Reply to Are top private colleges mainly for poor people now?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I didn’t know poor people make $150k or $100k. [/quote]

Yeah, that's us, and I consider us middle class. Do the $200k+ people really think they are middle class?  Maybe UMC at closest.[/quote]

You must be one of those people posting from rural Kansas.

200K is middle class when the average house sells for 618K and 30 year mortgage rates are 7.2% and progressive federal and local taxes eat the first 40%+ of that income.[/quote]
In the DC area, the upper band of MC is about $220K.

https://www.cnbc.com/2023/01/02/middle-class-income-in-major-us-cities.html

And $220K is not all that different from $250K after taxes, certainly not enough to pay for $80K/year tuition.[/quote]

So you’re talking about families who have save nothing toward college tuition until their kid enrolls freshman year? I certainly agree that family cannot cash flow $80k COA. [/quote]
Well,  you are assuming that people make $200K/ year from when a kid is born, thus saving $$ per year.  Most people don't start out making that much.

Our HHI is $200K. We max out our retirement because we are in our 50s and have no family money (and actually, I help my family financially).

We manage to save $20K per year for college for two kids in the past couple of years, But, we haven't been able to do that from when they were born, only in the past few years.  Prior to that, we were saving $5k to $10k/yr.  They have $130K each.

You'd have to have saved $320K total for each kid in order for you to afford private for both.  That's an insane amount of money for people considered middle class in a high col.

Even at $10K/yr at birth, with a rate of 6% growth, that would be about $300K.  And this is assuming $200K income 20 years ago.[/quote]

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