Reply to What is a "donut hole family"?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]new poster here

Wow.  I thought we were a "donut hole" family but I guess not.

What is a step below "donut hole" called?   We make too much to qualify for aid, but paying for an expensive school would involve far more than "liquidating assets."  It would be more like taking on a second full time job, skipping at least one meal a day,  absolutely zero entertainment budget (not even cable tv or netflix) etc.[/quote]

Well, there is this thing that you had 18 years to save for college. Which is what most people do.[/quote]
Most people…do not save for college for 18 years. Because they are supporting their families, paying off their own student debt, and trying to save for retirement.[/quote]

The bootstrap plan:

Put away close to $2000 every single month since 2007, without fail. Cut any corner you need to with regards to housing, other costs, etc.

Then your kid miraculously gets into a school with a sub-10% admit rate.

You have somehow foreseen this back during the George W Bush administration so you know this was a worthy opportunity cost scenario.

Take the entire sum you saved plus gains and hand THE ENTIRE AMOUNT (nearly half a million dollars) over to the school.

The school has an endowment of over $30 billion.

This is somehow called “good financial planning.”[/quote]
This![/quote]

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