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[quote=Anonymous][quote=Anonymous][quote=Anonymous]This is a topic that really torques me off, OP. Colleges absolutely expect parents to bend over backwards to provide any and all EFC amounts through cash flow. Go through some net price calculators, [b]zero out all savings and home equity[/b], and you’ll still discover that an above average HHI has your EFC skyrocketing very quickly. In other words, colleges DON’T expect you to save for the majority of expenses. Rather, they expect you to reduce your standard of living while your kids are in school to that of the unofficial HHI cutoff values. These are typically around $75K - $150K.

For example, a family with an HHI of $150K or less might receive a very comfortable financial aid package. Whatever you make above this, universities will expect you to pay out. Make $350K HHI? That’s $200K more resources you have vs. the $150K family (maybe $120K after taxes). So University X will figure you can slash your living expenses by up to $120K per year, if necessary, which easily covers tuition/room/board…so therefore you receive NO financial aid. [/quote]

NP. I mean, does anybody here really think you should qualify for financial aid if your HHI is $350K?[/quote]

Of course they should not. If they want to pay less they can focus on public schools in-state or the many schools that offer good merit aid. If you want to buy the prestige brand name, you'll need to pay full price. Those colleges will expect you can do it through cash flow or tap home equity.

Our HH income is upper $200s and we decided what was affordable for us, with DH close to retirement, was up to $40k per year. One kid is well under that at VT. Current senior is likely to end up either at W&M ($37k) or one of several LACs on her list that give merit and are likely to cost less than W&M. [/quote]

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