Reply to ok, don't crucify me.. question about financial aid.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Sounds like you are overspending.   [/quote]

No, we're currently saving.   
But let's say a tuition bill of $126k a year.

$350K
-$36K (401K)
-105K (taxes we pay between federal and state)
-$48K ($3150 total house payment plus I'm rounding up all house-related expenses to $4K a month--expected repairs/utilities--etc). 
-126K tuition. 
-$5K health insurance premium.

$2500 a month.  Could you raise 3 kids in DC on that?  (ALL expenses either than housing.  Yes, of course it could be done...  It's done by MANY people in DC all the time).  But that $2500 would cover ALL food, cleaning supplies, clothing, any school or after school/sports activities for 3 high school kids, college savings, travel, medical copays and costs, gas, life insurance, cell phones, TV, car insurance, etc.  
You have to admit it would be tight.

[/quote]

It would be tight because one medical or house emergency and you are toast.

The school sports would be free and really you should drop the travel stuff for kids anyway - school sports should be enough.[/quote]

Also - with that home equity you are getting zero FA for college. So - I'd save it for college unless you do get significant FA. How smart are your kids?

You have to realize that many of the people with kids at those schools have incomes in excess of 500k at least.[/quote]

Even without home equity, and even with three kids in college and/or private schools, a family with a HHI of $350K will get zero FA for college.[/quote]

Not if all 3 are in college at once they will get something[/quote]

I can tell you from personal experience that they will not.[/quote]

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