High income but 3 kids in college at once- financial aid

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is why you forego vacations and restaurants and Starbucks and salon coloring and manicures etc as needed once they are born to start saving for college. You had 18 years’ notice.

Haha 18 years of no Starbucks doesn’t make nearly enough for three college tuitions. This is the dumbest advice ever.

Starbucks, hair, nails but it depends on what you spend. Vacations, new cars, yes. It absolutely helps, especially if you have three kids and want to send them all to private.

I know people who make that much money and still don't have enough for private college. I haven't seen them doing any of the things first PP mentions.

You people just looking to judge.

How is that possible? High mortgage? Then downsize, move to cheaper area. Fancy cars? What are they spending on??

Did you read it was a recent income spike? We are in a similar scenario from medical school loans. We’ve been “spending” to aggressively pay them off before our kids start college. My husband wasn’t on staff and making much until 32 years of age. We have a lot of catching up to do, and unfortunately it wasn’t on vacations. It’s very different from people who’ve been making it for several years. I agree - people are just looking to judge.

In your situation you did have the income but had high student loans. That is why you don't send your kids to private colleges if you cannot pay cash. On OP income they can comfortable send 3 kids to public colleges, no issue especially if they claim not to have had the money and have not changed their standard of living.

Yeah, no. We had kids while in med school so our income was not high for very long. Please don’t tell other people what they can afford.
If we get financial or merit aid, I will gladly take it. No issue with not being able to pay cash. Very few people do pay full tuition.

If you had kids in Med school, it would still be 14+ years before they would enter college after you graduated.

Do you have a clue what residents make? Or that doctors don’t make a lot of money the year after graduation?

[Anonymous]

OP knows that he/she is well off but they are looking at a very high bill when they have 3 kids in college. What is the crime in asking the question?

The OP will not be receiving any need-based free (grant or scholarship - never pay back money) financial aid at any public institution. Full stop.

The OP's children may be awarded:

(1) merit aid at a private or public institution - meaning free money that is not based on financial need but based on a value the school places on that student attending the school.
(2) need-based aid at a well endowed private institution. This is money that is not paid for with public funds at institutions that charge an outrageous amount of money but also provide support for families that may be more generous than public institutions.

Absolutey NONE of this money is negatively impacting another family of any income range. If OP's kids qualify for any such money it will be because they are academically qualified.

Why all the rage that OP asked the question?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have to elect Bernie!! Families should not have to pay for college.

If he were elected, and Congress passed his plan (2 big ifs) it would affect state colleges. If OP wants to send her 3 kids to an expensive private, she'd still be on the hook.

Plus the FAFSA would go away, so there would be high interest private loans, and nothing else.

[Anonymous]

Anonymous wrote:OP knows that he/she is well off but they are looking at a very high bill when they have 3 kids in college. What is the crime in asking the question?

The OP will not be receiving any need-based free (grant or scholarship - never pay back money) financial aid at any public institution. Full stop.

The OP's children may be awarded:

(1) merit aid at a private or public institution - meaning free money that is not based on financial need but based on a value the school places on that student attending the school.
(2) need-based aid at a well endowed private institution. This is money that is not paid for with public funds at institutions that charge an outrageous amount of money but also provide support for families that may be more generous than public institutions.

Absolutey NONE of this money is negatively impacting another family of any income range. If OP's kids qualify for any such money it will be because they are academically qualified.

Why all the rage that OP asked the question?

Only OP will know if the bolded is true by filling out the net price calculator at each well-endowed private school website. My hunch is that the answer will be no need based aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have to elect Bernie!! Families should not have to pay for college.

If he were elected, and Congress passed his plan (2 big ifs) it would affect state colleges. If OP wants to send her 3 kids to an expensive private, she'd still be on the hook.

Plus the FAFSA would go away, so there would be high interest private loans, and nothing else.

He will eliminate student loan debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is why you forego vacations and restaurants and Starbucks and salon coloring and manicures etc as needed once they are born to start saving for college. You had 18 years’ notice.

