Our EFC is 500,000????

[Anonymous]

Anonymous wrote:

Anonymous wrote:We told our daughter instate or out of state with merit(no fafsa). Otherwise loans. I am not paying for my dd to go to a top school, but not very top( think bates or Hamilton, not amherst or Dartmouth) over UVA, WM or WL.

This is what I've told my kids too. Especially in the sciences, there is no value to paying 1.5 - 4x as much on a comparable education. I believe that there still is some value in the cache of an MIT or Stanford, but probably not as much as you would think, especially for undergrad. And considering the total roll of dice gaining entry into these top schools has become, it's not something that I have spend extraordinary money or effort trying to obtain for my kids. They can do all the "right" things and still be denied entry because they didn't happen to be quite the "right" person to fill out their vision of a complete student body. So arbitrary and ridiculous.

This is absolutely correct. I’m in engineering and the vast majority of my coworkers went to “ordinary” state schools. Though even those are getting tougher to get into…

[Anonymous]

Anonymous wrote:

Anonymous wrote:Filling out the fafsa is so easy there is no reason not to unless you have zero need for loans and/or your school doesn't require it for any school based or merit aid.

I did not find it that *easy*. Maybe it's easy if you have almost no assets. Also, I'm self employed, so I wasn't even sure what income I should use.

Its a lot easier than the CSS...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

You are quite presumptuous; I am in the same situation financially and I have worked my tail off my entire life for my assets and income. I support elderly parents and fund my retirement and my children’s inheritance. I have also saved diligently for college but to assume that I can pay full price for college without it hurting is stupid. I will have 3 in college at the same time for a few years (Full price will be easily over 200,000/year). I am sick of people just saying that those with finances need to shut up and just pay pay pay…. I’ve worked so hard to pay my share and your share and your brother’s share and your neighbors share and I am getting really really tired of it.

WTF.

You are happily funding their inheritance but are upset about paying for college.

WT actual F.

Exactly. Cue the tiny viiolin. Many people also consider family planning for this very reason.

+1 fund inheritance, OMG ☠️

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some schools merit scholarships still require FAFSA be completed. Got an even higher number when we did ours. Kid chose a different school with no merit. Never filling out a FAFSA again (unless the younger one is in the same position).

+1 I told DC go in state. We get zilch. Our EFC was something really high, too, not as high as OP's though.

I'm not paying $70k per year. We are UMC but we are trying to save fore retirement and another DC's college fund. College costs are insane.

Same here. DH and I both graduated from Va public universities in the late 80’s/early 90’s when tuition, fees, and room & board totaled around $10K/year. Now, those same schools are closer to $30k-$40k. We told our kids that VA has a lot of public options and if they want private or OOS, they will need loans.

Cheapskate.

I am cheap, but also very smart.

Paying more for something doesn’t make it any better.

+1 Unless you won't miss the money, the ROI on those expensive degrees don't justify the cost. Stupid move.

I cringe everytime I see someone evaluating college as an ROI proposition.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

[Anonymous]

Anonymous wrote:DS has been offered merit aid without filing FAFSA.

Depends on the school. Some won’t offer merit if you don’t do FAFSA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

You are quite presumptuous; I am in the same situation financially and I have worked my tail off my entire life for my assets and income. I support elderly parents and fund my retirement and my children’s inheritance. I have also saved diligently for college but to assume that I can pay full price for college without it hurting is stupid. I will have 3 in college at the same time for a few years (Full price will be easily over 200,000/year). I am sick of people just saying that those with finances need to shut up and just pay pay pay…. I’ve worked so hard to pay my share and your share and your brother’s share and your neighbors share and I am getting really really tired of it.

That’s one heck of a statement. Why do you think you’re entitled to a private college education “without it hurting”? Is pain only for people who make less than 300K?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Filling out the fafsa is so easy there is no reason not to unless you have zero need for loans and/or your school doesn't require it for any school based or merit aid.

I did not find it that *easy*. Maybe it's easy if you have almost no assets. Also, I'm self employed, so I wasn't even sure what income I should use.

Its a lot easier than the CSS...

that was painful, too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Some schools merit scholarships still require FAFSA be completed. Got an even higher number when we did ours. Kid chose a different school with no merit. Never filling out a FAFSA again (unless the younger one is in the same position).

+1 I told DC go in state. We get zilch. Our EFC was something really high, too, not as high as OP's though.

I'm not paying $70k per year. We are UMC but we are trying to save fore retirement and another DC's college fund. College costs are insane.

Same here. DH and I both graduated from Va public universities in the late 80’s/early 90’s when tuition, fees, and room & board totaled around $10K/year. Now, those same schools are closer to $30k-$40k. We told our kids that VA has a lot of public options and if they want private or OOS, they will need loans.

Cheapskate.

I am cheap, but also very smart.

Paying more for something doesn’t make it any better.

+1 Unless you won't miss the money, the ROI on those expensive degrees don't justify the cost. Stupid move.

I cringe everytime I see someone evaluating college as an ROI proposition.

And I cringe when I see how some privileged people think everyone can afford $70k/yr tuition.

You know nothing of my background, and you live in a bubble.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DS has been offered merit aid without filing FAFSA.

Depends on the school. Some won’t offer merit if you don’t do FAFSA.

Can you name one?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

So do what the rest of us do…guide them to schools within your budget. Your whining about your wealth is annoying

[Anonymous]

<< 2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings>>

I don't understand this. What expenses are you paying on this $2MM asset (unless it is real estate)?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

Then they go to public or you figure it out. You choose to have three kids and insist they go to a private. You can sell your million dollar house to pay for it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

So do what the rest of us do…guide them to schools within your budget. Your whining about your wealth is annoying

NP. It's not annoying. People should not have to deplete their hard earned money that they've saved a lifetime for, to send their kids to college. No one should. And don't say there "are plenty of schools." When a kid works hard and does everything asked of them, stays out of trouble, etc. it's not unreasonable to want to send them to the best schools they can get into. And even a lot of state schools cost in excess of $30k/ year. The cost of college is ridiculous and unsustainable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our EFC is 230k. We don’t even make that much 300k with both parents working + 2 million assets

You make $300K and $2 Million in assets, you have plenty of money to pay for college.

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

Then they go to public or you figure it out. You choose to have three kids and insist they go to a private. You can sell your million dollar house to pay for it.

Do you feel better about yourself saying things like this? Or are you just pissed that you didn't save as much? Telling someone else to spend all of the assets and show such lack of empathy? And not directing your anger where it really belongs?