Reply to College applications -- apply to $$$$ schools or not?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If I were you OP, I would look at inexpensive public universities or schools that offer merit. You don't have enough saved to afford an Ivy and your kid will be taking on incredible debt assuming you don't qualify for aid. If your kid applies and gets into one of those elite schools, it will be even worse to have to turn it down. Focus on schools you can realistically pull off financially. Depending on what your kid wants to do, he might have to go to graduate school...even more expense.

I say this as someone who paid full freight to two very expensive private universities, but we had all that money saved for each kid in the 529 on top of our $13M net worth.
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Oh FFS, what planet do you live in where 4.2 million in net worth takes on debt to go to college????[/quote]

$1M of that net worth is a home. So in reality it is only $3M+. Of That $3M, there is tax liability on the retirement accounts of over $2.4M, which I calculate to be at least $600K. So there really isn't much left for this couple's retirement because their current income is barely big enough to keep up with expenses ($280K including dividends). Like I said in a PP, the couple should think hard about their future plans and consider what lifestyle they plan for their retirement.
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This is OP. Our current income is not “barely enough” to keep up with expenses. What a bizarre comment! Our mortgage is $1000 a month. We have plenty of money and a very good lifestyle. A few years ago our income was $100k a year. We feel wealthy. We live within our means but we also take international vacations every year, save the max for retirement, live in a beautiful home and generally want for nothing! I guess your expenses are much higher than ours, which is why you made such an assumption?[/quote]

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