Reply to "free tuition for people making under $x" is problematic

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Reply to ""free tuition for people making under $x" is problematic"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Maybe colleges should take a page from Deerfield Academy boarding school.

Their formula is that nobody pays more than 10% of income (yes, they will take into account significant assets but not home equity).

So, families up to as much as $800k may get something.  Now, typically those families have significant assets and don’t receive anything, but they said quite a few $500k families are getting aid.

As they raise tuition, the formula automatically adjusts.[/quote]

OP Sure. Try this.  I think there must be 100 ways of handling this. I'd like to see some school try something else. I also like the idea of taking a small percentage of all assets, not just non-sheltered assets.  The thing is, I could tap my paid off home. And my retirement isnt' completely inaccessible to me (you can use your roth for kids education, at some income levels. or you can take out loans knowing I'm just a couple years away from being able to access it tax free)[/quote]

I'm with you, OP. I like the idea of the Deerfield pricing model. Why can't a top school try a method like this instead of "free for the under 200k crowd".

We make > $200k (yay for us except when it comes to college tuition). What doubly sucks is that probably a few years after my kid graduates from college, the "fee for kids under $x" may finally catch up to our tuition. So while my kid has to pay full price right now, potentially in a few years after she graduates, it could possibly be free.[/quote]

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