that you have to pay for college?

Ever heard of having unplanned multiples?

LOL I was thinking the same thing. No, I didn't exactly get the opportunity to plan them out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.

You actually sound awful. Why didn’t you save more for college? 30k a year on a 200k HHI seems like a bargain. I don’t care if you have 3 kids in college. You decided to have the number of kids you did and how to space them out. Now you are complaining that you have to pay for college?

Ever heard of having unplanned multiples?

LOL I was thinking the same thing. No, I didn't exactly get the opportunity to plan them out.

Selective reduction and abortion are options. You may not have planned it, but you made the CHOICE to continue with your pregnancy.

Totally. Should have killed one off to afford that $80K college tuition. Without that, you sealed their fate of becoming a failure, anyway, so might as well not even have been born. Life without T-10 is not a life worth living.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.

Right, but then won't your older kid's drop too? Sounds like your efc is 60k, now halved for each kid when #2 enters because #1 is still in school, right?

This is actually a great deal, but it may not last. The new college finance bill the passed congress a few years ago will go into effect next year, and Lamar Alexander added a clause that eliminates this siblings at the same time benefit. For many schools, you may see that 30k double.

My #2 will be applying next year, and I hope some css schools will keep that provision even if FAFSA calculations drop it.

But at 200k annual, 60k efc is not bad and 30k is excellent. You should have some money saved, right?

So Lamar is the one responsible for this horrendous change. PP, DYK why he did this? Who stands to benefit? Private loan companies?

I can't really imagine he was motivated by an equity argument. I think this is going to blow up and sadly can't see Congress being able to fix it.

We have kids one year apart and our EFC right now is about 60k. 120k would not be doable without draining retirement savings. Ironically, I think we'll push them towards CSS schools because the change is only for fafsa

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.

Right, but then won't your older kid's drop too? Sounds like your efc is 60k, now halved for each kid when #2 enters because #1 is still in school, right?

This is actually a great deal, but it may not last. The new college finance bill the passed congress a few years ago will go into effect next year, and Lamar Alexander added a clause that eliminates this siblings at the same time benefit. For many schools, you may see that 30k double.

My #2 will be applying next year, and I hope some css schools will keep that provision even if FAFSA calculations drop it.

But at 200k annual, 60k efc is not bad and 30k is excellent. You should have some money saved, right?

So Lamar is the one responsible for this horrendous change. PP, DYK why he did this? Who stands to benefit? Private loan companies?

I can't really imagine he was motivated by an equity argument. I think this is going to blow up and sadly can't see Congress being able to fix it.

We have kids one year apart and our EFC right now is about 60k. 120k would not be doable without draining retirement savings. Ironically, I think we'll push them towards CSS schools because the change is only for fafsa

An expectation that the applicant's family drains their retirement, mortgages their house, takes out loans, and spends tuition set aside for a siblings is not "meeting 100% of demonstrated need." These schools are too costly for those who are neither high income nor low income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.

Right, but then won't your older kid's drop too? Sounds like your efc is 60k, now halved for each kid when #2 enters because #1 is still in school, right?

This is actually a great deal, but it may not last. The new college finance bill the passed congress a few years ago will go into effect next year, and Lamar Alexander added a clause that eliminates this siblings at the same time benefit. For many schools, you may see that 30k double.

My #2 will be applying next year, and I hope some css schools will keep that provision even if FAFSA calculations drop it.

But at 200k annual, 60k efc is not bad and 30k is excellent. You should have some money saved, right?

So Lamar is the one responsible for this horrendous change. PP, DYK why he did this? Who stands to benefit? Private loan companies?

I can't really imagine he was motivated by an equity argument. I think this is going to blow up and sadly can't see Congress being able to fix it.

Because he's a libertarian ass. He was like "they chose to have kids and should have planned." (Paraphrased quote).

Jerk move.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.

Right, but then won't your older kid's drop too? Sounds like your efc is 60k, now halved for each kid when #2 enters because #1 is still in school, right?

This is actually a great deal, but it may not last. The new college finance bill the passed congress a few years ago will go into effect next year, and Lamar Alexander added a clause that eliminates this siblings at the same time benefit. For many schools, you may see that 30k double.

My #2 will be applying next year, and I hope some css schools will keep that provision even if FAFSA calculations drop it.

But at 200k annual, 60k efc is not bad and 30k is excellent. You should have some money saved, right?

So Lamar is the one responsible for this horrendous change. PP, DYK why he did this? Who stands to benefit? Private loan companies?

I can't really imagine he was motivated by an equity argument. I think this is going to blow up and sadly can't see Congress being able to fix it.

We have kids one year apart and our EFC right now is about 60k. 120k would not be doable without draining retirement savings. Ironically, I think we'll push them towards CSS schools because the change is only for fafsa

PP who originally posted about this change here. Do you have any assurance CSS will keep giving families with more than 1 a break? I am hoping so, since they give a break for private school costs. My #2 will enter right when the FAFSA provision changes (if it even goes into effect on time. It's been delayed twice already, I think). #1 is at a CSS school with good FA and hoping #2 will get in one as well for this reason.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.

Right, but then won't your older kid's drop too? Sounds like your efc is 60k, now halved for each kid when #2 enters because #1 is still in school, right?

This is actually a great deal, but it may not last. The new college finance bill the passed congress a few years ago will go into effect next year, and Lamar Alexander added a clause that eliminates this siblings at the same time benefit. For many schools, you may see that 30k double.

