Reply to High income but 3 kids in college at once- financial aid

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, I am not understanding why you can’t pay out of pocket at that salary, regardless of how long you have earned that.  The difference between your current income and 3 private college tuitions leaves a huge remainder to live on.[/quote]
Not really. A huge chunk of your money goes to taxes at this income. 3 private schools tuitions at $75K each a year is $225K (I’m assuming this based on your private college tuition assertion and the original post). It doesn’t leave much for mortgage, cars, and general living expenses. It is not feasible to pay all out of pocket, and definitely needs a savings plan and/or loans to accomplish. [/quote]

They'd get a tax break for educational expenses. And once its just 2 of them at home they can live in a smaller house. No more need for the mcmansion they bought when their income shot up.[/quote]
What exactly tax break are they getting?
I think people who don’t have that income have no realization how many tax benefits are phased out, or worthless because of AMT or various other scenarios. Yes, it sounds like a lot of money. I think you’d be surprised that they probably aren’t living in the lap of luxury on that income in DC. No, no one feels sorry for them. [b]But to just say pay $225+[/b] out of pocket isn’t realistic. [/quote]

OR they could be sensible and send their kids to state school, which are closer to $20-30k/kid and pay $100k give or take. They could make all the kids go to the same school and only pay for one apartment. They could....do MANY things that they CAN afford with an income of $475k. They are the ones saying it costs $80k/kid to send kids to private school. That's a CHOICE. Not a requirement.

I make $80k as a single mom. Once you add in child support I'm not even clearing $90k before you take the taxes I pay out of it. There are innumerable ways for them to make this work making nearly half a million per year.[/quote]
But that’s not the question they asked. They simply asked if they’d get aid. Likely to consider the cost of a more selective school versus a cheaper one.[b] They are smart to get all the info first.[/b] 
Quite honestly if you get aid, some of the Ivy Leagues can be similarly priced and I’d choose to send my kids there too.[b] No harm in asking. Except on DCUM[/b]. [/quote]

Asking on DCUM isn't "getting all the info" - they need to speak with a qualified financial advisor who understands the FAFSA and has all the information on their financial situation to get that. [/quote]
No, but it’s a start. I suggested the intuition calculators. Sounds like you would suggest a financial advisor - also something else to consider. You gotta start somewhere. 
What’s not helpful is the awful posters. [/quote]

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