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College and University Discussion
Reply to "Do families with $250K in income get financial aid? If not, how do they afford college?"
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[quote=Anonymous]Op, yes they do! Many privates and OOS offered financial aid even the ED one. We were pleased they offered $17K FA per year. Another OOS public offered him $22K which made it around just a little over what in-state would have been. The private college he decided offered $21K per year making it around $70K per year. We were done saving for in-state, but now have to pump additional funds to the 529 the next four years. Our in-state kid did not get any aid, but we saved just enough for the four years, so your coworker might be speaking the truth. Saving early, compound interest and # of years make a big difference! If you put away $300 per month for 18 years with 8% return, you are looking at $134K in 18 years. That should be enough for in-state. You can use this calculator to see how much you need to put away to get to the amount you need. https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator [/quote]
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