Reply to If college is so expensive ... why don't more families get need-based aid?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]At Harvard: 55% of our undergraduates receive need-based Harvard scholarships.

Are people taking out massive loans or is everyone just actually RICH?[/quote]

Those at Harvard who don't get Need based scholarships are typically making more than $200-250K/year.  So yes, if you make more than $250K, it is not unreasonable to assume that you could/should have saved for college.

THe T50 schools/ones that cost $75-90K+/year typically are filled with kids whose parents make $200K+, at least 40-50% of the student families fall into that at most.  It's been that way for decades.

And yes, if you make $250K+, it is reasonable to assume you can save for college.  You may not choose to save for $90K costs, but certainly for in-state ($30K now).  [/quote]

250k a year pre tax with a family is not that easy to save $400k per kid. It’s just not. The end result is these families of mid level professionals or civil servants don’t get to go to private college. The poor kids do alongside the hedge fund kids. [/quote]

Also, I didn't make $250K until 1 year before my kids went to college.

So it's not like we were making $250K for 20 years.[/quote]

Ok fair, but what did you make just before that? 180k for 5 years before you made 250k? Whatever it was you should have stayed on that budget. You knew college was coming, stay on the 180k budget and sock the rest away. Even if you only managed to save 25k per year that would be 125k which would mean you would have 32k for each year of college, plus tighten the budget and save more from the new-250k and you should easily find another 40k per year...[/quote]

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