Reply to What is a "donut hole family"?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]new poster here

Wow.  I thought we were a "donut hole" family but I guess not.

What is a step below "donut hole" called?   We make too much to qualify for aid, but paying for an expensive school would involve far more than "liquidating assets."  It would be more like taking on a second full time job, skipping at least one meal a day,  absolutely zero entertainment budget (not even cable tv or netflix) etc.[/quote]

Well, there is this thing that you had 18 years to save for college. Which is what most people do.[/quote]

You're assuming stagnant incomes. We have a HHI of about 225k and one in 7th and one in 8th. Three hears ago HHI was 150k. When the kids start college it will be about 250k if we continue on the same track. 160k a year in tuition is both not possible and not a number that we ever could have saved for on our incomes. [/quote]

You're forgetting compounding. And there are many, many alternatives that don't cost $80,000 per year. [/quote]

This who thread is about private schools, which all cost around 80k a year. We saved what we could and are now putting 2k per kid per month into 529s, but we still won't approach the cost of the privates that would be worth paying for. [/quote]

You will also have the time that they are in college to pay as well. So you really have 9 more years to save, and for the savings to grow. And, your income will likely increase. Your kids may be eligible for merit aid at some places as well.

We were at about 80K annual when the kids were little and about $140K annual now ([b]they are 10th and 12th[/b]). We'll have saved about 150K for them. Kid 1 is competitive for top tier schools that should give us aid tp make the cost $40/45k per year (hopefully). Could be 50/55K if our house value gets factored in (values have jumped in our hood). [b]She also is attracting a lot of merit aid at mid tier schools[/b]. If you all make about $100k more than we do, 80k per seems doable, no?  If you are saving 4k/mo, that is about 50k/year. That will compound. You may have some other savings, take a low loan amount, get help from a relative or get merit aid or go in state. You have options.

[/quote]

Your kid is a sophomore and therefore not "attracting" anything from potential schools.

Also, only top schools will give you grants, and those are an admissions crapshoot.[/quote]

No that's the younger kid (Kid 2). I was referring to my senior (Kid 1 would be the oldest kid, hence 12th grade). Read carefully before trying to school someone with misinformation.  She made an excellent departmental connection (with the chair no less) at a top school relating to her supplement, has super stats/ECs/awards, so, while it is generally a crapshoot, things look very promising at this school. May the odds be ever in her favor on the rest.

Also, what does your comment add to this discussion?[/quote]

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