Haha 18 years of no Starbucks doesn’t make nearly enough for three college tuitions. This is the dumbest advice ever.

Starbucks, hair, nails but it depends on what you spend. Vacations, new cars, yes. It absolutely helps, especially if you have three kids and want to send them all to private.

I know people who make that much money and still don't have enough for private college. I haven't seen them doing any of the things first PP mentions.

You people just looking to judge.

How is that possible? High mortgage? Then downsize, move to cheaper area. Fancy cars? What are they spending on??

Did you read it was a recent income spike? We are in a similar scenario from medical school loans. We’ve been “spending” to aggressively pay them off before our kids start college. My husband wasn’t on staff and making much until 32 years of age. We have a lot of catching up to do, and unfortunately it wasn’t on vacations. It’s very different from people who’ve been making it for several years. I agree - people are just looking to judge.

In your situation you did have the income but had high student loans. That is why you don't send your kids to private colleges if you cannot pay cash. On OP income they can comfortable send 3 kids to public colleges, no issue especially if they claim not to have had the money and have not changed their standard of living.

Yeah, no. We had kids while in med school so our income was not high for very long. Please don’t tell other people what they can afford.
If we get financial or merit aid, I will gladly take it. No issue with not being able to pay cash. Very few people do pay full tuition.

If you had kids in Med school, it would still be 14+ years before they would enter college after you graduated.

Do you have a clue what residents make? Or that doctors don’t make a lot of money the year after graduation?

Okay, I’ll allow for 4YEARS post graduation. Then you still have TEN years to save for college and 4-7 more when they are in college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is why you forego vacations and restaurants and Starbucks and salon coloring and manicures etc as needed once they are born to start saving for college. You had 18 years’ notice.

Haha 18 years of no Starbucks doesn’t make nearly enough for three college tuitions. This is the dumbest advice ever.

Starbucks, hair, nails but it depends on what you spend. Vacations, new cars, yes. It absolutely helps, especially if you have three kids and want to send them all to private.

I know people who make that much money and still don't have enough for private college. I haven't seen them doing any of the things first PP mentions.

You people just looking to judge.

How is that possible? High mortgage? Then downsize, move to cheaper area. Fancy cars? What are they spending on??

Did you read it was a recent income spike? We are in a similar scenario from medical school loans. We’ve been “spending” to aggressively pay them off before our kids start college. My husband wasn’t on staff and making much until 32 years of age. We have a lot of catching up to do, and unfortunately it wasn’t on vacations. It’s very different from people who’ve been making it for several years. I agree - people are just looking to judge.

In your situation you did have the income but had high student loans. That is why you don't send your kids to private colleges if you cannot pay cash. On OP income they can comfortable send 3 kids to public colleges, no issue especially if they claim not to have had the money and have not changed their standard of living.

Yeah, no. We had kids while in med school so our income was not high for very long. Please don’t tell other people what they can afford.
If we get financial or merit aid, I will gladly take it. No issue with not being able to pay cash. Very few people do pay full tuition.

If you had kids in Med school, it would still be 14+ years before they would enter college after you graduated.

Do you have a clue what residents make? Or that doctors don’t make a lot of money the year after graduation?

Okay, I’ll allow for 4YEARS post graduation. Then you still have TEN years to save for college and 4-7 more when they are in college.

I have no idea why you’re arguing with me - it’s not relevant. Residency was 7 years plus a year of fellowship. Kids were 12 when my husband went on staff.
Whether you “allow” it or not. Go away.

[Anonymous]

Our income is only about $160,000 but we have substantial savings and assets. One is a college sophomore and the other a HS senior. We dont get 1 dime of need-based financial aid. However, since both DC were great students with very high stats and good ECs they did receive nice merit scholarships at a variety of both private and state schools, some of which are considered elite schools. I recommend that you run net price calculators and figure out what your budget is and then go from there. My general advice is always to put the program and fit above prestige. There are still a wide variety of schools that offer merit scholarships.

