At what income are you unlikely to get any aid?

[Anonymous]

Anonymous wrote:This is a myth, from what I've seen... Not even close to true.>

Some schools have a higher limit for financial aid, most families with $150k and under with average assets and liabilities get a full ride.

For those with high incomes ($200k and above) and say you got need-based aid, could you please name the schools and amount? Our experience is similar to the $145k income family who got nothing. In our case, we sacrificed to save $ for 3 kids in 529s, which hurt us with aid.
And to the person who suggested just shifting non-retirement money to retirement accounts... could you please help me follow what you mean? There are limits to the amount you can save in retirement accounts each year. If you missed the chance to contribute 5 years ago, you can't just go back and move non-retirement $ into a 401k or IRA now, right, so how could anyone simply move $ into retirement accts?

225k, Stanford, $23K financial aid

[Anonymous]

Anonymous wrote:It is wonderful to be Asian-American. Knowing that the system is stacked against you (since you are neither the all-powerful White person, not the woefully underprivileged URM minority) for being an educated minority, we know that we are universally despised for not being downtrodden or White. So we start eating PBJ from the time we are born to save for college because if we give the Man any opportunity to Fux with us, he will.

Hopefully, one more generation of self-sacrifice and we will be in a place to be influential.

+1. My hope for my kids is that they land jobs in the right high income field. I also hope they can afford to and do send their kids to the right private school which enables their kids to get into a top college. I already know a few friends across the country that are sending their kids to Northeast boarding schools that have a strong pipeline to the Ivies with some success.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is a myth, from what I've seen... Not even close to true.>

Some schools have a higher limit for financial aid, most families with $150k and under with average assets and liabilities get a full ride.

For those with high incomes ($200k and above) and say you got need-based aid, could you please name the schools and amount? Our experience is similar to the $145k income family who got nothing. In our case, we sacrificed to save $ for 3 kids in 529s, which hurt us with aid.
And to the person who suggested just shifting non-retirement money to retirement accounts... could you please help me follow what you mean? There are limits to the amount you can save in retirement accounts each year. If you missed the chance to contribute 5 years ago, you can't just go back and move non-retirement $ into a 401k or IRA now, right, so how could anyone simply move $ into retirement accts?

225k, Stanford, $23K financial aid

Didn't your assets play a role in the financial aid decision? Once we hit the $2M mark, all the NPCs showed zero need-based aid regardless of income.

[Anonymous]

Anonymous wrote:When many of you talk of "aid', you are talking about merit aid not financial aid.

When a private school's sticker price is $70k annually all in and you make $200k, $100k saved in 529 and your house is paid off, you may think you should get "financial aid" because $70k is a ridiculous amount of money and may put your other life goals in jeopardy.

It's a $70k Lexus vs the sensible RAV4. Both great cars, but you want the Lexus and you can't believe they aren't seeing your financial situation and giving you "financial aid". The EFC is right - you should be contributing 100%; you just may have to chose the RAV4.

Now "merit aid" - that's the adjustment you may or may not get because $70k is a ridiculous amount of money. It's the coupon code of higher education. You aren't getting the code because you can't afford it; it's making it seem reasonable and not putting your other financial goals in jeopardy.

I get so irked when people mix these types of aids. Financial aid is for families that can't genuinely pay an extra dollar more a year without going hungry or missing rent. Remember the median household income in Virginia is $58,000.

Signed,
Someone that works in higher education

Maybe I could buy 3 luxury cars, go on multiple European vacations in 5-star hotels and have ZERO in college savings or investments, living paycheck to paycheck like my neighbor and get full aid

[Anonymous]

Anonymous wrote:

Anonymous wrote:When many of you talk of "aid', you are talking about merit aid not financial aid.

When a private school's sticker price is $70k annually all in and you make $200k, $100k saved in 529 and your house is paid off, you may think you should get "financial aid" because $70k is a ridiculous amount of money and may put your other life goals in jeopardy.

It's a $70k Lexus vs the sensible RAV4. Both great cars, but you want the Lexus and you can't believe they aren't seeing your financial situation and giving you "financial aid". The EFC is right - you should be contributing 100%; you just may have to chose the RAV4.

