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

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[quote=Anonymous][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]

So, then your kids, like ours, go to state schools.  Simple.  Why do you feel entitled that your kids get to go to $87K schools if you cannot afford it?  Ours know they will go to state schools except if they can get merit aid.  No big deal.  We will pay for college and grad school within reason.[/quote]

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