Reply to Our EFC is 500,000????

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Our EFC is 230k.  We don’t even make that much 300k with both parents working + 2 million assets[/quote]

You make $300K and $2 Million in assets, you have plenty of money to pay for college.[/quote]

2 million asset is 1 million after expenses and taxes, not even enough to pay for 3 kids @350k each after depleting my lifetime savings

[/quote]

Then they go to public or you figure it out.  You choose to have three kids and insist they go to a private.  You can sell your million dollar house to pay for it.  [/quote]

We don’t have a million dollar house and drive 18 yr old car despite the 230k EFC[/quote]

And people who live above their means and spend all their money on fancy cars and vacations can show financial need. I get how unfair it is.[/quote]
+1 this is what really bothers me.  People who were frugal and saved don't get any aid, but people who bought expensive cars and what not such that they saved little do get aid.
[/quote]

This is not  true of people with higher incomes. This is why people are coming up with these numbers that are a huge % of income — the calculation assumes that you should have been saving all along. Otherwise, it *would* encourage people to spend their money rather than save. Thus, you get all of the people griping about how they’re expected to spend 47% of their income on tuition. The answer is that you aren’t expected to cash flow 47% of your income in any given year; you’re supposed to have saved enough over time to have that much on hand. This does end up disadvantaging people who only started making that much money recently, or maybe had massive hospital bills they had to pay or had periods of unemployment. But that’s considered to be fairer than rewarding people for not saving. [/quote]

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