Which private colleges have the best financial aid for donut hole families?

[Anonymous]

Why wouldn’t it go up if you have savings? That is literally what 529s are for.

They don’t expect you to deplete your retirement or sell you home, but any other savings and part of current income, in their view, is available for college.

[Anonymous]

Anonymous wrote:

Harvard. Very hard to get into but dd did, our HHI was 200K and her total cost of attendance is 23K. That includes books, room, board and transportation. I have one other in college.

I just ran Harvard's NPC with our HHI of 200k. I was pretty hopeful given this post above. But because we've scrimped and saved significantly for our 3 kids' college, we'd get no financial aid, according to the calculator. (Without the savings, it wasn't $23k, but the cost did jump significantly when I added the 529 funding in the assets).
Congrats to the PP but pretty discouraging for us. I'd love to hear any other tips...

Tips to keep from spending the money you saved for college (and received a state tax credit for) from being spent on college?

One parent dies. Immediate family member develops a terminal illness. One or both parents loses their job and goes on unemployment. One parent becomes disabled, can no longer work and files for disability benefits (which take 18–24 months to come through).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harvard. Very hard to get into but dd did, our HHI was 200K and her total cost of attendance is 23K. That includes books, room, board and transportation. I have one other in college.

That's absurd you got that much aid for an income of $200K when you easily could have saved 8-10K a year at least while kids were out of day care if you used day care.

I’m guessing PP didn’t make $200k 18 years ago.

we made half that 18 years ago and still managed to save for college.

And that’s great for your kids that they have good options and don’t need to shop around for the best aid package. We were full pay too, and my kids turned down merit aid to attend their first choice schools. But I understand that not everyone is in that position and that’s what the OP is asking about.

I could argue that my dd going to Harvard was a result of her training in a particular area that cost the amount per year that would have been saved for college. We don't live beyond our means and we live in a 1500 SF house in a high COL area, our kids went to public schools. And, no, of course we didn't make 200K 20 years ago. Regardless, there are a lot of issues surrounding money and some people are great at saving and some people are not, and it's not for me to judge others bc it's not cut and dry. And I would also like to add that the NPC was spot on, so use those as your guide, they vary greatly for each college. Last year our other kid (who is at Columbia) did get great offers financially from Vassar and UPitt (honors college), I think the total COA was high 20s. They gave presidential scholarships etc, and Pitt offered guaranteed admissions to the grad school.

What is NPC?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Harvard. Very hard to get into but dd did, our HHI was 200K and her total cost of attendance is 23K. That includes books, room, board and transportation. I have one other in college.

That's absurd you got that much aid for an income of $200K when you easily could have saved 8-10K a year at least while kids were out of day care if you used day care.

I’m guessing PP didn’t make $200k 18 years ago.

we made half that 18 years ago and still managed to save for college.

And that’s great for your kids that they have good options and don’t need to shop around for the best aid package. We were full pay too, and my kids turned down merit aid to attend their first choice schools. But I understand that not everyone is in that position and that’s what the OP is asking about.

I could argue that my dd going to Harvard was a result of her training in a particular area that cost the amount per year that would have been saved for college. We don't live beyond our means and we live in a 1500 SF house in a high COL area, our kids went to public schools. And, no, of course we didn't make 200K 20 years ago. Regardless, there are a lot of issues surrounding money and some people are great at saving and some people are not, and it's not for me to judge others bc it's not cut and dry. And I would also like to add that the NPC was spot on, so use those as your guide, they vary greatly for each college. Last year our other kid (who is at Columbia) did get great offers financially from Vassar and UPitt (honors college), I think the total COA was high 20s. They gave presidential scholarships etc, and Pitt offered guaranteed admissions to the grad school.

What is NPC?

Net Price Calculator. Every college has it on their website

Net

[Anonymous]

Anonymous wrote:

Harvard. Very hard to get into but dd did, our HHI was 200K and her total cost of attendance is 23K. That includes books, room, board and transportation. I have one other in college.

