Reply to Just calculated projected college costs for my kid and almost vomited

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[quote=Anonymous][quote=Anonymous]

NP.

Are you sure about that?

[/quote]

Yes.

There are more than enough wealthy people in the world whose children can fill the top colleges.  But the colleges don't want that, and neither do I.

[quote]We make $350K/year, which in anyone's book is a lot of money. We have one kid. We will not easily be able to pay the projected college costs. We will manage, but it won't be easy.[/quote]

This is anecdotal validation of my assertion.

[quote]That would mean you'd need to find 50,000 kids every single year whose families can pay that tuition. That would also require abandoning every factor universities normally look at--geographic diversity, racial diversity, etc--and look solely at ability to pay.[/quote]

Yep.

At top schools the neediest will still attend via financial aid, and everyone else - UMC, poor planners, and the recently successful will be out of luck or resort to other financial/debt mechanisms.

[quote]So you're telling me that you think there are 30,000 kids out there whose families can pay and that schools will just abandon everything they say about wanting a diverse class in order to fill their schools with those families?[/quote]

They won't want to, but they can if they choose or need to.  They will still be able to give financial aid based on need the way they do now, so it won't be 100% uniform.

The unfortunate fact is - the current system, while painful and seemingly unfair, is probably the best one.  People have plenty of lower cost options for higher education today.  They just don't want them.

Please note I am not saying borrowing big for college is a smart individual choice.  It isn't.  But people choose it,

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