where do highly academic $ donut hole students go?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:in DC area--$300k-450k is a donut hole family. 2 or more kids. SFHs run you $750k-2 million. COL is very high here.

LOL no. SFHs, investments, retirement savings, and OOS college tuitions are luxuries. You have to prioritize and choose, just like all the families who make less or way less.

Agree. A family making between 300-450k is not a donut hole family. We make in that range and we’ve saved money for our kids to go to college. One is in college now and the other will be next year. We won’t have quite enough from our 529 accounts, but we are able to cash flow the rest because we make enough money to do so.

Sure it is. We are in that range now (but were not always). We saved a lot but not enough to pay $65-80K/year. And while we CAN cash flow remaining, that will basically suck up every penny we have--quite literally-- if DC goes private and out of state (and we are also looking in state but acc to most of you on here we cannot and should not consider the Roanokes, Lynchburgs, etc.). And we do not live lavishly. Old cars that were cheap to begin with. No second home. Still in our starter home. Fly to vacation on miles accrued or stay driving distances.

After taxes and other necessities and being sucked dry for every little thing . . . . we are 1 medical emergency away from financial catastrophe. Something we came very near to actually incurring. So, yeah, I know some of you think this is living large at that salary. And maybe elsewhere it is. And it may be better than a lot and afford us a lot of comfort. But it's not rich and most certainly donut hole b/c we will get not once cent in aid. Anywhere.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:in DC area--$300k-450k is a donut hole family. 2 or more kids. SFHs run you $750k-2 million. COL is very high here.

LOL no. SFHs, investments, retirement savings, and OOS college tuitions are luxuries. You have to prioritize and choose, just like all the families who make less or way less.

Agree. A family making between 300-450k is not a donut hole family. We make in that range and we’ve saved money for our kids to go to college. One is in college now and the other will be next year. We won’t have quite enough from our 529 accounts, but we are able to cash flow the rest because we make enough money to do so.

Sure it is. We are in that range now (but were not always). We saved a lot but not enough to pay $65-80K/year. And while we CAN cash flow remaining, that will basically suck up every penny we have--quite literally-- if DC goes private and out of state (and we are also looking in state but acc to most of you on here we cannot and should not consider the Roanokes, Lynchburgs, etc.). And we do not live lavishly. Old cars that were cheap to begin with. No second home. Still in our starter home. Fly to vacation on miles accrued or stay driving distances.

After taxes and other necessities and being sucked dry for every little thing . . . . we are 1 medical emergency away from financial catastrophe. Something we came very near to actually incurring. So, yeah, I know some of you think this is living large at that salary. And maybe elsewhere it is. And it may be better than a lot and afford us a lot of comfort. But it's not rich and most certainly donut hole b/c we will get not once cent in aid. Anywhere.

This makes no sense. Where is all your money going. Why did you not save? You are rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have saved since birth and will pay for a state college and graduate school. How hard is that to get you need to save early on.

This was MIL - DH was vehemently opposed, when the time came, as he was accepted to all top schools. He never forgot it. Other factors applied, but this had a strong impact on DH. He paid her back with above market interest, to her lack of acknowledgment. Plus, I am sure she said many snarky and rude things along the way. That is when I knew I wanted to marry DH. MIL inadvertently created his attitude. LOL.

He sounds like a jerk. As parents we don’t do much for ourselves and the on,y thing we splurge on is kids activities. If the best we can do is state college they can either go and appreciate it or get a job and pay for it themselves. Thankfully ours are not like your husband and want to go to state schools. If we can do more we will but your husband is obnoxious.

[Anonymous]

In state school or slac with merit aid. Exactly what my kids have done/doing.

[Anonymous]

Anonymous wrote:I paid my oldest to take a gap year after they got an acceptance. and after talking to the FA dept at their college

Changes in FAFSA dont impact CSS schools about multiple kids. For 3 years I'll have two kids in at once and will pay 50k per. It's a lot, I know, but nothing like the 85+ we'll pay the first of oldest and last year of youngest.

I benefited from this but it's an insane rule. Colleges expect you to spend all the money your earn on luxuries and then pause for whatever the kids are in school.
$100K bonus for moving your kids 2 years closer in age.

[Anonymous]

Anonymous wrote:They get the most prestigious scholarships at their in-state flagship university, OP, such as the Banneker-Key for UMD.

My state has about 50K high school grads each year, but under 100 get honor college half+ scholarships.

