Reply to If you have an HHI under 200k and no family money, where do you go for financial advice

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Reply to "If you have an HHI under 200k and no family money, where do you go for financial advice"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Your kid would probably qualify for aid at many schools, given that your net worth is tied up in a home and retirement funds and your income is low for some aid calculators.  Spend some time researching and learning how financial aid works, and how to work it... [/quote]

Income is not low and some schools count the house, which they should.  Someone shouldn't get aid if they have a million dollar house.[/quote]

Again, research.  Some schools do not count home equity or retirement funds in their financial aid calculators, and some do.  Some schools, like Yale, consider $200,000 or less in household income "poor" and meet or exceed tuition  in their aid packages.  At OP's income level, they may even want to strategically keep their income at or below $200,000 and continue funding retirement or paying down their house, in order to qualify for aid.  Research and learn, OP.

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Agreed. $200K or less HHI is considered poor by some elite colleges (shocking I know) and as a result your kid can get a full ride if they’re able to get in. Ironically you might be better served scrounging up the funds for a private school where they’re competing against less kids for a select # of admission spots vs saving for college. The admission stats for the publics around nova / moco / nw dc are brutal and it’s mostly because UVA can’t take 100 kids from Langley alone etc. [/quote]

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