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College and University Discussion
Reply to "Which private colleges have the best financial aid for donut hole families?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous] NP - It means that two kids with incomes of $200,000 can be walking around campus, living in the same dorms, taking the same classes and one pays substantially more for the experience because their parents were frugal. It IS backwards.[/quote] Somewhat, but not as much as you might think. Since parental assets are counted at 5% in the calculation of the EFC, if you had saved $200,000 for college, it would only result in an EFC of $10,000 higher than the other student that saved $0. Perhaps fair, perhaps not, but either way it is not a huge difference. Income matters much more.[/quote] Unless one of your assets is rental property. Then you will not qualify, even if family income is below $200k. [/quote]
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