Full price is still much cheaper than Ivy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have saved since birth and will pay for a state college and graduate school. How hard is that to get you need to save early on.

This was MIL - DH was vehemently opposed, when the time came, as he was accepted to all top schools. He never forgot it. Other factors applied, but this had a strong impact on DH. He paid her back with above market interest, to her lack of acknowledgment. Plus, I am sure she said many snarky and rude things along the way. That is when I knew I wanted to marry DH. MIL inadvertently created his attitude. LOL.

He sounds like a jerk. As parents we don’t do much for ourselves and the on,y thing we splurge on is kids activities. If the best we can do is state college they can either go and appreciate it or get a job and pay for it themselves. Thankfully ours are not like your husband and want to go to state schools. If we can do more we will but your husband is obnoxious.

Telling on yourself there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:what does donut whole mean?? poor?

Too rich for financial aide, but too poor to pay out of pocket.

That's not really a thing. Too rich for financial aid but not enough money for college means that you leased a BMW for 18 years instead of maxing out a 529.

Alas, it was the 529 that made us full pay.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:in DC area--$300k-450k is a donut hole family. 2 or more kids. SFHs run you $750k-2 million. COL is very high here.

LOL no. SFHs, investments, retirement savings, and OOS college tuitions are luxuries. You have to prioritize and choose, just like all the families who make less or way less.

Agree. A family making between 300-450k is not a donut hole family. We make in that range and we’ve saved money for our kids to go to college. One is in college now and the other will be next year. We won’t have quite enough from our 529 accounts, but we are able to cash flow the rest because we make enough money to do so.

Sure it is. We are in that range now (but were not always). We saved a lot but not enough to pay $65-80K/year. And while we CAN cash flow remaining, that will basically suck up every penny we have--quite literally-- if DC goes private and out of state (and we are also looking in state but acc to most of you on here we cannot and should not consider the Roanokes, Lynchburgs, etc.). And we do not live lavishly. Old cars that were cheap to begin with. No second home. Still in our starter home. Fly to vacation on miles accrued or stay driving distances.

After taxes and other necessities and being sucked dry for every little thing . . . . we are 1 medical emergency away from financial catastrophe. Something we came very near to actually incurring. So, yeah, I know some of you think this is living large at that salary. And maybe elsewhere it is. And it may be better than a lot and afford us a lot of comfort. But it's not rich and most certainly donut hole b/c we will get not once cent in aid. Anywhere.

This makes no sense. Where is all your money going. Why did you not save? You are rich.

Everything is relative isn’t? $300k is closer to $50k than it is to $600k. It sure seems like rich for someone who is poor or struggling (a decent bulk of Americans), so I get it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:in DC area--$300k-450k is a donut hole family. 2 or more kids. SFHs run you $750k-2 million. COL is very high here.

LOL no. SFHs, investments, retirement savings, and OOS college tuitions are luxuries. You have to prioritize and choose, just like all the families who make less or way less.

Agree. A family making between 300-450k is not a donut hole family. We make in that range and we’ve saved money for our kids to go to college. One is in college now and the other will be next year. We won’t have quite enough from our 529 accounts, but we are able to cash flow the rest because we make enough money to do so.

Sure it is. We are in that range now (but were not always). We saved a lot but not enough to pay $65-80K/year. And while we CAN cash flow remaining, that will basically suck up every penny we have--quite literally-- if DC goes private and out of state (and we are also looking in state but acc to most of you on here we cannot and should not consider the Roanokes, Lynchburgs, etc.). And we do not live lavishly. Old cars that were cheap to begin with. No second home. Still in our starter home. Fly to vacation on miles accrued or stay driving distances.

After taxes and other necessities and being sucked dry for every little thing . . . . we are 1 medical emergency away from financial catastrophe. Something we came very near to actually incurring. So, yeah, I know some of you think this is living large at that salary. And maybe elsewhere it is. And it may be better than a lot and afford us a lot of comfort. But it's not rich and most certainly donut hole b/c we will get not once cent in aid. Anywhere.

This makes no sense. Where is all your money going. Why did you not save? You are rich.

Everything is relative isn’t? $300k is closer to $50k than it is to $600k. It sure seems like rich for someone who is poor or struggling (a decent bulk of Americans), so I get it.

No one is poor on $300k a year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:in DC area--$300k-450k is a donut hole family. 2 or more kids. SFHs run you $750k-2 million. COL is very high here.