I just ran Harvard's NPC with our HHI of 200k. I was pretty hopeful given this post above. But because we've scrimped and saved significantly for our 3 kids' college, we'd get no financial aid, according to the calculator. (Without the savings, it wasn't $23k, but the cost did jump significantly when I added the 529 funding in the assets).
Congrats to the PP but pretty discouraging for us. I'd love to hear any other tips...

"But because we've scrimped and saved significantly for our 3 kids' college, we'd get no financial aid, according to the calculator"...um, that was your choice and CONGRATS!! you have the money to pay! and guess what? if your kid makes it into Harvard (probably won't) you are all good either way. So why the anger?

[Anonymous]

Merit aid is preferable because it is guaranteed for four years, assuming that the student maintains a minimum GPA.

If OP shared her kid’s stats, and if they want a small/large/university/liberal arts college they’d get more precise suggestions for generous FA schools and generous merit aid schools worth considering.

NP...

4.1/3.8
1430 SAT (will take again-only taken it once)
6 APs - will graduate with 11
Not at all interested in STEM. More focused on policy/international

[Anonymous]

or-I think it is great that people save for college via 529s, or family money, or however. But it's a cold hard fact that many families can not save a lot. Private colleges want to fill their classes too. And they do that by making the cost similar or slightly higher than the state schools (for the people who are not wealthy), so the wealthy will pay "ticket" but most will not. My advice is to apply your kid to state schools AND private, I think you will be pleasantly surprised to see that privates are a lot closer in cost to state schools than you ever thought. Many state schools are not a bargain anymore btw.

For all you savers out there, be happy that you figured out a way to save, please don't crap on the non-savers and deem them and their kid's destiny as "state schools bc you didn't save" it is not the case. Non savers have great outcomes too, non-savers make calculated decisions based on the set of issues they have at the time and many of them have incredible outcomes. Cast a wide net, private/public, and make your decisions after the acceptances but DO NOT be discouraged from applying to "financial reaches."

[Anonymous]

and for anyone looking for proof or encouragement here you go

[Anonymous]

Anonymous wrote:Out of curiosity, I typed my numbers into Rice's NPC ($180k HHI, $425k home equity, $80k cash, $170k nonretirement investments including $65k in a 529). Student and Parent Contribution: $65,700.

I noticed that they don't ask separately for 529 and non-529 accounts. Apparently, they don't care since they want all my money anyway over 4 years. But at least they wouldn't make me take out a home equity loan. Here's something!

My question is, once you exhaust the 529 and cash, will you get aid? Does anyone know how this works?

[Anonymous]

Anonymous wrote:or-I think it is great that people save for college via 529s, or family money, or however. But it's a cold hard fact that many families can not save a lot. Private colleges want to fill their classes too. And they do that by making the cost similar or slightly higher than the state schools (for the people who are not wealthy), so the wealthy will pay "ticket" but most will not. My advice is to apply your kid to state schools AND private, I think you will be pleasantly surprised to see that privates are a lot closer in cost to state schools than you ever thought. Many state schools are not a bargain anymore btw.

For all you savers out there, be happy that you figured out a way to save, please don't crap on the non-savers and deem them and their kid's destiny as "state schools bc you didn't save" it is not the case. Non savers have great outcomes too, non-savers make calculated decisions based on the set of issues they have at the time and many of them have incredible outcomes. Cast a wide net, private/public, and make your decisions after the acceptances but DO NOT be discouraged from applying to "financial reaches."

If you are making $200K there is no excuse not to save. People are acting like an income of $200K is like $50K, which its not. Life is about choices so if someone is living in an $800K house on a $200K income while the rest of us live in a house under $500K, then, I don't have much empathy as that extra money could have been saved for college. Its one thing if you cannot due to income or other reasons (SN child, family support, etc) but if you can and choose not to, you are selfish. Yes, you should apply to both but we are clear that our kids will not take out loans and we will pay fully for a state school and if we can do more, great but we'd rather use that money to graduate school or help with a house. Plenty of people have great outcomes NOT saving but its not a chance I want to take. My parents paid for college and it made life easier. My spouse didn't and had to do military and didn't get his degree till much later and life was much harder. We want to set up ours well in life and give them the best start we possibly can. Part of parenting is teaching kids about money and money choices.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Harvard. Very hard to get into but dd did, our HHI was 200K and her total cost of attendance is 23K. That includes books, room, board and transportation. I have one other in college.

