Reply to HHI & Full Pay Threshold

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, you can't determine what you will pay by income alone. At some elite schools that don't consider home equity, an income of $200-250K may give some aid. Our income is $219K. For our family, Duke was a no-go, our EFC was $65K. He wanted to apply even though we checked the NPC, which ended up being accurate. But Stanford is $44K plus our son is expected to contribute $3K per year (no loans offered) for a total of $47K (EFC). We told him our cap was $45 per year for any school. Anything above that he would have to take out a subsidized Stafford loan ($5500), merit, and/or work PT. He got no financial aid from OOS public schools, only merit. He didn't apply to any public that wasn't known to give merit or was above $50K OOS/in-state.

We have 401ks, modest savings, stocks/investments under $20K, 529 to contribute $20K per year, and 500K+ home equity. We plan to cash flow for the remaining balance. We didn't start making more than $150K until he started 8th grade. [/quote]

Where did all your money go?  The house>  I don't get where all your savings/investments went.[/quote]

Both of us had student loans until 5 years ago. Prioritized 401ks and putting some money in 529. Purchased a house late (we rented until our kid was in middle school) and needed to use most of our savings for a 20% downpayment/465K mortgage. House appreciated quickly in the last 7 years. No family help and didn't make over 150 HHI until fairly recently. [/quote]

All my numbers are very similar to yours, except I’ll have a lot less equity. I think you’re doing great and have obviously made some smart choices. It’s a different situation if you’ve been making 200k for 20 years or 5 years.  People don’t always get that.  [/quote]'

I  don't get not living  in your means  and saving.    We made much less and  seemed  to  save.[/quote]

Good for you! I don’t think we lived beyond our means. Do/did you have student loan debt? How much did you pay for childcare? What is the housing market like in your area? Do you also take care of a relative and need additional space/ housing requirements? Many factors to consider.[/quote]

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