Reply to How much do you put into your kids' 529 (college fund) annually?

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[quote=Anonymous][quote=Anonymous]Just wondering for all these people that went to college "for free" - scholarships, etc. - how much were your parents making?  I know for me, living in the DC area with 2 gov't employee parents, we didn't qualify for ANY need-based aid.  Most of the very best schools weren't offering merit-only aid.  So it was either pay full-tuition at a good school or go to a mediocre school with some merit aid.  I would imagine that if the financial aid landscape has not changed too much, many DC area dual income families make too much to qualify for need-based aid.  So I guess you are counting on your kids getting merit aid?[/quote]

I had the same thought.  My dad was a naval officer and my mom worked PT for about $45K a year.  I didn't qualify for anything close to a free ride based on financial need.  This was in the mid 90s.

We are putting away about $5K a year for each kid in the Virginia pre-paid tuition program.  Our assumption is that our HHI is going to be too high for our kids to qualify for need-based aid, so we should save so it is not such a strain on us down the road.  But *if* we thought our HHI was going to be low enough to qualify for need-based aid, then we wouldn't really have any incentive to save, because anything we saved would only take away from what we would otherwise get in need-based aid.  If your HHI is low enough to qualify for need-based aid, then you are better off blowing your savings on a new car or a bigger house.   :roll:  [/quote]

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