[Anonymous]

Our HHI hovers around 100k in the DC area. And never has been much above that and sometimes much lower. All we get are loans and work/study for a public in state school that costs $40k total cost of attendance. It sometimes seems to me that high income people have an inflated view of all the fabulous financial aid people with middle class incomes are getting. We received 3500 subsidized loans and 2000 unsubsidized loans and 1900 federal work study. Our next child starts school in 4 years so we don't have an overlap. Having multiples in school at the same time can present a cash flow problem, but it doesn't alter the net cost of educating your children so the solutions are tax advantaged savings vehicles and loans to help cash flow.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have to elect Bernie!! Families should not have to pay for college.

If he were elected, and Congress passed his plan (2 big ifs) it would affect state colleges. If OP wants to send her 3 kids to an expensive private, she'd still be on the hook.

Plus the FAFSA would go away, so there would be high interest private loans, and nothing else.

He will eliminate student loan debt.

No, he WANTS to eliminate government funded student debt. Not one candidate has proposed eliminating private student loans. The banks would never go for it. Additionally, he WANTS to do that. The senate won't allow it (even if the dems take it back). The margin is too small, and moderates are too many, and its not going to happen.

[Anonymous]

Anonymous wrote:Our HHI hovers around 100k in the DC area. And never has been much above that and sometimes much lower. All we get are loans and work/study for a public in state school that costs $40k total cost of attendance. It sometimes seems to me that high income people have an inflated view of all the fabulous financial aid people with middle class incomes are getting. We received 3500 subsidized loans and 2000 unsubsidized loans and 1900 federal work study. Our next child starts school in 4 years so we don't have an overlap. Having multiples in school at the same time can present a cash flow problem, but it doesn't alter the net cost of educating your children so the solutions are tax advantaged savings vehicles and loans to help cash flow.

Under FAFSA, there are significant advantages to having kids in college at the same time. If you get no aid, then of course it doesn’t matter.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our HHI hovers around 100k in the DC area. And never has been much above that and sometimes much lower. All we get are loans and work/study for a public in state school that costs $40k total cost of attendance. It sometimes seems to me that high income people have an inflated view of all the fabulous financial aid people with middle class incomes are getting. We received 3500 subsidized loans and 2000 unsubsidized loans and 1900 federal work study. Our next child starts school in 4 years so we don't have an overlap. Having multiples in school at the same time can present a cash flow problem, but it doesn't alter the net cost of educating your children so the solutions are tax advantaged savings vehicles and loans to help cash flow.

Under FAFSA, there are significant advantages to having kids in college at the same time. If you get no aid, then of course it doesn’t matter.

I know that FAFSA privileges this (and at our income level it would have made a big difference in our aid). But for higher incomes - private schools, the CSS doesn't privilege it as much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, I am not understanding why you can’t pay out of pocket at that salary, regardless of how long you have earned that. The difference between your current income and 3 private college tuitions leaves a huge remainder to live on.

Not really. A huge chunk of your money goes to taxes at this income. 3 private schools tuitions at $75K each a year is $225K (I’m assuming this based on your private college tuition assertion and the original post). It doesn’t leave much for mortgage, cars, and general living expenses. It is not feasible to pay all out of pocket, and definitely needs a savings plan and/or loans to accomplish.

They'd get a tax break for educational expenses. And once its just 2 of them at home they can live in a smaller house. No more need for the mcmansion they bought when their income shot up.

There is no income tax break for educational expenses.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have to elect Bernie!! Families should not have to pay for college.

If he were elected, and Congress passed his plan (2 big ifs) it would affect state colleges. If OP wants to send her 3 kids to an expensive private, she'd still be on the hook.

If OP wants to send her kids to private, she'd would actually be worse off because her taxes would increase significantly to pay for free public school for all and Medicare for all. She would have significantly less take home pay than she has now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have to elect Bernie!! Families should not have to pay for college.

If he were elected, and Congress passed his plan (2 big ifs) it would affect state colleges. If OP wants to send her 3 kids to an expensive private, she'd still be on the hook.

Plus the FAFSA would go away, so there would be high interest private loans, and nothing else.

He will eliminate student loan debt.

Not for private institutions.