Reply to What do you mean when you say you "can't afford" a college?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, is it really impossible for you to imagine that the vast majority of the U.S. population lives paycheck to paycheck? Why such strange questions?[/quote]

OP here. I am a teacher and do live paycheck to paycheck. I have more credit card debt than savings.  Trying to understand what people of different HHI mean when they say the can't afford college. I assume that most people don't have $250k in the bank for each child who starts college.[/quote]

We have $290K for two children, both teens now, towards college.  We figure that we can afford $40K/year each, max, and that is pushing it.  $35Kish would be more comfortable.

We do not want our kids to take out loans, so whatever we can do for that sum will have to be enough.  That means that e.g. SLACs in New England are out, since they don't give merit aid and since we won't qualify for need-based aid.

It kind of boggles my mind that we have saved so much money (at least, to me it is a lot) and still cannot afford to send them to the colleges of their choice.  Crazy.[/quote]

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