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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]FAFSA should be tiered based on geography. DMV people are getting nothing because we are all fabulously wealthy here despite living in small 2800 square foot houses with mortgages (that cost 1.3M)[/quote]

I am the poster who said that 300k is not rich for this area (and i stand by that, given high cost of living here, mainly housing and child care). 300k is decent but not extravagant for this area.

That being said, hell no, someone making 300k should not be eligible for FAFSA. Those funds should go to people who truly actually need them, not a family that makes 300k and chooses to live in a 1.3m place (which frankly if at low interest rate of 2020/2021 is only like 5-6k a month anyway, which leaves like 10k for everything else).

Also lol 2800sq feet is small? Not sure if serious or not but if serious, you really need a reality check. [/quote]

Yes, it is rich.  Your complaints are lifestyle choices.  Having a 5-6K mortgage is a lot of money.  Our mortgage was $2K.  [/quote]

I was not the one that said I have a 1.3m place, nor complaining about not being eligible for fafsa (frankly if you make 300k you should not be eligible for it). I was simply stating that, assuming they bought that place (or refinanced) when rates were low, they should still have money leftover to put away towards their kids college. Ie the poster should not be complaining.

That being said, in today's environment (house price and mortgage rates) 5k does not go as far as it used to. If you are not lucky enough to have been in a position to buy when rates were low (like we were, were not married yet so were not thinking about buying) then it's impossible to get a place with a 2k mortgage now. Anything decent is 800k plus (I defined decent as 1600-200sq ft in a neighborhood with decent-good schools). On an 800k place with 20% down, and 6.5 rate, you are looking at paying 5k per month.

And that is one other crux of the matter, if you make 300k and have a house with a sub 3% rate, then yeah you are fine. But say you are a "young" couple (30-32) looking to buy or bought when rates were high, and are planning on having kids or just had your first one. 300k won't take you far once you take into account mortgage and the cost of daycare/nanny (unless you are single income household making 300k). [/quote]

You don't buy an $800K place, you buy a $400-500K place, that is much smaller, as in 1000-1400 square feet.  You are making as many excuses as the others are.

Many of us are doing well on 1/2 that.  Having a nanny is a luxury.  Having multiple kids is a luxury.  Having a $800K house is a luxury.

Our house isn't decent, our college fund is decent.[/quote]

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