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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What is the child's exact substantial college savings and what are the extenuating circumstances related to how the savings came to be? Is the savings in a 529 and if not, what kind of plan is it in? [/quote]

OP?[/quote]
Not a specific plan. Family. But I don't make the income relative to the amount there is. [/quote]

I don't understand. So this is a family gift that will pay for post high school education, not in a 529 and not with a limit, but you also don't think it is limitless?[/quote]

Sounds like there is more than enough with the family gift but OP doesn't want to say the amount because it is more than most have AND it will cover all the way through medical school so long as undergrad is on the cheaper side. It isn't even in a 529 which tells me it is not finite. So who cares what your income is? Who cares how your income relates to the amount of money your family is setting aside. It seems your kid can afford any undergrad he wants but can't afford without debt all post high school education. My guess is that the money wasn't put into a 529 to likely try and game the financial aid system so undergrad would be supplemented by the school reducing the costs (i.e. no need to disclose the 529 balance but the money is nevertheless there/available).

Sounds like you then had kid apply to schools and while he "can" afford to go, it isn't advisable if you want education to be fully family funded. So your idea (to try and get financial aid for free) didn't work even though it was worth a shot to you. I don't think people are going to be sympathetic...your kid is fine regardless what is selected. [/quote]

You are so wrong about my specific family money scenario, and I don't owe a public message board an explanation. But there is no gaming of anything, everything is being done by the books. I never asked for sympathy, I asked for input about other children who didn't go to their number one schools because they couldn't, and how their experience was. Again, not looking for anything other than stories and advice. [/quote]
You claim you endured a "hard...financial aid disappointment" but there is non 529 savings from family for your kid's college even though you "don't have an amazing salary" which has resulted in your kid having a "substantial college savings." Nevertheless, "they/we aren't willing or able to pay 50k PLUS per year" bc they want to go "to med school after college as well, so the price of undergrad really matters."

1. Sounds like you have hundreds of thousands of dollars for higher education but not a limitless amount. Not being able to afford $50k/year is different from not being "willing" to afford it. You said both ("they/we aren't willing or able to pay 50K PLUS per year..." - so which is it?)

2. Because you set this up as a "financial aid disappointment" is why you owe people an explanation. It isn't a financial aid disappointment...it is you want your kid to graduate debt free after all education expenses are paid and that isn't really an option if medical school is in the mix.

3. It IS kinda shameful that you were hoping for financial aid based on your income when you already knew family had committed to paying for education, even if it isn't limitless. Even if it was "by the books" because it wasn't set aside college money so it didn't need to be disclosed.

Had the question been posed as: We are lucky enough that family has funded my kid's education through medical school but the well isn't bottomless so he can't attend the undergrad schools he likes the best (which better match his HS GPA) so that graduate school is covered. Any success stories where kids with a good HS GPA are left with college choices which puts them at the top of the school's 75% HS GPA acceptance rate so that their education is completely covered?

versus

We have family money for college, but don't owe you information about it. We hoped to get financial aid (but don't owe you information about that either). Same with the SAT (don't owe you that)! So...Financial aid disappointment here! Any success stories where kids with a good HS GPA are left with college choices which puts them at the top of the school's 75% HS GPA acceptance rate so that their education is completely covered? 
[/quote]

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