Now "merit aid" - that's the adjustment you may or may not get because $70k is a ridiculous amount of money. It's the coupon code of higher education. You aren't getting the code because you can't afford it; it's making it seem reasonable and not putting your other financial goals in jeopardy.

I get so irked when people mix these types of aids. Financial aid is for families that can't genuinely pay an extra dollar more a year without going hungry or missing rent. Remember the median household income in Virginia is $58,000.

Signed,
Someone that works in higher education

Maybe I could buy 3 luxury cars, go on multiple European vacations in 5-star hotels and have ZERO in college savings or investments, living paycheck to paycheck like my neighbor and get full aid

Or move it all to Crypto with an offshore wallet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is a myth, from what I've seen... Not even close to true.>

Some schools have a higher limit for financial aid, most families with $150k and under with average assets and liabilities get a full ride.

For those with high incomes ($200k and above) and say you got need-based aid, could you please name the schools and amount? Our experience is similar to the $145k income family who got nothing. In our case, we sacrificed to save $ for 3 kids in 529s, which hurt us with aid.
And to the person who suggested just shifting non-retirement money to retirement accounts... could you please help me follow what you mean? There are limits to the amount you can save in retirement accounts each year. If you missed the chance to contribute 5 years ago, you can't just go back and move non-retirement $ into a 401k or IRA now, right, so how could anyone simply move $ into retirement accts?

225k, Stanford, $23K financial aid

Didn't your assets play a role in the financial aid decision? Once we hit the $2M mark, all the NPCs showed zero need-based aid regardless of income.

Yes, but Stanford doesn't count home equity, which is our largest asset. Otherwise, we have modest savings, 529, and investments outside of retirement accounts. Nowhere near $2M. Didn't start making $150k+ until DC was in middle school. We can afford through 529 and cash flow about $45-50K per year and DC contributes $2-3K in non-tuition expenses via summer jobs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When many of you talk of "aid', you are talking about merit aid not financial aid.

When a private school's sticker price is $70k annually all in and you make $200k, $100k saved in 529 and your house is paid off, you may think you should get "financial aid" because $70k is a ridiculous amount of money and may put your other life goals in jeopardy.

It's a $70k Lexus vs the sensible RAV4. Both great cars, but you want the Lexus and you can't believe they aren't seeing your financial situation and giving you "financial aid". The EFC is right - you should be contributing 100%; you just may have to chose the RAV4.

Now "merit aid" - that's the adjustment you may or may not get because $70k is a ridiculous amount of money. It's the coupon code of higher education. You aren't getting the code because you can't afford it; it's making it seem reasonable and not putting your other financial goals in jeopardy.

I get so irked when people mix these types of aids. Financial aid is for families that can't genuinely pay an extra dollar more a year without going hungry or missing rent. Remember the median household income in Virginia is $58,000.

Signed,
Someone that works in higher education

As a donut hole family, the issue is why the families who can’t afford a car are given the Lexus for free, not just the sensible RAV4

The donut hole family stuff is non-sense. There is zero excuse for not saving on that income, especially with a paid off house.

Who has a paid off house while kids are still high school and college age?

Quiet family money.

[Anonymous]

Anonymous wrote:It is wonderful to be Asian-American. Knowing that the system is stacked against you (since you are neither the all-powerful White person, not the woefully underprivileged URM minority) for being an educated minority, we know that we are universally despised for not being downtrodden or White. So we start eating PBJ from the time we are born to save for college because if we give the Man any opportunity to Fux with us, he will.

Hopefully, one more generation of self-sacrifice and we will be in a place to be influential.

What’s an “all-powerful White person?” Do they grant wishes, and is there a limit on the number you can ask for?

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is wonderful to be Asian-American. Knowing that the system is stacked against you (since you are neither the all-powerful White person, not the woefully underprivileged URM minority) for being an educated minority, we know that we are universally despised for not being downtrodden or White. So we start eating PBJ from the time we are born to save for college because if we give the Man any opportunity to Fux with us, he will.

Hopefully, one more generation of self-sacrifice and we will be in a place to be influential.

What’s an “all-powerful White person?” Do they grant wishes, and is there a limit on the number you can ask for?

Alladin's genie.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When many of you talk of "aid', you are talking about merit aid not financial aid.