LOL no. SFHs, investments, retirement savings, and OOS college tuitions are luxuries. You have to prioritize and choose, just like all the families who make less or way less.

Agree. A family making between 300-450k is not a donut hole family. We make in that range and we’ve saved money for our kids to go to college. One is in college now and the other will be next year. We won’t have quite enough from our 529 accounts, but we are able to cash flow the rest because we make enough money to do so.

Sure it is. We are in that range now (but were not always). We saved a lot but not enough to pay $65-80K/year. And while we CAN cash flow remaining, that will basically suck up every penny we have--quite literally-- if DC goes private and out of state (and we are also looking in state but acc to most of you on here we cannot and should not consider the Roanokes, Lynchburgs, etc.). And we do not live lavishly. Old cars that were cheap to begin with. No second home. Still in our starter home. Fly to vacation on miles accrued or stay driving distances.

After taxes and other necessities and being sucked dry for every little thing . . . . we are 1 medical emergency away from financial catastrophe. Something we came very near to actually incurring. So, yeah, I know some of you think this is living large at that salary. And maybe elsewhere it is. And it may be better than a lot and afford us a lot of comfort. But it's not rich and most certainly donut hole b/c we will get not once cent in aid. Anywhere.

This makes no sense. Where is all your money going. Why did you not save? You are rich.

Exactly. Unless you have unusual circumstances which you haven’t shared, you make plenty of money to pay for college.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:in DC area--$300k-450k is a donut hole family. 2 or more kids. SFHs run you $750k-2 million. COL is very high here.

LOL no. SFHs, investments, retirement savings, and OOS college tuitions are luxuries. You have to prioritize and choose, just like all the families who make less or way less.

Agree. A family making between 300-450k is not a donut hole family. We make in that range and we’ve saved money for our kids to go to college. One is in college now and the other will be next year. We won’t have quite enough from our 529 accounts, but we are able to cash flow the rest because we make enough money to do so.

Sure it is. We are in that range now (but were not always). We saved a lot but not enough to pay $65-80K/year. And while we CAN cash flow remaining, that will basically suck up every penny we have--quite literally-- if DC goes private and out of state (and we are also looking in state but acc to most of you on here we cannot and should not consider the Roanokes, Lynchburgs, etc.). And we do not live lavishly. Old cars that were cheap to begin with. No second home. Still in our starter home. Fly to vacation on miles accrued or stay driving distances.

After taxes and other necessities and being sucked dry for every little thing . . . . we are 1 medical emergency away from financial catastrophe. Something we came very near to actually incurring. So, yeah, I know some of you think this is living large at that salary. And maybe elsewhere it is. And it may be better than a lot and afford us a lot of comfort. But it's not rich and most certainly donut hole b/c we will get not once cent in aid. Anywhere.

This makes no sense. Where is all your money going. Why did you not save? You are rich.

+1, this doesn't add up. Maybe huge mortgage. If you have an HHI of 300-450k and a medical emergency would be "catastrophe" and you don't have at least 150-200k socked away for your ONE kid's college by the time they are 18, I have zero tears for you. What do you think people who have incomes of more like 100-150k a year do? They are not homeless. If they can make it work, you have no excuse. Your money is going somewhere. Are you in debt to the mob?

[Anonymous]

Anonymous wrote:Oberlin. Our family fits this description, with a very smart, very academic DS. He loved Oberlin and Oberlin loved him back with merit aid that was generous enough that we could make it work. He's STEM, is getting a great education, and just got a very competitive internship for next summer (made easier by the 5K assistance offered to all juniors to cover summer costs.

Similar experience for our DC at Oberlin.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:what does donut whole mean?? poor?

Too rich for financial aide, but too poor to pay out of pocket.

That's not really a thing. Too rich for financial aid but not enough money for college means that you leased a BMW for 18 years instead of maxing out a 529.

I should have done that! Instead we saved and saved and now we're in a really weird place of colleges thinking we can pay 85k a kid .. for two kids. I do think by year 6 or so we'll have spent down enough that we could get some aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:what does donut whole mean?? poor?

Too rich for financial aide, but too poor to pay out of pocket.

The term "poor" is relative. It's middle to UMC who want the brand name college but don't want to pay $80k / year, but can squeeze out close to $45k / year if it came to it.

Real middle class will get financial aid. The people complaining make $125/150-400/500K who don't want to save or pay or understand they need to go to a state college that is more affordable.

+1.