I just ran Harvard's NPC with our HHI of 200k. I was pretty hopeful given this post above. But because we've scrimped and saved significantly for our 3 kids' college, we'd get no financial aid, according to the calculator. (Without the savings, it wasn't $23k, but the cost did jump significantly when I added the 529 funding in the assets).
Congrats to the PP but pretty discouraging for us. I'd love to hear any other tips...

"But because we've scrimped and saved significantly for our 3 kids' college, we'd get no financial aid, according to the calculator"...um, that was your choice and CONGRATS!! you have the money to pay! and guess what? if your kid makes it into Harvard (probably won't) you are all good either way. So why the anger?

That's good parenting. Putting their kids needs first.

[Anonymous]

Anonymous wrote:

Anonymous wrote:or-I think it is great that people save for college via 529s, or family money, or however. But it's a cold hard fact that many families can not save a lot. Private colleges want to fill their classes too. And they do that by making the cost similar or slightly higher than the state schools (for the people who are not wealthy), so the wealthy will pay "ticket" but most will not. My advice is to apply your kid to state schools AND private, I think you will be pleasantly surprised to see that privates are a lot closer in cost to state schools than you ever thought. Many state schools are not a bargain anymore btw.

For all you savers out there, be happy that you figured out a way to save, please don't crap on the non-savers and deem them and their kid's destiny as "state schools bc you didn't save" it is not the case. Non savers have great outcomes too, non-savers make calculated decisions based on the set of issues they have at the time and many of them have incredible outcomes. Cast a wide net, private/public, and make your decisions after the acceptances but DO NOT be discouraged from applying to "financial reaches."

If you are making $200K there is no excuse not to save. People are acting like an income of $200K is like $50K, which its not. Life is about choices so if someone is living in an $800K house on a $200K income while the rest of us live in a house under $500K, then, I don't have much empathy as that extra money could have been saved for college. Its one thing if you cannot due to income or other reasons (SN child, family support, etc) but if you can and choose not to, you are selfish. Yes, you should apply to both but we are clear that our kids will not take out loans and we will pay fully for a state school and if we can do more, great but we'd rather use that money to graduate school or help with a house. Plenty of people have great outcomes NOT saving but its not a chance I want to take. My parents paid for college and it made life easier. My spouse didn't and had to do military and didn't get his degree till much later and life was much harder. We want to set up ours well in life and give them the best start we possibly can. Part of parenting is teaching kids about money and money choices.

Again, live and let live. Your parents paid for your education. Congrats. You make your choices and I'll make mine. No one is looking for your empathy. If I decide to not save, take vacations, decide to quit my job and SAHM, decide to take my kids on Euro vacations to teach them history or just eat creme brûlée...it's really not your business. Just don't be bitter if I make 200k, have no savings and COMPLAIN that my kid gets into a selective college for 25K all in. It's not your kid and not your money. Or as I like to say, "not your monkey, not your circus" You live your life and save like your parents did and send your kid to the best school he gets into. I'll be fine.

[Anonymous]

Anonymous wrote:and for anyone looking for proof or encouragement here you go

greatest DCUM post ever

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:or-I think it is great that people save for college via 529s, or family money, or however. But it's a cold hard fact that many families can not save a lot. Private colleges want to fill their classes too. And they do that by making the cost similar or slightly higher than the state schools (for the people who are not wealthy), so the wealthy will pay "ticket" but most will not. My advice is to apply your kid to state schools AND private, I think you will be pleasantly surprised to see that privates are a lot closer in cost to state schools than you ever thought. Many state schools are not a bargain anymore btw.

For all you savers out there, be happy that you figured out a way to save, please don't crap on the non-savers and deem them and their kid's destiny as "state schools bc you didn't save" it is not the case. Non savers have great outcomes too, non-savers make calculated decisions based on the set of issues they have at the time and many of them have incredible outcomes. Cast a wide net, private/public, and make your decisions after the acceptances but DO NOT be discouraged from applying to "financial reaches."

