Reply to How does most of America pay for these elite schools?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]There are parents with a good HHI who are either bad with money or who choose not to save for college.  That money goes to living above their means.  It drastically limits college options.[/quote]

Bad with money?? You have never heard of uncovered, out-of-pocket medical expenses? You know nothing of special needs? Expensive prescriptions? Psychiatrists and psychologists who do not take insurance?  Ever heard of disability? We have millions in our retirement accounts because it was made easy to save with pre-tax deductions and 401Ks, but our college funds are next to nothing because of medical expenses.  [/quote]

This is such a strange argument.  You have saved millions in retirement accounts, but none for college.  Just because you did not use a 529 plan, does not mean you didn't save for college.  You just took advantage of the benefits of 401Ks to save, which is a completely valid way to do it...you saved tax-free with more flexibility on how you use the $$$s.

Not sure why a college should view your 401k millions differently from 529 millions.  Millions of dollars are millions of dollars.[/quote]

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