Reply to any surprises in terms of financial aid for upper middle class kids?

Forum Index » College and University Discussion

Reply to "any surprises in terms of financial aid for upper middle class kids?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]I'm wondering [b]whether people with $200-$250,000 in household income (two  government employee parents) are getting any financial aid from the schools where total costs are $60,000 plus/year? [/b] I know there are tons of factors like how many kids in the family, how much savings, etc., but I'd love to get a big picture sense of whether it makes sense to fill out the FAFSA and whether we could possibly get even $5-$10,000 in aid.  By the time the first kid goes to college, I imagine we would have about $100,000  in a 529 plan for that kid, and considerable retirement savings (which I'm told doesn't count) and home equity (which I'm told doesn't count).   I know we're fortunate, but finding $60,000 in after-tax money seems pretty hard, with other kids and grad school to think about also.[/quote]

You can run the numbers for what your Expected Financial Contribution (EFC) would be, but in brief, the answer is that you won't qualify for any need-based aid.

https://studentaid.ed.gov/sa/fafsa/estimate

[img]https://blogs-images.forbes.com/troyonink/files/2014/11/2015-2016-EFC-Quick-Reference-Table1.png[/img]

You are right that $60K+ in after-tax money for four years for one kid is extremely difficult.  For us it is impossible, and so we looked only at in-state schools, and schools that would award DC significant merit aid ($25K+/year).

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics