Reply to What is a "donut hole family"?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I feel like a broken record on this thread. Before you assume you don't qualify for need-based aid, do a net price calculator. A non-school specific non-profit one is available here: https://myintuition.org/quick-college-cost-estimator/.

For most (all?) of the most selective schools, families with HHI of up to and even in some cases OVER $200k ARE receiving need-based financial aid. The families who are not are the families with significant non-retirement assets (savings or investments). If someone tells you they aren't receiving need-based aid with a $180k HHI income at one of these kinds of schools, they have big $$ in accounts somewhere (EXCLUDING retirement...financial aid does not consider retirement $).

There are persistent rumors out there that families making $100-200k are not receiving financial aid when it's not the case at the most-desired schools. I don't know why this misconception is so ubiquitous. [/quote]

To drive this point home, just did the calculator -- for a family with $250k HHI, $200k in savings, and $200k in non-retirement investment funds, they WOULD STILL RECEIVE FINANCIAL AID AT BROWN. ($13k in financial aid a year, no loans)[/quote]

At 250K a year there is no excuse they aren't saving more except for rare situations.[/quote]

Yes---even if they were only making $175K a decade ago, they could have chosen to save the increases over the years, invest wisely (plenty of good 529 plans out there) and have enough if they wanted to make that choice.

[/quote]

We started saving when our hhi was half that and kid was born.  $175 no excuse not to have enough saved for a state school. [/quote]

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