Reply to What money is fair game for financial aid?

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[quote=Anonymous][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]

[b]Ok, I don’t get why you have not saved that much. [/b] We have about your income and less early on and we could pay. $32 a year our of the college savings.  [/quote]

I said we *can* pay and while it's a stretch--it's fairly reasonable--we saved about 100k for 1 kid and 65k for the next kid.  We cash flow the rest.  The kid takes on loans/works/has a 2k grant. We also used to earn less (like most people).  I'm actually one of the ones on this thread not complaining--and I'm saying that the FA formulas seem pretty similar as they were in the late 1990s and the EFC can seem large but it's not that unreasonable to me to be asked to pay roughly 1/4 of your salary for 4 years for something you had 18 years to save up for, and that can be supplemented by your kid working through high school and college.  [/quote]

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