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College and University Discussion
Reply to "Paying for College"
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[quote=Anonymous]OP, some schools factor in the value of your house and others don't. Most schools seem to expect roughly this formula: 1/3 past (savings) 1/3 present (income) 1/3 future (student loans, parent loans) So if the NPC is saying they think you can afford $45,000 a year they are expecting 1/3 of that to come from your savings. $15,000 a year x 4 = $60,000 is what you should have saved up for college for your child. They think you can find $15,000 a year out of cash flow from your $130,000 a year income which seems OK. They think your child can take on $15,000 a year of student loan... can reduce that with summer income etc. Or you as a parent can come up with that money through loans or cashflow.[/quote]
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