Reply to If college is so expensive ... why don't more families get need-based aid?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We do okay (at around $200K HHI until a 50% jump three years ago) but are not RICH.

We planned.  Used the Vanguard college calculator and saved $400-$600 per month in the 529 since birth.

Limited vacations.  Public school.  Not a lot of meals out.  DIY home improvements.  No family support.

Both children will graduate with no student loans.  [/quote]

That's wonderful, but isn't it crazy that we have created a system where college without loans even for the well to do requires 22 years of significant monthly savings to pay for 4 years of education. [/quote]

But it doesn't.  Only "elite"/T25-50 schools cost that.

Most state schools are approximately $25-30K, all in.

Here's how you can "afford college": 
Kid works summers, breaks and a PT/10 hours per week job while in college.  Kid earns $12K+/year doing that.  
Kid takes the federal loans (~$5.5K/year) and you max out with only $27K in student loans.

$30K-$17.5K leaves $12.5K (or less) for the parent to help with each year.  So you as a parent need to come up with ~$1K/month extra.  I bet $200 of that will come from your lower food budget or the dropping of paid activities while kid was in HS.  So now it's $800/month for you to figure out.  
Or if you saved even $100/month since the kid got out of daycare and into K, you would have the $48K you need.

Or you attend a slightly lower ranked state school that gives you merit awards to reduce the price (or private schools that give great merit).

But it isn't $90K/year.  It's your kid working (as kids should be doing over summers and breaks) and you contributing $12-15K/ year.  [/quote]

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