Reply to Sorry DCUM middle class, your kids are screwed for college

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]FAFSA  previously benefitted those who went on extravagant vacations and penalized those who scrimped to save. Not sure how new FAFSA works.

My friend ended up quitting her $70k  job 5 years before her kids went into college - they did the math with a financial planner and if all 3 of her kids were going to college determined they would almost all get a free ride without her salary and they could rely on her husbands only. She picked up off the books babysitting work and now with 3 kids in college figure they are ahead at least $200k by her NOT working.

Crazy…[/quote]

What colleges are we talking about?  I mean, literally, 97% of colleges won't give you a free ride at that income.  I assume the vast majority of kids even where your friend lives end up going to a regional state college where there is little aid for anyone.

I guess you have to be lucky enough to live in the middle of nowhere, earn in probably the top 3% of incomes for middle of nowhere, and have kids that can get accepted to Top 20 schools.

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Free rides to Columbia and Colgate.

They were  asked to move to PA for work - got a moving bonus plus maintained their salary. So they know they were lucky. They did not have much saved for college since they were in manhattan- so by moving they more than doubled their salary from a COLA perspective.

They went to talk to a financial advisor about best way to invest new windfall in a 529 - that is when they were advised that if they thought kids would go to top schools and if they could live off just his income it would be better for her to quit her job.
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