Reply to ok, don't crucify me.. question about financial aid.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Sounds like you are overspending.   [/quote]

No, we're currently saving.   
But let's say a tuition bill of $126k a year.

$350K
-$36K (401K)
-105K (taxes we pay between federal and state)
-$48K ($3150 total house payment plus I'm rounding up all house-related expenses to $4K a month--expected repairs/utilities--etc). 
-126K tuition. 
-$5K health insurance premium.

$2500 a month.  Could you raise 3 kids in DC on that?  (ALL expenses either than housing.  Yes, of course it could be done...  It's done by MANY people in DC all the time).  But that $2500 would cover ALL food, cleaning supplies, clothing, any school or after school/sports activities for 3 high school kids, college savings, travel, medical copays and costs, gas, life insurance, cell phones, TV, car insurance, etc.  
You have to admit it would be tight.

[/quote]

In addition to your equity, you must be building quite a nice savings account.  Schools will want you to use some of that savings.

Yes, $2500 a month for all those things you describe is tight, but a number of those things are going to be viewed as discretionary from a financial aid perspective (college savings, travel, phones, tv, after school activities).

Given the financial situation you've described, I can't see schools giving you much, if any, aid.  [/quote]

We have a similar income, and (mistakenly) tried to do 2 tuition payments for the 2016-2017 school year.  It was $7000 per month for 10 months, and we went into credit card debt.  We are pretty frugal, although I confess we're not as frugal as you are, OP.  (Your story of saving for a down payment is admirable.)  [/quote]

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