Reply to Affording College with HHI $100-$200k

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
Like another poster, our income is so low that we'd qualify for financial aid, but our assets are high, so we don't.

I filled out the FAFSA and CSS anyway. DS got merit aid.[/quote]

If your assets are high, aren't they generating a decent amount of interest and/or dividends (or rental payments if properties) for you?  That's counted as income for tax purposes. [/quote]

I don’t have very many individual stocks w dividends and I picked etfs that don’t throw off income. I have mostly growth stocks so I have appreciation but no taxable income. [/quote]

But it is assets.  You are expected to use them for college.  Up to you if you do or not.  If you don't want to, then find a school you can afford.  [/quote]

our retirement system is set up in a way that I am limited in what I move into retirement by my low income.  And because in my 20 and 30s I flipped two properties (not earned income), I have most of my assets growing outside of retirement.

"But it is assets" I'd be 100% good with colleges looking at ALL your assets. Home, car, boat, retirement, vanguard account -- all of it -- and taking a percent. But I dont know why my money isn't considered retirement savings just because it's in one vanguard account and not another. I'm 52. That IS my retirement.

I dont understand why anyone's home is shielded either. WE could all borrow against that.  Factor it all in and take 3% of everything. [/quote]

College is not mandatory and a luxury.  If your parents cannot or refuse to pay, you don't go o take loans.  Sounds like you are stingy and selfish.  You own an expensive house, boat and other stuff and you think someone else should fund your children's college?[/quote]

Nope. I don’t own any of that. But guess what.  A boat isn’t counted. Your expensive house is sheltered.  Your stuff doesn’t count and neither does your retirement

I’m saying COUNT IT ALL[/quote]

It absolutely all should be counted as well as income going back 10 years and only exceptions made for death, special needs, helping family, etc.  Lifestyle choices are not an excuse for not saving.[/quote]

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