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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]

Retirement savings are not included in financial aid calculations.

The reality is that if a family is making the kind of income that qualifies them for no financial aid [b]($225,000 or above for a family of 4) at Harvard, [/b]then either they've been making that amount for a while, in which case they had the option of putting away significant amounts for college, or they just started making it recently, in which case they should be able to choose to put the extra towards tuition.  That isn't to say that they should, or that it isn't a totally valid choice to buy a fancy house, or send your kids to private high school, or take them on nice vacations instead of savings for college.  But families with incomes above $225,000 can afford college, barring something like a medical expense.  They have choices available to them.  Again, there's nothing wrong with deciding to spend your money on something else, and telling your child to go to 'Bama or in state or somewhere with merit aid, but acknowledge that it's a choice. [/quote]

NP here. Who keeps bringing up Harvard? As in, "all your DC has to do is get into Harvard, and he'll get a full ride." Isn't it obvious that about 6% of applicants get into Harvard, stranding thousands of kids with perfect SATs and GPAs of 4.0? You probably also know that Harvard has the most generous endowment [i]anywhere[/i], so it can offer the most generous FA [i]anywhere.[/i]

You know all this, right? For the rest of our kids, we are looking at schools with less generous endowments than Harvard and less generous FA than Harvard. (And I know you'll slam my slacker kid, so I'll say it now: my kid got into a school with a 7% acceptance rate. We are full pay.) You need to step out of your bubble and understand $225,000 is not all that much in the DMV area. A crappy house in downcounty MoCo costs $400k, which means $2500/month mortgage payments. Most of us should be saving $1000/month or more for retirement, so we're not relying on Social Security alone. If you bought your house in 1997 you're very lucky. Through in all the costs of raising a kid who can get into a selective school (sports teams, tutors), and most families on this budget are really strapped for cash. [/quote]

Thank you, this is EXACTLY correct.

It's terrific that Harvard covers so much of the cost for so many of its students. New flash: Only 0.03 percent of the nation's college students are at Harvard. That number approaches zero for all intents and purposes. What a silly, stupid discussion this is.

Chances are that this kid is looking at the difference between an almost free education and an education that will cost well north of $100,000, even if his family is "regular" middle class as opposed to "DC" middle class. If his family is DC middle class, that education could cost north of $200,000. If you value a certain kind of educational experience to the tune of $200,000, then go for it. But recognize that not everyone thinks a certain name on a diploma is worth $200,000, no matter how much you want them to. And definitely recognize that even the vaunted Harvard grad is likely to be making 'only' $60,000 a year.[/quote]

^^Meant to add: I wouldn't send my teen to Alabama for free, because it would not be a good fit for him. (I withhold judgment about college "fit" for my younger kids.) But would I choose boatloads of aid at a place like the aforementioned Case Western over paying $200k at one of the "elite?" Absolutely.[/quote]

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