If you are making $200K there is no excuse not to save. People are acting like an income of $200K is like $50K, which its not. Life is about choices so if someone is living in an $800K house on a $200K income while the rest of us live in a house under $500K, then, I don't have much empathy as that extra money could have been saved for college. Its one thing if you cannot due to income or other reasons (SN child, family support, etc) but if you can and choose not to, you are selfish. Yes, you should apply to both but we are clear that our kids will not take out loans and we will pay fully for a state school and if we can do more, great but we'd rather use that money to graduate school or help with a house. Plenty of people have great outcomes NOT saving but its not a chance I want to take. My parents paid for college and it made life easier. My spouse didn't and had to do military and didn't get his degree till much later and life was much harder. We want to set up ours well in life and give them the best start we possibly can. Part of parenting is teaching kids about money and money choices.

Again, live and let live. Your parents paid for your education. Congrats. You make your choices and I'll make mine. No one is looking for your empathy. If I decide to not save, take vacations, decide to quit my job and SAHM, decide to take my kids on Euro vacations to teach them history or just eat creme brûlée...it's really not your business. Just don't be bitter if I make 200k, have no savings and COMPLAIN that my kid gets into a selective college for 25K all in. It's not your kid and not your money. Or as I like to say, "not your monkey, not your circus" You live your life and save like your parents did and send your kid to the best school he gets into. I'll be fine.

I don't care what choices you make but I don't want to hear how you cannot afford the college you want for your kids or they want as you were too stingy to save. And, you can save with a SAHP or even if you choose to travel. You'll be fine as you can choose not to pay and leave your kids with huge amounts of loans to pay back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:or-I think it is great that people save for college via 529s, or family money, or however. But it's a cold hard fact that many families can not save a lot. Private colleges want to fill their classes too. And they do that by making the cost similar or slightly higher than the state schools (for the people who are not wealthy), so the wealthy will pay "ticket" but most will not. My advice is to apply your kid to state schools AND private, I think you will be pleasantly surprised to see that privates are a lot closer in cost to state schools than you ever thought. Many state schools are not a bargain anymore btw.

For all you savers out there, be happy that you figured out a way to save, please don't crap on the non-savers and deem them and their kid's destiny as "state schools bc you didn't save" it is not the case. Non savers have great outcomes too, non-savers make calculated decisions based on the set of issues they have at the time and many of them have incredible outcomes. Cast a wide net, private/public, and make your decisions after the acceptances but DO NOT be discouraged from applying to "financial reaches."

If you are making $200K there is no excuse not to save. People are acting like an income of $200K is like $50K, which its not. Life is about choices so if someone is living in an $800K house on a $200K income while the rest of us live in a house under $500K, then, I don't have much empathy as that extra money could have been saved for college. Its one thing if you cannot due to income or other reasons (SN child, family support, etc) but if you can and choose not to, you are selfish. Yes, you should apply to both but we are clear that our kids will not take out loans and we will pay fully for a state school and if we can do more, great but we'd rather use that money to graduate school or help with a house. Plenty of people have great outcomes NOT saving but its not a chance I want to take. My parents paid for college and it made life easier. My spouse didn't and had to do military and didn't get his degree till much later and life was much harder. We want to set up ours well in life and give them the best start we possibly can. Part of parenting is teaching kids about money and money choices.

Again, live and let live. Your parents paid for your education. Congrats. You make your choices and I'll make mine. No one is looking for your empathy. If I decide to not save, take vacations, decide to quit my job and SAHM, decide to take my kids on Euro vacations to teach them history or just eat creme brûlée...it's really not your business. Just don't be bitter if I make 200k, have no savings and COMPLAIN that my kid gets into a selective college for 25K all in. It's not your kid and not your money. Or as I like to say, "not your monkey, not your circus" You live your life and save like your parents did and send your kid to the best school he gets into. I'll be fine.

I don't care what choices you make but I don't want to hear how you cannot afford the college you want for your kids or they want as you were too stingy to save. And, you can save with a SAHP or even if you choose to travel. You'll be fine as you can choose not to pay and leave your kids with huge amounts of loans to pay back.

Just curious about the amount you think a family earning $200k for the last 10 years should have saved for college.