Reply to Which private colleges have the best financial aid for donut hole families?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What the heck is a donut hole family? Where do these terms come from?! [/quote]

Rich people pretending to be poor and expecting entitlements.  [/quote]

It is a term used in many contexts to describe people who earn too much to qualify for a program (medicare drug coverage) but don't earn enough to actually pay for the product themselves.  This isn't a new term.

It is relatively new to apply it to college attendance.

It is only recently that people began to think they were somehow entitled to an expensive elite education.  But different people save different amounts because circumstances and preferences differ.  Then they get all bent out of shape when a poor kid gets a large amount of financial aid.[/quote]
Most of the people I know who would consider themselves as a donut hole family are couples who went to top colleges themselves, spent years in graduate school, spent many years paying off their student debt and find themselves in their 50s faced with having to deal with college tuition bills and adequately funding their own retirement.  The schools they went to are now priced north of $70k and these schools typically only offer need based aid not merit based aid.  It is a little tough to accept because most parents hope their kids will have at least the same opportunities they were able to experience.  We had saved enough to send our child to a state school for four years when he was in middle school and that is a great feeling.  The gap between UMD and a top 30 private school is around $50K a year and these schools don't offer merit based aid for the most part.  We have tried very hard to save enough but it is really hard to save this much even with a six figure income especially since we have only enjoyed a six figure income for the last ten years.  We are far from alone.  I know lots of UMC families in a similar situation.  It is a relatively new phenomenon and I don't think it is wrong to draw attention to this.

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