Reply to Is anyone not saving to pay for all of their kids' college?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Most people can't afford to save anything. I'm a single parent and a teacher and I took on 2 second jobs just to save anything at all. I might have around $20k saved by the time she starts college next year.[/quote]

If you pick the right school, with your income, she will get a ton of financial aid.  So [b]pick a school that fully meets need, [/b]ideally one that uses grants after the basic ~$5k in student loans, so you don't need to do parent loans.  Find a school where she is at 75% and the [b]acceptance rate is over 50%.[/b]  She will likely get grants/merit so that you only need to pay a minimal amount each year (ie. probably less than $10K).

[b]You can also target more elite schools[/b] with an income level like that, unless the other parent has to be considered on Financial Aid (which may be the case).

Either way, pick a school that meets need/good merit aid and where you DD is at 90% (and acceptance rates over 50%) and your kid could get significant merit aid.  So affordable college is possible, it just may not be a "T20" school.

There are affordable options for everyone, you just have to search and not be obsessed with rankings.  Find the place that will pay for your DD to attend.  [/quote]

The schools that meet full need are largely elite, low acceptance rate, schools. If you are going to be very constrained in your budget you should make it clear to your kids early on that if they want more options than CC/transfer or live at home to go to a local college they need to do all they can to be a great applicant. [/quote]

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