Reply to Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?

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Reply to "Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]These schools may not offer merit aid, but they all offer need based aid and many are need blind.  What's the issue?[/quote]

Because donut hole families in high cost areas are screwed!!

Their kid can get into Ivies, Hopkins, etc., but will have to be full pay at $85-90k because at $175k HHI they aren’t considered in need.  $360k for each kids’ undergrad is not doable without major loans even with $150k in each 529.  In fact, the asserts and 529 count against them too.[/quote]

Someone making $175k will receive significant aid at an Ivy.  Not sure why folks continue to spread this myth.[/quote]

This. Our HHI was around 190k and our kid got substantial aid. We live very, very frugally and had saved most of the ~55k/year that was our contribution. The top schools give aid packages that don't include loans, so while we still live very simply, our child received a fantastic education with no debt.[/quote]

The aid packages say no loans, but that plenty still have to take them. We have a similar HHI and two kids, so they will be taking loans if they want to go to a school that [b]costs more than our EFC[/b]. I would love to meet the person who managed to save twice their current hhi in addition to funding retirement [/quote]

They meet your EFC with no loans. You may not like your EFC, but elite schools do make up that whole difference in aid.[/quote]

On a 200k HHI, our EFC from FAFSA schools is over 100k (50k per kid). To us that makes the no loans pledge a joke.   [/quote]

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