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College and University Discussion
Reply to "How does most of America pay for these elite schools?"
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[quote=Anonymous][quote=Anonymous][quote]this is us. Our HHI is $145K. We didn't qualify for much FA, despite the fact that $80K per year is more than half our HHI!! Crazy. State schools for our kids. Meaning, the best and the brightest are NOT going to the Ivies or the SLACs like Amherst, Williams, Swarthmore, etc.[/quote] You must have some special circumstances for the EPC to be that high. I just ran the net price calculator for Swarthmore with an adjusted income of $140,000--probably higher than yours, student income of $1500, 1 sibling aged 15, a house worth $900,000 purchased in 2006 for $500,000 in a DC neighborhood with $100,000 still owed on mortgage, about $40,000 in sibling's name, some retirement savings, etc. and the cost of attendance at Swarthmore was $42,000 a year, which is lower than UMaryland instate and about $8500 a year more than UVA instate for arts and sciences and just about the same for first year students in engineering at UVA. And, I know that SATs aren't the be all and end all--especially right now--but ,most of the top publics measured by SAT scores are in states like Michigan and California that don't give much FA to OOS students. Now, if your kids got merit at instate public Us that's a different story. I don't think you can concluce that the best and brightest are going to their instate flagships in the vast majority of US states for financial reasons. Some of the best and brightest are not at Ivies or selective SLACs, but many are there. There are the best and brightest at many income levels. In states around the country, many of their best and brightest are at their state flagships because that is what their families can afford or that is the family school. Yes, financing higher education needs to be transformed, but this problem has been building since the early 1980s when Reagan began slashing federal budgets and states began contracting expenses, forcing some schools (I see you MI) to rely on OOS tuition to maintain their programs.. It's just no one really cared about this crisis until it started affecting middle and UMC families. [/quote][/quote]
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