Reply to What money is fair game for financial aid?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We have 2.5million in assets and close to retirement, you can say we have the money but it would be financially irresponsible to spend 40k for each of our 3 kids.  However, the tops schools think we can afford to pay without aids based on our assets[/quote]

At a very modest 4% post-tax annual return, your assets will bring you $100K/year.  Yeah, you can afford it.[/quote]

I can afford To spend 80k out of 100k/year for 8 years for colleges??[/quote]

3 kids x $40K/year x 4 year school = $480K, that's 6 years of $80K, not 8.

You won't have social security when you retire?  That's another $3K/month for you and your spouse each, so $72K/year.  Supposedly your mortgage is paid off by retirement, so yes, I think you can tighten your belt for 6 years as a retired couple and "survive" on $90K income if you don't want to touch the principal or find some side gig.  Or, you can postpone retirement for another 2-3 years.

No, you are not entitled to keep your lifestyle and sit on $2.5M while your 3 kids attend pricey schools for free.

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