Reply to Do families with $250K in income get financial aid? If not, how do they afford college?

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Reply to "Do families with $250K in income get financial aid? If not, how do they afford college?"

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[quote=Anonymous][quote=Anonymous]OP here. So, for all of the haters that say that I am 'stupid', have you considered that I am possibly just busy? Sandwich generation with kid and aging parents with problems. So.....perhaps that I haven't had time to think about this much yet and also wanted to hear thoughts from a wide range of people?

I really appreciate all of the honest answers here on what people are doing to make this work. A couple of insights have been particularly helpful. One, my friends who are doing this sometimes have $400K salaries because they are both Feds and we are actually one Fed+one non profit. Two, they have been saving since birth. As have we. We have $136K in the 529 and kid is a rising 7th grader. Three, we are actually doing the 15 year mortgage thing and mortgage will be done by the time that kid is 19. I wasn't thinking of that in terms of college but of course it will help. Four, number of kids matters. We actually have just one and cost has been a huge factor in that decision all along the way. Five, you at least get to stop shelling out costs for tutoring, activities, etc when they go to school. So that's good. Maybe we can move to a less expensive place to live?

I went to an Ivy league school and my network here is largely people who went there and are very very advantaged. But many chose not-the-highest-paying careers b/c they were passionate about health, the environment, etc. So I am just trying to see how people make it work....(cue the Ivy haters)....and to get opinions outside of my biased privileged circle. I have been surprised that so many of my friends are sending their kids to top name schools and don't know how they afford it, particularly since all have at least two kids. My husband has always said MC--&gt;UMD is what the path should be or perhaps his home country which has a decent university system. [/quote]

Keep saving as you are, add a little more if you can, and you are on track for having enough for the ivy. People always think there is “no way” we could be paying for the ivy and yet here we are. The key is to live low budgetish now then drop it more when the kid goes off! Also remember your food and Sports/music fees will go way down when they leave so count that as money that can swing into the “cash flow” portion of funding it. Not an ivy hater at all—have one there and it is worth every cent . Good luck to you and yours. [/quote]

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