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][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]

you'll receive aid as long as you have "typical assets" which for most ivy league schools is about 200k outside retirement.  we maybe 150k HHI and got zero aid from Princeton, one of the more generous schools.[/quote]

Sorry you had too much wealth in assets?[/quote]

Yeah, I guess.   No home equity and my retirement accounts are just okay, but I had about 350k in my investment account.  I should have bought a place and "hid" my money in a house, I guess. DC didn't take Princeton and the debt that came along w it.[/quote]

I thought some schools took home value into account. We were told what we have in 529s abs our home equity (just not retirement savings) would be a mark against us for aid.[/quote]

My kids didn't apply to those super-selective schools but my close friend's kid did. She said they were offered very little aid and when she discussed it with the financial aid offices they told her they should just take out a home equity loan to pay for it. We're in an area where we paid pretty low prices for our homes 20 years ago and now they are worth $1M+. [/quote]
+1 we worked our butts off to be able to afford a large down payment on our house so that our PITI could be smaller.  That means we have a lot of equity in the house.  Taking out the equity means refi, and that means higher loan amount.  This is no different than the college telling you to take out student loans. You also end up losing that equity you built up for your retirement.

so yea, donut hole families don't get anything.[/quote]

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