Reply to What is a "donut hole family"?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Nobody in their right mind thinks college cost increases over the past 25 years are not exorbitant.

and congress wants to put a cap on nurses pay, come on let's put some regulations around college costs.[/quote]

I don’t disagree with you, at all. But I still don’t believe there’s any such thing as a donut hole family. [/quote]

ok. How does a couple married at 26 with student loans and earning 200k by the time their oldest is in college, but whose earnings were closer to 100k combined for most of the kid's life (i.e. reasonable salaries outside of high COL cities) afford an expensive college? The family never would have earned sufficiently to save enough, but they don't qualify for aid. There is nothing right or wrong/moral or amoral about it, it's just a financial status [/quote]

And in the same manner that that couple doesn't spend $50K on a luxury car (or they shouldn't), they don't plan to send their kid to the elite private universities.  It's not like there are not great choices for college---there are literally tons of great universities that can be affordable to them---but it wont be the elite universities.  So do what majority of people do, you seek out merit at the next tier(s) of universities, and graduate with minimal debt.

If attending an elite university is important to you, when your income went from $100k to 200K, you could have taken $20-30K each year and put it into savings/529.  Because you were living on the 100K, according to your scenario.  But you made choices to do otherwise and those may have been smarter choices for your family.  It's all about choices.  IMO I agree that saving for elite univ is probably not the best use of money---so save to have $20-25K/year and cash flow the rest.  If HYP is what you really want for your kid, then save
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