Reply to Is there a calculator or benchmark for how much college we can afford?

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[quote=Anonymous][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]

Education should be free for all. The better schools should be reserved for the students that worked harder to get there. Full stop. [/quote]

Wrong. That’s not how education works in the US. Better K-12 schools are not reserved for students that work harder. They are for the kids of parents that can afford to live in those school zones. Similarly, better colleges are filled with students whose parents are willing to pay for them to attend. Sure, there are some students getting good financial aid packages but the majority are filled with kids from the top 1% of household incomes.
There are inexpensive colleges but parents and students are entitled and think just because they want to, they should be able to attend without sacrificing their lifestyle. Sorry, no. Go to CC for 2 years then transfer. Full Stop. [/quote]

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