Who are these families with household incomes of $45k or $60k? $70k?

[Anonymous]

Store workers, your housekeeper, social workers, teachers, many govt employees, military.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m seeing incomes like this quoted as needed to be this insanely low to get financial aid and certain private scholarships. Who is making these household incomes who also has a 17 year old applying to college? Two Walmart store employees make far more than that even, so I must be missing something. Is there cash being stashed under the mattress?

From what I gather from the OP, he/she assumes “the poor” are not/should not have children with higher education aspirations!

That's the part of this post that really got me.

[Anonymous]

Anonymous wrote:I’m seeing incomes like this quoted as needed to be this insanely low to get financial aid and certain private scholarships. Who is making these household incomes who also has a 17 year old applying to college? Two Walmart store employees make far more than that even, so I must be missing something. Is there cash being stashed under the mattress?

I have my own business and I can write off a lot of business expenses and losses. I also have flexibility on the year when we have to show FAFSA (2 years before college application) to have less clients and have less income. We did not put in savings for kids at all and kids were able to get into the top schools (including ivies) with either full tuition aid or aid that covered 70-80% of tuition. We live in large house that is paid off and worth several millions, but FAFSA does not count primary residence and retirement accounts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m seeing incomes like this quoted as needed to be this insanely low to get financial aid and certain private scholarships. Who is making these household incomes who also has a 17 year old applying to college? Two Walmart store employees make far more than that even, so I must be missing something. Is there cash being stashed under the mattress?

From what I gather from the OP, he/she assumes “the poor” are not/should not have children with higher education aspirations!

That's the part of this post that really got me.

You’ve got 17 years to save up; almost two decades!

[Anonymous]

Anonymous wrote:This one wins the day!

Yup

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You think a Walmart worker is pulling down 70k? My goodness.

+1 I almost choked on my coffee. Not sure how much OP thinks Walmart employees make per hour? Even if they made $16 (at the high end) it would be $30K per year. A two-income household would still be within 45-60K.

https://www.usatoday.com/story/money/2020/11/06/how-many-people-work-at-walmart-in-each-state-and-what-they-are-paid/42993851/

And there is no paid time off, so if you miss work, you don't get paid.

And many don't get full hours.

[Anonymous]

My aunt is a loan officer at a credit union. She makes $65k a year and is a single mom with one child.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m seeing incomes like this quoted as needed to be this insanely low to get financial aid and certain private scholarships. Who is making these household incomes who also has a 17 year old applying to college? Two Walmart store employees make far more than that even, so I must be missing something. Is there cash being stashed under the mattress?

I have my own business and I can write off a lot of business expenses and losses. I also have flexibility on the year when we have to show FAFSA (2 years before college application) to have less clients and have less income. We did not put in savings for kids at all and kids were able to get into the top schools (including ivies) with either full tuition aid or aid that covered 70-80% of tuition. We live in large house that is paid off and worth several millions, but FAFSA does not count primary residence and retirement accounts.

Bravo PP. /s

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m seeing incomes like this quoted as needed to be this insanely low to get financial aid and certain private scholarships. Who is making these household incomes who also has a 17 year old applying to college? Two Walmart store employees make far more than that even, so I must be missing something. Is there cash being stashed under the mattress?

I have my own business and I can write off a lot of business expenses and losses. I also have flexibility on the year when we have to show FAFSA (2 years before college application) to have less clients and have less income. We did not put in savings for kids at all and kids were able to get into the top schools (including ivies) with either full tuition aid or aid that covered 70-80% of tuition. We live in large house that is paid off and worth several millions, but FAFSA does not count primary residence and retirement accounts.

Gross. On so many levels.

[Anonymous]

Gross. On so many levels.

That is playing by the rules. In California, entire middle class neighborhoods are filled with residents that have at least 1 mil home equity (on paper). Should they not qualify for financial aid?

[Anonymous]

Anonymous wrote:

Gross. On so many levels.

That is playing by the rules. In California, entire middle class neighborhoods are filled with residents that have at least 1 mil home equity (on paper). Should they not qualify for financial aid?

Well, the grossest thing about it is bragging about it. Also, a big difference between "at least one million" and "several million."
I also find it "gross" to pay off a several-million-dollar home but not save any money for college. But again, to me the gross part is thinking this is a flex.

BTW, I have never filled out the FAFSA or a CSS profile, but don't the Ivies require the latter, and doesn't that include the value of the home?

[Anonymous]

Anonymous wrote:The average U.S. household income is $87,864

The median U.S. household income is $70,784

Ah that’s gone up in recent years

[Anonymous]

Anonymous wrote:

Gross. On so many levels.

That is playing by the rules. In California, entire middle class neighborhoods are filled with residents that have at least 1 mil home equity (on paper). Should they not qualify for financial aid?


The "adjusting your income" for the sake of limiting it PPY is not playing by the rules. I also doubt your story since most of the "top schools" --including all the Ivies--use the CSS which DOES look at primary home, retirement assets and a broader span of income years.

[Anonymous]

Anonymous wrote:

Gross. On so many levels.

That is playing by the rules. In California, entire middle class neighborhoods are filled with residents that have at least 1 mil home equity (on paper). Should they not qualify for financial aid?

That’s not middle class.

[Anonymous]

Anonymous wrote:

Gross. On so many levels.

That is playing by the rules. In California, entire middle class neighborhoods are filled with residents that have at least 1 mil home equity (on paper). Should they not qualify for financial aid?

No, it’s gross. Knowingly taking the money from someone who really needs it. It’s a zero sum game. Someone out there didn’t get to go to college because this PP gamed the system. And yes, I know it’s every man for himself. But don’t pretend it’s ok.