Reply to What is a "donut hole family"?

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[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]

Really?

I have trouble believing this unless you are paying for luxuries (e.g. a house that costs more than $500K, or new cars) that you think are necessities, or you are just bad at budgeting.

For me, as a MC parent, financial aid at a need blind/full need school would get us into a place where we could afford tuition, with some student loans and continuing to live a modest middle class lifestyle (e.g. house worth $400K, no vacations, scaled back retirement plans, one ten year old car etc . . . ).  In my experience when families who complain that they are in some unique "donut hole" and say they "can't afford" tuition, what they actually mean is that they don't want to live like me, and that unlike a MC/LMC kid they have other options because for them there are cheaper options (e.g. instate tuition, merit aid), whereas for us the full need option is the cheapest.  [/quote]

A house that costs $500k is a luxury? We couldn’t find anything that fit what we needed for anywhere close to that. And we were looking outside the beltway. [/quote]

Really? I paid less than $500k for my 3BR house in Anne Arundel a couple years ago. What was it that you “needed”?[/quote]

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