Reply to ok, don't crucify me.. question about financial aid.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]-$340k income
One is $155 base with $135k in bonus potential which has never paid less than 75% in the past but revenue is on the decline and comp and headcount are often the first targets.
One is $50k govt worker
We are both the first to go to college, both from poverty, no parental help but we help our parents out financially
-$100k equity with $120k HELOC debt on a home worth $350k
-$200k 401k
-$20k stock
-$8k savings
-$300k unvested stock
-2 cars  2007 and 2011
-three Af Am/Hispanic kids one highly gifted
-$155k in student loan debt between us
-$6k summer camps
-PreK-8 school tuition and aftercare $45k for all three
-$2k other swim lessons, sports activities
-$80k credit debt between us

We are not expecting aid but will still apply.  Will also consider 1) parochial or other schools that go through 12th after we leave our current school that are at a similar price point as we are paying now (if any exist), 2) paying for a good public school and 3) renting a home/apartment near a good public school as another option.  Hoping we can stay private through 12th but don't think we can do it if more than $20k per kid.[/quote]

i may get flamed for this, but I'll take the chance.

PP seems like a great example of people whose choices should not make them eligible for FA, but who will probably get it.  They make $205k/year, with the potential for at least $100k more, and are living way above their means.  They have three children (so likely aren't incredibly young) and have SIGNIFICANT debt -- $245k, not including mortgage.  They are paying more for school/aftercare/camp than one of the parents' salaries.

Great that the parents are looking at less expensive schools, but they might be better off (financially) to move to a great public school system NOW, way before high school. [/quote]

All three for 45K is not bad. After care in public school would run 15k for all three as well. But why do they have so much credit card debt and Heloc debt?  Why don't they pay those off?[/quote]

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