Reply to Do families with $250K in income get financial aid? If not, how do they afford college?

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Reply to "Do families with $250K in income get financial aid? If not, how do they afford college?"

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

I went to an Ivy league school and my network here is largely people who went there and are very very advantaged. But many chose not-the-highest-paying careers b/c they were passionate about health, the environment, etc. So I am just trying to see how people make it work....(cue the Ivy haters)....and to get opinions outside of my biased privileged circle. I have been surprised that so many of my friends are sending their kids to top name schools and don't know how they afford it, particularly since all have at least two kids. My husband has always said MC--&gt;UMD is what the path should be or perhaps his home country which has a decent university system. [/quote]

It’s probably very hard if you have multiple kids.

A strategy for others:

- Be generous with what you have and can do. Don’t favor having a Porsche or extra cash over tuition if your kid gets a chance to major in Classical at Princeton and you’re too rich to get any aid.

- Be honest with your kid about finances from the time they have a piggy bank. Don’t tell your kid money for college is no object if it will be an object.

- You figure, modest saving every year (say, 18 years times $3,000) can pay for half a year of private college.

- Loans for the kid and you can pay half a year. 
 
- The kid’s work can pay half a year. If the kid can’t earn and safe that much during high school and college, maybe spending a lot of money on college for that kid isn’t that smart.

- Shifting what you spend on your kid now to college can probably pay for most of a year.

- Tightening your belt can probably pay for about half a year of college.

This probably adds up to close to three years of college.

For the rest:

- Look for schools where your kid could graduate half a semester early.

- Take out some home equity loans.

- ROTC.

- Aim for private schools that love your kid and provide at least $50,000 in grant or discount aid over four years. Aid is a sign they love your kid. Complete lack of grant aid for a kid with $250K in annual income is a sign the school isn’t that rich or doesn’t especially like your kid.

- Focus on public universities and non-U.S. schools that have a full net cost under $75,000.
[/quote]

On what Earth can kid earn enough to pay 1/2 per year at a $90k or even a $70 or $60k school???[/quote]

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