Reply to What money is fair game for financial aid?

Forum Index » College and University Discussion

Reply to "What money is fair game for financial aid?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]"i guess who would do that is the inhumane people who had plenty of money and chose not to save for their kids' college ande forum is insane. also expect them go to an expensive private U.

the entitlement of many people on this forum is incredible!"

These parents of really brilliant kids aren't arguing that the kids should go to schools just because they are expensive. They want the schools that are the best place to nurture those kids' talents, which is what anybody who wants for the USA to remain a strong world leader should want. If they were beyond amazing piano players, they should go to Julliard or wherever the absolute best piano players go to study and max out their abilities. They aren't picking the school because it's expensive.

More importantly, what used to be expensive not very long ago, like when the parents of today's senior class brought our infants home, is now almost twice as expensive. Today's price ($80K X 4 years) is beyond what anybody who isn't a super high earner could save unless it's just for one kid. (Fewer than 5% of households make over $250K, so that is a super high earner.) And even then, it's hard to do it for more than one child.

The price of college has outstripped the incomes of the parents who send their kids to those colleges. This is true even for the public schools. The admin assistant in your office can't save enough for 4 years of GMU for two kids.

[/quote]

But that's why you get financial aid tied to your income and assets.  I'm going  through it now.  Our family earns 120k and our EFC is 32K.  It's still a stretch--but we saved, we're allocating a portion of our income now to it, our kid contributes through their own summer/after-school job earnings through high school and in college.  He's taking on some subsidized loans.  The total cost of attendance of his school is 40k so we're eligible for 8k financial aid, mostly loans and work/study and a 2k grant.  It honestly feels pretty reasonable.  We'll be going through the same with our second kid in a few years.  I had student loans from my own school in the late 1990s. The burden feels pretty similar even though the overall costs have gone up, the EFC formula hasn't changed that much.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics