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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

Expecting people in the top 5%?  3%? of Americans to pay for their elite private education is predatory?  Objectionable?  All aid should be tailored so that it makes up the difference between what a family has saved for college and the tuition cost? [b][Yes, because that "elite" institution is actually a mega-wealthy corporation that is preying on the upper middle class - and it's not OK to prey on the UMC just because they are not "poor".][/b]

This is a *private* college.  There are literally hundreds of other, less costly choices. [b] [It is a large, very wealthy corporation that receives considerable government support both directly and indirectly. They should not be allowed to just do whatever they want and exploit whoever they want. And this is not about "just go somewhere else, it'll be just as good". If we say "tough shit, go somewhere else" to UMC kids then we should say the same to minority and truly poor kids too. ][/b]

No one who (i) can get into Yale, and (ii) whose parents have saved $200,000 for college education is going to be denied an undergraduate degree.

You're being silly. [b][You are being illogical.][/b] [/quote][/quote]

That entire response was nonsense, but I want to pull out one particularly odious comment that really encapsulates the moral bankruptcy at work here:

[quote]If we say "tough shit, go somewhere else" to UMC kids then we should say the same to minority and truly poor kids too. [/quote]

I don't even need to comment - that little nugget speaks for itself.  Carry on, PP.  [/quote]

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