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[quote=Anonymous][quote=Anonymous]At what HHI is it not worth applying for FA if it is your first child going to college? $200,000?[/quote]

Depends a bit on factors such as your total assets, whether you are responsible for elderly family members, whether a family member has large medical bills, and some more things. For OP, paying for private K-12 doesn't count as an expense.  They take about 1/4 of your college savings for each year, but your retirement accounts are not counted. If I had to make a really sweeping, inevitably huge over-generalization about this, which will inevitably be trashed for they huge over-generalization that it is: the FAFSA assumes that you will need about $50K for living expenses (no matter where you live in the country) and that pretty much anything above this is available for tuition. So, again as a huge over-generalization, If your HHI is $80K, you have absolutely no college savings, and you are applying for a $60K school, then you'd need about $30 K in FA. (Again, huge over-generalization, but this does give you a rough idea.)

Many colleges have good endowments and can afford to be more generous than this. One poster always comes on to point out that Harvard gives full tuition up to about $150k, but needless to say, your kid needs to get into Harvard to benefit from this. Check out the net price calculators that others have linked to, for colleges in which your kid is interested.

Note also that many colleges' FA packages will involve subsidized loans, regular loans, and work study (which can be a great experience, but still) rather than outright grants. A handful of colleges do outright grants.[/quote]

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