Reply to High income but 3 kids in college at once- financial aid

Forum Index » College and University Discussion

Reply to "High income but 3 kids in college at once- financial aid"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]It seems people have no idea what they are talking about with certain income ranges. At the 450k range, I believe even  starting at @400k, All deductions are phased out except the basics of personal exemptions and the interest up to 1mm and the 10k taxes.  Our house with the 7200 is actually a 3900 mort +13k taxes + a renovation Loan. Our whole tax bill is approx 20k (including state) So it’s not even all deductible. Our 200k renovation loan will be paid over in maybe 3 years. it was about a 7 yr loan.  The value of house is maybe 1.4m.  It’s the same house as a house In Fredricksburg that would cost half the price.

What I am saying is this - why do people who make choices to to be at their smaller income level deserve to go to expensive colleges vs those who have a moderately higher income? If you look at colleges that are very expensive they are exceeding filled with very wealthy (1mm income a year), minorities, poor and athletes.  Ok, maybe that’s what America wants. So be it.

I would rather have memories of vacation, less time spent commuting so I can have time with my family , and a reasonably comfortable house and do state college. However could I afford 80k a yr for 4 kids? No, my retirement would be nothing and it would reduce many things. I am making the choices that are best.

But, we CAN’T afford it more than private. Our kids will have to get scholarships to go somewhere else. No, I will not let them take excessive student loans out and I will not do it either.   [/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