Reply to High income but 3 kids in college at once- financial aid

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, I am not understanding why you can’t pay out of pocket at that salary, regardless of how long you have earned that.  The difference between your current income and 3 private college tuitions leaves a huge remainder to live on.[/quote]
Not really. A huge chunk of your money goes to taxes at this income. 3 private schools tuitions at $75K each a year is $225K (I’m assuming this based on your private college tuition assertion and the original post). It doesn’t leave much for mortgage, cars, and general living expenses. It is not feasible to pay all out of pocket, and definitely needs a savings plan and/or loans to accomplish. [/quote]

They'd get a tax break for educational expenses. And once its just 2 of them at home they can live in a smaller house. No more need for the mcmansion they bought when their income shot up.[/quote]
What exactly tax break are they getting?
I think people who don’t have that income have no realization how many tax benefits are phased out, or worthless because of AMT or various other scenarios. Yes, it sounds like a lot of money. I think you’d be surprised that they probably aren’t living in the lap of luxury on that income in DC. No, no one feels sorry for them. But to just say pay $225+ out of pocket isn’t realistic. [/quote]

Yup, there be almost nothing left for food.[/quote]

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