Reply to High income but 3 kids in college at once- financial aid

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, I am not understanding why you can’t pay out of pocket at that salary, regardless of how long you have earned that.  The difference between your current income and 3 private college tuitions leaves a huge remainder to live on.[/quote]
Not really. A huge chunk of your money goes to taxes at this income. 3 private schools tuitions at $75K each a year is $225K (I’m assuming this based on your private college tuition assertion and the original post). It doesn’t leave much for mortgage, cars, and general living expenses. It is not feasible to pay all out of pocket, and definitely needs a savings plan and/or loans to accomplish. [/quote]

[b]They'd get a tax break for educational expenses. [/b]And once its just 2 of them at home they can live in a smaller house. No more need for the mcmansion they bought when their income shot up.[/quote]
Are you taking about tuition and fees deduction that’s no longer available or something else?[/quote]

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