Reply to What's your HHI and how deferential are you to your DC in school selection?

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[quote=Anonymous][quote=Anonymous]I'm a little schocked by some of what I'm reading in this forum, and I suspect it's because you people are simply far wealthier than I am. So out of curiosity:

1. What's your HHI?

2. Are you paying the tuition or are the grandparents helping out (did someone leave money for this purpose)?

3. Scholarships or financial aid?

4. Did you set any financial guidelines RE: school selection? If so, what were they?

5. Will you give your kid a monthly allowance?

6. Do you expect your kid to have a PT gig during school (and over the summer)?

[/quote]

1. $215k, both parents working, 2 kids

2. We are paying for college ourselves.

3. Our EFC (based on FFASA) is ~$45k, so our teen qualifies for some financial aid at schools that pledge to meet 100% need. However, we don't feel we can afford anything close to this amount. We think about $30k per year per kid (4 years each) is reasonable for us. (Our kids won't be in college at the same time.)

4. We absolutely set financial guidelines re school selection. We told DC what we could afford, which would limit DC to in-state options or private schools that offered enough merit aid to bring the cost down to what we could afford. So DC did not apply to any schools that offer only financial aid (which meant skipping most of the top schools).

5. Not sure yet how we will handle spending money. DC has money saved from last year's summer job and will work again this summer. We will figure out what seems like a reasonable monthly spending allowance and supplement if DC does not have enough saved.

6. I would like DC to get a part time job at school if possible. And of course DC will be working this summer. In the future, we will weigh the merits of jobs/internships--I am willing to consider subsidizing DC if an amazing unpaid or low paid internship is on the table. It will depend on the costs and potential benefits.[/quote]

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