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College and University Discussion
Reply to "What is a "donut hole family"?"
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[quote=Anonymous][quote=Anonymous]There seems to be this belief that your salary when you have a kid in college has been your salary their entire life. We will be at 200 HHI with kids in college. But that has only been true for the last year when I got a $50K promotion. Most of my kids' lives our HHI was more like $100K, and there were also three years with one parent unemployed scattered in there. [/quote] There's someone (multiple people) here who like to say that 18-years of saving is baked into the formulas. But it really isn't, the formula considers current income and savings, and lean heavy on current income. It's really the reverse, the formulas are rough on everyone, the only hope is to have saved, and it's not badly penalized, especially considering how little aid is actually available. The fallacy seems to be people see they don't get aid and assume someone similar did, not likely.[/quote]
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