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

[Anonymous]

Hi We will have three kids in college at once (a twin plus singleton situation). We are pretty high income $475k/yr. Please don't jump down my throat -it's a honest question- is there any way we will qualify for any aid
if all three are in school at once, or are we way out of the ball park - We just started making this income and do not have enough saved to pay 80k a year x3 for 4 years (if they go to private universities).

[Anonymous]

Doubtful. Look into schools that are generous with merit aid and state schools.

[Anonymous]

We are in a similar boat as you OP but with just a few years to go. We aren't hopeful of getting FA but agree that state schools where they offer Merit aid are good options also some OOS schools are not that high in terms of tuition.

[Anonymous]

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.

[Anonymous]

No you won't get any financial aid at $475k. You would not get any at $375k either. Of course if your income is likely to continue growing and your jobs are relatively safe your you could take out some Parent Plus loans or use home equity -- but those options come with their own drawbacks.

[Anonymous]

Very unlikely, but there is a way to find out. Use the Net Price Calculators on some college financial aid websites. They will give you an estimate.

[Anonymous]

I doubt it, op. That’s just too high and they don’t look back that far. At 475 it’s presumed you could pay a good portion out of pocket. Let the kids take out loans and gift them money every year to pay it off after college

[Anonymous]

Seriously, no, send all three to state schools and you either pay out of pocket or take loans and help pay them back. You had years to save. You are making a huge amount of money and people pay for college on much less income. If college was an issue, you should have saved, had less kids or thought more about what schools they choose to attend.

[Anonymous]

Even if you're willing to pay full price for 3 kids at privates ($240k) that leaves you with more than most people make left over. You're not getting aid, nor should you.

[Anonymous]

Not all private schools are 80K. You could probably swing 60K per year out of pocket per kid, after taxes, on your salary and still have plenty to live on.

[Anonymous]

My parents got nothing when I was at a private college that was $25k and they had one in private Hs and one in a Catholic k-8. They made $100k. So, I’m guessing no way.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

I would love to know how op spends money.

[Anonymous]

Anonymous wrote:Hi We will have three kids in college at once (a twin plus singleton situation). We are pretty high income $475k/yr. Please don't jump down my throat -it's a honest question- is there any way we will qualify for any aid
if all three are in school at once, or are we way out of the ball park - We just started making this income and do not have enough saved to pay 80k a year x3 for 4 years (if they go to private universities).

We have an income of $200k and two kids currently in college. Only aid offered were subsidized loans. Doubtful an additional child with more than 2X the income would qualify for even that.