Reply to Did your parents (step or otherwise) pay for your college? Will you pay for your kids?

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[quote=Anonymous][quote=Anonymous]I can't help but think that many of the PPs have no idea how the system works. Please consider:

Students can't borrow more than $27k TOTAL (over 4 years) on their own. Any additional loans will need to be in the parents names or consigned by the parents. Consider that 4 years of tuition (not including room and board) at GMU or UMD for an instate resident is currently $40k. Even if your child lives at home, it will be a stretch to finance this without some help from parents.

Colleges expect parents to contribute. Students cannot qualify for financial aid without submitting info about their parents financials. You may not intend to help pay for college, but if the college determines that you are able to assist, that will be used to lower any financial award. Students are considered independent only if they are 24 or older, in grad school, married, or have children, or if they are orphans, wards of the state, or active or retired military.

Most of the top tier colleges give ONLY financial aid to students depending on their families' need, as determined by the college. Financial aid has NOTHING to do with good grades. There are no "scholarships" to these schools.

Many less selective colleges DO give scholarships based on merit, but in most cases, the amount given is a fraction of the cost of attendance. A "full ride" is extremely rare.[/quote]
What is your point?
I am not being snarky. You do realize that, especially in today's economy, a lot if families are struggling to finance the NOW and cannot finance college in the future. It us great if folks can pay or help pay, but if not that does not necessarily mean that kid is doomed of their parents are remiss in some way.[/quote]

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