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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If my income was $300k I would have zero problems being able to pay for my kid to go to an expensive, private college. You need a dose of reality[/quote]
$300k puts you in a 30% combined tax bracket if you live in MD, about 27% in VA.  Don't forget, SALT deductions are limited, so you will probably take the standard deduction.

If you are 50+, you want to max out your 401k contribution and add the catch up extra $7500, which brings it to like $30K per person.

So, your income will look something like this:

1. 60K 401k (assuming both are 50+ and contributing the max, which you should at that income level)
2. taxes around $60K to $65K

That leaves you with 300K - 120k = $180k.

Let's say your annual expenses is something like $100K/yr in just expenses.   You would have $80k left.  But that just  pays for room and board.  Travel and other costs will rack up more.   That's just one kid. Many of us have more than one kid who will be in college at the same time.

You will also not have any wiggle room for large emergency expenses or even vacation. If your car breaks down (like ours just did), you'd have to get a loan at 6% to 7%.

My DC is at the state flagship with some merit aid.  We told this DC, who had super high stats, to not do ED at the expensive colleges. We cannot afford it, yes, even with $300K per year.  It would leave us with so little wiggle room, that we'd be eating hand to mouth for the next 7 years -- we have two kids, and DH is 60.  We have enough in the 529s for in state.  That would barely cover 2 years of private.

I think you are the one who needs a dose of reality.
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NP: I personally wouldn't pay $80K for college--don't think it is worth it for 99% of colleges; however, your analysis leaves out any savings (for emergencies, etc.) and a 529 or investments/assets that could be used to pay for college. Your assumption is that the family is cashflowing the entire cost per year. I also wouldn't max out 401k for 4-5 years while 1-2 kids are in college if your 401k is already at a healthy amount.

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