Reply to Do you make $400,000 a year but feel broke?

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[quote=Anonymous][quote=Anonymous]I think, PP, you are arguing that the schools should give the $400 HHI an incentive to attend, whereas those of us who think you are off your rocker are arguing that the $400k HHI family doesn't need financial aid. You are talking incentive, we are talking need. I can see where you are coming from (kinda sorta, since I'm that HHI $150k poster from up thread) but I really don't think you should need a financial incentive. The quality of the school should be incentive enough. If it isn't...meh. Don't come. It clearly isn't that important to you. My kid's school's goal with financial aid is to make it possible for everyone who wants to attend to do so. Not to make it comfortable, but to make it possible. I think that is right.[/quote]
I generally agree with you - it's a question of exactly what level of burden you think is sufficient.  No matter what the system, a family on $1M is going to feel no pain, so that's a given.  It's really a question of what level of pain should that family with four kids on $400k (pretax), or your family with one kid on $150k (pretax), feel when they choose to prioritize tuition.

When I received financial aid growing up on a smaller income, the pain I felt was I had to spend my Saturdays and Sundays working to earn a few thousand dollars that I paid myself.  If I had gone to public, I could have skipped that burden and had the additional 15 hours of free time.  Similarly, my parents had to prioritize paying a few thousand dollars, which means that we might have cut out cable or things like that from our budget.  Again, the aid I received was generous, but I was always invested as a stakeholder enough where I had to make some level of sacrifice.

Having grown up with nothing (and for example, had my parents literally die broke), I can appreciate the pain you'd feel if you were asked to pay $100k per year of $120k of available funds.  That'd be a huge sacrifice, which might be the difference of being able to generate a comfortable retirement income of $10k per month versus one where you're generating $2k and supplementing with social security.  If a family were to make that choice, similar to your family, they are heavily invested as a stakeholder and feeling the pain.  In fact, I'd bet you that 99% of families in that situation would choose public, as it's too big an economic contrast.[/quote]

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