Reply to Affording College with HHI $100-$200k

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]A[b] lot depends on assets. Our income is low but assets are high and we got nothing.  [/b]

In every marketing line that said, “95% of families making under 150k pay 0 in tuition”, we’d say .. we’re the 5%!

[/quote]

This. And in markets like DC where housing value has risen rapidly, families who have owned their home for a while will be seen as having a lot of home equity they are expected to tap for college. At higher ranked schools we got some aid but still the cost was generally $60k+. Not what we considered in budget. What did fit for us (<$40k) was in-state publics and privates below the USNWR T50 that were generous with merit aid.[/quote]

Tap into home equity for college, wow, how about needing that for retirement and health costs![/quote]

Right!?! Isn’t that just a parental loan that also risks jeopardizing your home? We bought our modest 1 bathroom but inner suburb home in 2004 for about $450K. They want us to take out a loan against our primary residence? How is that any different than just requiring parental loans regardless of house? Or are we expected to move despite younger siblings?[/quote]

You save for 18 years, you limit things like vacations and either pay off the house or save the extra... lots of options.  We got our house for a little less and still managed to save for a state college.  We just adjust our priorities.  If the house is worth a million now, you really think you should get financial aid when a lot of it is lifestyle choices.[/quote]

We can pay for state college in full. That’s easy. But for two kids at $87k per year each at a private with a billion dollar endowment? Why so sanctimonious?[/quote]

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