Reply to WSJ: the Secrets of Elite College Admissions

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What's shocking to me is the income breakpoint--$175,000 a year! Granted that's just one school and not a super-well-endowed one. But under 175K is hardly poor. I guess on the flip side, I'm also surprised that a family at that income level qualifies for $35,000 in need-based aid.[/quote]

the cost to attention is 74k, after tax, that the majority of HHI [/quote]

Assuming no savings....[/quote]

Why would you need $35k/yr in FA if you have savings?[/quote]

average 529 for an 18 year old is something like 27k, assume twice that and you have not quite one year's cost. I think at least 200k in a 529 would be a reasonable expectation to get through a 75k a year school without crushing the parents- I doubt many people have more that than a year's salary socked away in 529s (other than DCUM posters who manage to cram in $1 million while discussing their middle class existences)  [/quote]

Uhh plenty of state schools and ctcl schools with merit end up being just over $27k/yr. Expensive schools are a choice.[/quote]

so the average 529 holder has 1 year of tuition saved- if the kids gets merit. Got it [/quote]

Plenty of kids have to suffer because their parents didn’t save a dime. So $0 in tuition saved. Look I’m not defending this system but $27k saved + $27k in loans + work + parent plus loans is what most kids have to deal with—that is, IF they’re lucky enough that their parents saved. [/quote]

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