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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] A friend who has a HHI of around 250k said that they got aid at all the private schools their kid has been accepted to. She said that the package sometimes calls it merit and sometimes calls it a grant but the bottom line was the same across the schools. I assume that they have saved the remainder. [/quote] This is our situation. DC has been accepted to seven schools. One is our in-state public and we haven't learned of any merit aid offer yet, but we certainly don't need it. Another is an OOS public, where DC was offered aid. And the other five are privates; DC has been offered at least some merit aid (ranging from $10K to 25K per year) at all of them. This still leaves a significant cost of attendance, but like some of the other PPs, we've been saving for this since DC was born (as well as for their younger siblings) and we currently have enough saved to fund $80k/year for four years-- so the merit aid was a nice bonus but not a necessity. With a HHI of a little under $250K, and kids currently ages 18, 15, and 12, we can't plan to cash flow much of college-- which is why we've been saving diligently for so long. [/quote]
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