Our EFC is 500,000????

[Anonymous]

Anonymous wrote:You have assets, therefore, money to pay for school you are just choosing not to spend that asset/money on college. That is a choice.

These comments are weirdly harsh and judgey. Every family can make the choice that is right for them.

[Anonymous]

Anonymous wrote:<< 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)?

Yes, rental properties and capital gain taxes

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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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.

I think the cost of a house in Bethesda is unreasonable. Please fix that problem. And don’t say there are plenty of houses.

[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.

We don’t have a million dollar house and drive 18 yr old car despite the 230k EFC

[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.

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?

Did you save for college?

We absolutely saved enough for a state college and graduate school. If we had that kind of money and income it would be fantastic but we saved for college on 1/2 that income and have a paid-off house with no family help.

If you choose to have three kids, you need to think long term with expenses including college. If you have that kind of money, expecting a free ride is really pathetic.

[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.

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.

We don’t have a million dollar house and drive 18 yr old car despite the 230k EFC

Your child can go to state schools. And, where is all your money going if you make $300K. How much did you save for college?

[Anonymous]

Anonymous wrote:

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.

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.

I think the cost of a house in Bethesda is unreasonable. Please fix that problem. And don’t say there are plenty of houses.

You don't live in Bethesda, problem solved. College is a luxury. Lots of other options if you refuse to pay. If you make $300K, college costs are reasonable if you planned, saved and are realistic.

[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.

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.

On $300K and $2 Million in assets, you can afford a state college. You start saving from birth and you forgo things like vacations, fancy dinners, etc.

[Anonymous]

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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.

Congrats! You won a lifetime resentment award from your kid!!

DP But I doubt it. Virginia has an incredible array of public colleges and universities.

Meh. The education and connections to be had at a top nationally ranked university far eclipse VA’s state schools.

[Anonymous]

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

Pretty sure you could sell/liquidate some of those $2m assets, which is why you got the EFC you did.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You have assets, therefore, money to pay for school you are just choosing not to spend that asset/money on college. That is a choice.

It’s a wise choice. A college degree doesn’t need to be expensive to be good.

Yes but the underlying thread in all of these OMG MY EFC IS X. Is that they should get some type of aid for schools that they could literally cash flow from their income OR by selling a rental property. But they don't. They want aid. AID

Right? Completely asinine.

[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.

Blah blah blah. You have $2m just in assets. Shut up and pay. Nobody cares if it “hurts.”

[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.

So you consult a professional to help you know what income you should use.

Next excuse?

[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.

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.

You just typed a load of privileged, spoiled nonsense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Congrats! You won a lifetime resentment award from your kid!!

Nope. My kids are smart enough to know that a higher price doesn’t equal a better education. There’s no reason for a good student who lives in VA to go OOS, unless they are looking to get far away from home

There are plenty of OOS schools that can match or beat the price of VA public options. Saying "in state only" is dumb. Saying our budget = what an in-state school would cost makes sense. Then it's on the kid to search for schools that can fit the budget. FWIW, My DD applied to several OOS public and private schools. All ended up cheaper for us than William & Mary, the only in-state public she was really interested in. She's going to a private LAC that will cost us about the same as Virginia Tech.

That’s great, but did the OOS school guarantee renewal of the aid package for all 4 years? I’ve heard stories of students learning that they have to pay a lot more after freshman year due to not meeting certain requirements like GPA, number of credits, or program of study.

Most merit aid packages have gpa and minimum hour requirements. They are made clear when the student accepts the aid.