Reply to What is a "donut hole family"?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]new poster here

Wow.  I thought we were a "donut hole" family but I guess not.

What is a step below "donut hole" called?   We make too much to qualify for aid, but paying for an expensive school would involve far more than "liquidating assets."  It would be more like taking on a second full time job, skipping at least one meal a day,  absolutely zero entertainment budget (not even cable tv or netflix) etc.[/quote]

Well, there is this thing that you had 18 years to save for college. Which is what most people do.[/quote]
Most people…do not save for college for 18 years. Because they are supporting their families, paying off their own student debt, and trying to save for retirement.[/quote]

+1.  For a large percentage of Americans, prioritizing college savings would come at the expense of other things we consider to be necessities, or retirement savings.  Which is not always wise because you'll be a burden to your kids in retirement too.  I remember being pretty upset at 18 realizing my parents had nothing for me for college.  But in retrospect I don't know where they would have found the money to save- we weren't taking fancy vacations, no travel sports or dance lessons, my mom cut coupons, etc.  They still probably don't have enough for retirement but better off than many.  We did get financial aid but a lot of that "aid" was loans.

Our HHI is up to $200k and I feel extremely fortunate that we can stash away a few hundred per kid per month.  But it's crazy that you have to save 18 years for even an IN STATE university.  This did not used to be the case.  The only real affordable option for the middle class now is community college.[/quote]

Our priority was retirement and college. We saved for a down payment in one year by going very frugal. [/quote]

If you can save for a down payment in 1 year by being frugal, you probably aren't what most people consider a donut hole family [/quote]

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