My #2 will be applying next year, and I hope some css schools will keep that provision even if FAFSA calculations drop it.

But at 200k annual, 60k efc is not bad and 30k is excellent. You should have some money saved, right?

So Lamar is the one responsible for this horrendous change. PP, DYK why he did this? Who stands to benefit? Private loan companies?

I can't really imagine he was motivated by an equity argument. I think this is going to blow up and sadly can't see Congress being able to fix it.

Because he's a libertarian ass. He was like "they chose to have kids and should have planned." (Paraphrased quote).

Jerk move.

Strange. I worked for him at the Department of Education. He certainly isn't a Libertarian. . Also, he can't push through a change in law like this without the vote of his entire committee.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.

Right, but then won't your older kid's drop too? Sounds like your efc is 60k, now halved for each kid when #2 enters because #1 is still in school, right?

This is actually a great deal, but it may not last. The new college finance bill the passed congress a few years ago will go into effect next year, and Lamar Alexander added a clause that eliminates this siblings at the same time benefit. For many schools, you may see that 30k double.

My #2 will be applying next year, and I hope some css schools will keep that provision even if FAFSA calculations drop it.

But at 200k annual, 60k efc is not bad and 30k is excellent. You should have some money saved, right?

So Lamar is the one responsible for this horrendous change. PP, DYK why he did this? Who stands to benefit? Private loan companies?

I can't really imagine he was motivated by an equity argument. I think this is going to blow up and sadly can't see Congress being able to fix it.

Because he's a libertarian ass. He was like "they chose to have kids and should have planned." (Paraphrased quote).

Jerk move.

Did he really say that?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.

Right, but then won't your older kid's drop too? Sounds like your efc is 60k, now halved for each kid when #2 enters because #1 is still in school, right?

This is actually a great deal, but it may not last. The new college finance bill the passed congress a few years ago will go into effect next year, and Lamar Alexander added a clause that eliminates this siblings at the same time benefit. For many schools, you may see that 30k double.

My #2 will be applying next year, and I hope some css schools will keep that provision even if FAFSA calculations drop it.

But at 200k annual, 60k efc is not bad and 30k is excellent. You should have some money saved, right?

So Lamar is the one responsible for this horrendous change. PP, DYK why he did this? Who stands to benefit? Private loan companies?

I can't really imagine he was motivated by an equity argument. I think this is going to blow up and sadly can't see Congress being able to fix it.

Because he's a libertarian ass. He was like "they chose to have kids and should have planned." (Paraphrased quote).

Jerk move.

Strange. I worked for him at the Department of Education. He certainly isn't a Libertarian. . Also, he can't push through a change in law like this without the vote of his entire committee.

The entire committee or a majority?

[Anonymous]

For those interested in the upcoming change in family's EFC based on number of kids in school, here is one article I found on the matter: https://collegepete.com/2021/01/08/big-changes-to-financial-aid/

I support efforts to simplify the FAFSA form, but cannot fathom the rationale for screwing families with multiple DCs in college. Other than Alexander hoping to land a job with a student loan company, what is his argument?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.

30k EFC for 200k income seems generous, PP with HHI 180k has 80k EFC!

Our HHI is 110k and our EFC is 34k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.

30k EFC for 200k income seems generous, PP with HHI 180k has 80k EFC!

Our HHI is 110k and our EFC is 34k.

Do you have assets, inheritance, trust funds that are in disproportion to your HHI?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.

Right, but then won't your older kid's drop too? Sounds like your efc is 60k, now halved for each kid when #2 enters because #1 is still in school, right?

This is actually a great deal, but it may not last. The new college finance bill the passed congress a few years ago will go into effect next year, and Lamar Alexander added a clause that eliminates this siblings at the same time benefit. For many schools, you may see that 30k double.

My #2 will be applying next year, and I hope some css schools will keep that provision even if FAFSA calculations drop it.

But at 200k annual, 60k efc is not bad and 30k is excellent. You should have some money saved, right?

So Lamar is the one responsible for this horrendous change. PP, DYK why he did this? Who stands to benefit? Private loan companies?

I can't really imagine he was motivated by an equity argument. I think this is going to blow up and sadly can't see Congress being able to fix it.

We have kids one year apart and our EFC right now is about 60k. 120k would not be doable without draining retirement savings. Ironically, I think we'll push them towards CSS schools because the change is only for fafsa

An expectation that the applicant's family drains their retirement, mortgages their house, takes out loans, and spends tuition set aside for a siblings is not "meeting 100% of demonstrated need." These schools are too costly for those who are neither high income nor low income.

Then, if you choose not to save and want your kids at these schools, you either figure it out or send them to a school you can afford. If you choose a nicer lifestyle vs. saving for college, you don't need the aid, you want the aid so you can spend your money on other things. We've taken at best 3 vacations (not expensive ones) for a week or so at a time and that's it. We live in a crummy small house so we can save. We drive our cars till they die (and one is a 98). And, at best we can pay for a state college and graduate school. We are thankful we can do that without debt. So, zero empathy to someone in a million dollar house, taking vacations, etc. and not saving.

[Anonymous]

Anonymous wrote:Did it ever occur to the "WHY DIDN'T YOU SAAVVVEE??!!!" harpies that some people have modest houses that are paid off b/c they were purchased within a budget? And drive old cars without car payments? That not everyone chooses an extravagant home and then expects aid?

You can have a modest million dollar home or a modest $300-400K home. Or, you can consider your $2 million dollar home modest. And, your budget probably looks very different than ours.