Reply to making $250-$400K in NW DC and paying for college out of Wilson High school or similar

Forum Index » College and University Discussion

Reply to "making $250-$400K in NW DC and paying for college out of Wilson High school or similar"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This is a weird question, OP, because it sounds like you are trying to imply that your income level is not that high or at least not high enough to be putting any money away for this purpose, such that you deserve some kind of financial break. To which I have no choice but to seriously side eye. If you've been saving all along, as you say you have been, then you already know the answer: a combination of savings, cash flow, and loans (if the student is unlucky). So why ask the question then?

Anyway assuming this is a genuine q, the general rule of thumb is to save 2/3 up front and cash flow the rest. [/quote]

12:37 here.

I don't read OP's question as having that implication at all.  I read it as, how do people who are rich but not 1%'ers afford to pay tuition that is currently $65K/year/kid and rising faster than inflation?  Or do they not pay it, and choose a cheaper option?

We have saved but cannot pay full freight at top-tier schools, nor do we qualify for FA.

We have 2/3rds saved (as of now; tuition increases outpace inflation) but there is no way we could cash flow the rest.  Moreover, we are older parents (DH is 64) and one of us will likely need to retire while our second is still in college.

Families like us are in the "donut hole."  We can neither pay full sticker price, nor qualify for FA.  Children of families like ours are therefore increasingly attending state schools (hence the rise in UMD's competitiveness), or going to second and third tier schools with big merit scholarships.[/quote]

+1. Same boat as OP- 3 kids. All public in DC. We had our own loans to pay off first, and while we've saved a lot, we do not have enough for 3 kids full freight. We have about 40K a year for each, so they go to state schools, and one receives merit $ as well. We have two in at once and no break for 9 years. I resent when people think we should have saved enough for full freight because of our HHI. Our HHI has not increased in years; it's actually decreased, and we have done the best we can. I have no issue with state schools, second or third tiers either. You send them where you can afford to send them. They'll survive.[/quote]

This is ridiculous. Y[b]ou obviously feel wronged [/b]being asked to pay full freight at an income level that is several times higher than the national median. You do know that a private college education is a luxury not a human right, yes? :roll: So save in advance or don't, it doesn't change the basic rules of the game and matters to me personally not one iota. The OP asked a question and I answered. People do this at YOUR income level by saving 2/3 up front over the course of 18 years and cash flowing the rest, using loans as a last resort.[/quote]

No one has expressed any feeling remotely like this.  [/quote]

Oh really? Then why ask the question if you know what the answer is? Save. Or move to VA it MD for the in state tuition. That's it. What else is there? It's well known that top tier schools are scaling back on merit scholarships if they ever gave in the first place.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics