Reply to The New America: Elite Privates forever out of reach for UMC?

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[quote=Anonymous][quote=Anonymous][quote]I don't know what Yale means by "typical assets." Our house is paid off and our HHI is $240K. We have about a year's worth of living expenses in a savings account per our financial planner's advice (the FP also advised us to have the house paid off by the time DH was 65), and we have retirement savings.

I'm 60 and DH will be 65 this year, and has Parkinson's - he will retire in the next year or so. We certainly expect he will need long-term care, which neither FAFSA nor the CSS contemplate. He has other health issues that have made him ineligible for long-term care insurance (and for that matter, for disability insurance other than what he has at work). Dementia and longevity run in both of our families.

We can pay about $50K/year per kid for college, and no more.

I anticipate that DCUM will tell us to use everything we have outside of retirement accounts, including our home equity, but our FP (and any others who know what they are talking about) would disagree.[/quote]

OK, so what we have here is a family who has (i) a paid off house; (ii) tens of thousands of dollars in a savings account; (iii) approximately $400,000 in college savings for 2 kids; (iv) and makes $240,000 each year (with no mortgage).

And this family is complaining that it is just so unfair that they are not getting aid sufficient that their kid could attend one of the top colleges in the country, debt-free.

If this doesn't demonstrate how ridiculous many of these complaints are, I don't know what does.  [/quote]

What you're not taking into the account is the other side of the equation - namely, that Yale has a 25 BILLION dollar endowment. They don't need any student's money. The fact that they still want to shake every last possible penny out of a well-off but by no means astronomically rich family like the PP here is absurd, ridiculous, predatory, and objectionable.[/quote]

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