When a private school's sticker price is $70k annually all in and you make $200k, $100k saved in 529 and your house is paid off, you may think you should get "financial aid" because $70k is a ridiculous amount of money and may put your other life goals in jeopardy.

It's a $70k Lexus vs the sensible RAV4. Both great cars, but you want the Lexus and you can't believe they aren't seeing your financial situation and giving you "financial aid". The EFC is right - you should be contributing 100%; you just may have to chose the RAV4.

Now "merit aid" - that's the adjustment you may or may not get because $70k is a ridiculous amount of money. It's the coupon code of higher education. You aren't getting the code because you can't afford it; it's making it seem reasonable and not putting your other financial goals in jeopardy.

I get so irked when people mix these types of aids. Financial aid is for families that can't genuinely pay an extra dollar more a year without going hungry or missing rent. Remember the median household income in Virginia is $58,000.

Signed,
Someone that works in higher education

As a donut hole family, the issue is why the families who can’t afford a car are given the Lexus for free, not just the sensible RAV4

The donut hole family stuff is non-sense. There is zero excuse for not saving on that income, especially with a paid off house.

Who has a paid off house while kids are still high school and college age?

Quiet family money.

Or people who plan for it. Our HHI is around $160k and we have zero "quiet family money", but our primary residence and one investment property are paid off with a second investment property on track to be paid off next month. Kids are currently a college freshman and a HS freshman. Both have 529s that will cover at least in-state tuition, and we can cash-flow the rest if needed.

[Anonymous]

Yes, but Stanford doesn't count home equity, which is our largest asset.

So, if you could count on your kid going to Stanford, I guess you could move $200k in 529s into a fancy house and get a good FA deal. But for most people, that's a big gamble.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you make $300k and have some assets and no debt, don’t bother filling out FAFSA.

Still need fill in FAFSA as Merit base scholarship need FAFSA information.

No. We did not fill out FAFSA yet kid was offered plenty of merit aid (tuition discounts) at all the places she did not want to go. We are full pay at her first choice.

[Anonymous]

Anonymous wrote:

Yes, but Stanford doesn't count home equity, which is our largest asset.

So, if you could count on your kid going to Stanford, I guess you could move $200k in 529s into a fancy house and get a good FA deal. But for most people, that's a big gamble.

Didn’t buy a fancy house. Bought a fixer upper in a up and coming neighborhood that rapidly increased in value.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is a myth, from what I've seen... Not even close to true.>

Some schools have a higher limit for financial aid, most families with $150k and under with average assets and liabilities get a full ride.

For those with high incomes ($200k and above) and say you got need-based aid, could you please name the schools and amount? Our experience is similar to the $145k income family who got nothing. In our case, we sacrificed to save $ for 3 kids in 529s, which hurt us with aid.
And to the person who suggested just shifting non-retirement money to retirement accounts... could you please help me follow what you mean? There are limits to the amount you can save in retirement accounts each year. If you missed the chance to contribute 5 years ago, you can't just go back and move non-retirement $ into a 401k or IRA now, right, so how could anyone simply move $ into retirement accts?

225k, Stanford, $23K financial aid

Didn't your assets play a role in the financial aid decision? Once we hit the $2M mark, all the NPCs showed zero need-based aid regardless of income.

Yes, but Stanford doesn't count home equity, which is our largest asset. Otherwise, we have modest savings, 529, and investments outside of retirement accounts. Nowhere near $2M. Didn't start making $150k+ until DC was in middle school. We can afford through 529 and cash flow about $45-50K per year and DC contributes $2-3K in non-tuition expenses via summer jobs.

Don't DC's earnings hurt you overall? The student's earnings are counted like 4x more than the families towards ability to pay. How does that factor in with your FA deal? Thanks

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It is wonderful to be Asian-American. Knowing that the system is stacked against you (since you are neither the all-powerful White person, not the woefully underprivileged URM minority) for being an educated minority, we know that we are universally despised for not being downtrodden or White. So we start eating PBJ from the time we are born to save for college because if we give the Man any opportunity to Fux with us, he will.

Hopefully, one more generation of self-sacrifice and we will be in a place to be influential.

What’s an “all-powerful White person?” Do they grant wishes, and is there a limit on the number you can ask for?

Alladin's genie.

Robin Williams?