Reply to Our EFC is 500,000????

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Our EFC is 230k.  We don’t even make that much 300k with both parents working + 2 million assets[/quote]

You make $300K and $2 Million in assets, you have plenty of money to pay for college.[/quote]

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

[/quote]

Then they go to public or you figure it out.  You choose to have three kids and insist they go to a private.  You can sell your million dollar house to pay for it.  [/quote]

Do you feel better about yourself saying things like this? Or are you just pissed that you didn't save as much? Telling someone else to spend all of the assets and show such lack of empathy? And not directing your anger where it really belongs?[/quote]

Did you save for college?

We absolutely saved enough for a state college and graduate school.  If we had that kind of money and income it would be fantastic but we saved for college on 1/2 that income and have a paid-off house with no family help.

If you choose to have three kids, you need to think long term with expenses including college.  If you have that kind of money, expecting a free ride is really pathetic.[/quote]
DP,

you saved enough for in state, but OP's EFC is stating $500K.  Can you afford $500K for college? I don't think so.

OP and others are lamenting the fact that 1. college costs are insane  2. these expensive colleges expect you to drain your entire savings to send your kid there.  I don't know about others, but we lived very frugally in order to save for our retirement so that we won't be a burden to our children or society. We don't come from family wealth. As a matter of fact, my parents were poor immigrants who don't speak English.

Most people with a good income aren't expecting a free ride, but the EFC for some of these colleges are ridiculous. Yes, you absolutely have a choice to not go.  But, colleges have become insanely expensive just like healthcare costs.  The EFCs are ridiculous for 99% of people.[/quote]

Again, OP did not get a bill for $500K. Like anyone one else, OP will not pay more than $80K/kid anywhere.  The formula does not demand that people drain their savings.  At the top of the scale, FAFSA assumes 7% assets and 47% of income are available for college expense that year.  So OP has an annual income over $1M, or $7M in assets or some combination of the two.  If OP doesn't want to spend more than $30K on college so be it, but absolutely no reason that should be at an $80K school.[/quote]

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