Reply to no extra money for 529. is my kid doomed?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Here is for example a statement from Harvard

We are pleased to announce that beginning in the 2023-24 academic year, families with annual incomes of up to $85,000 (up from $75,000) will be expected to contribute nothing to the cost of their child's education[/quote]

All you have to do is make sure kid is accepted at Harvard. Problem solved. :roll: [/quote]

That is not the point. The issue is that a lot of low income parents assume they can’t afford to pay for college while in reality many colleges, including the most famous and expensive ones are free to them. [/quote]

I find it’s actually that wealthy parents naively think there are lots of doors open to low income students when in reality that’s only true for extremely strong students and not great or good students. [/quote]

I agree. Some clueless, wealthy, parents like to think the grass is greener, but actually it isn't. Colleges who can afford to offer full rides are very selective and OP's child might not get in, or receive that much aid, even if he's a very strong student. I know people from this year's high school graduate cohort that were rejected from their in-state flagship (UMD) with weighted GPAs of 4.3, several AP courses and strong tests scores. If you haven't lived through college admissions of the past 3 years, you can't even being to imagine how insane it is.

But first and foremost, you need to get your financial house in order, OP, for YOURSELF and your retirement. College is optional, retirement is not. Get the debt under control. Save for retirement.

Second, your child's future. There are thousands of colleges in the US. It's possibly one of them will take him, with lots of aid. But getting there will require a ton of willpower and hard work, because he needs to be a very strong student to receive that much aid -colleges like to spread it out, so every student receives a little dribble. Your kid needs a large chunk of it. Otherwise it will have to be 2 years of community college then a transfer to the state school. State schools cost about 30K these days, total cost of attendance (tuition, room& board, fees).

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