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College and University Discussion
Reply to "Is It Really Gonna Cost $280K? OMG "
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[quote=Anonymous][quote=Anonymous]OP here. Yes no merit and no financial aid. DD did apply early decision as that increased her acceptance chance to 25% instead of 11% as for regular decision. I was pretty shocked when I first saw that generic chart of Expected Financial Contribution (EFC). With a family income of over $200K and only one child, we are to be able to contribute 45% of our income (full tuition). If we didn't have $225K already saved, there is no way we could afford NU. Who can afford to pay 45% of one's income? Crazy stuff! [/quote] First, congrats to your kid. But ouch - it is even worse when you consider that you are paying post tax money. So the tax man is already taking at least $50K of your family income, and NU is going take another $75K of what's leftover. It may help you feel better to think that my flagship state college is close to $50K per year in state for tuition/room/board, so your delta for NU only about $25K extra per year. [/quote]
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