Reply to What money is fair game for financial aid?

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[quote=Anonymous][quote=Anonymous]"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."

How much do you have saved for this student if this is your EFC at this HHI?  I take it this is a public school?[/quote]

Yes in-state public (W&M--it's a little less than 40k/yr  but I rounded up).  We saved about 100k for DC1 (so 25k per year, the remaining  we cash-flow out of current income).  Basically had been investing around 300/month in a 529 since he was born and investment gains plus a couple extra hundred here and there when we had it brought it up to 100k.   For DC2 we only have about 65k saved in the 529, but we also have some unearmarked savings in ibonds we could cash in too.  They don't start for a few more years so we'll have a little time to ramp it up a bit more if need be, especially after we're done paying for college for DC1.[/quote]

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