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College and University Discussion
Reply to "Families making $200k - $400k"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]~300k agi, 90k in 529 and ~100k in savings with 1/2 of mortgage paid, no aid (0) from all 6 T20 schools DC got admitted to. Perfect stats and awards didn't matter. [/quote] Isn't this what you expected?[/quote] Well, if you take all the taxes out, mortgage payment, food and other spending, you'll not remain with 90k+/year that the top schools charge. Do you sell the house to pay for or use 401k miney? No. So, only option are loans that are at more than 9%now. Families making between 200 and 300k and not much in savings are in the worst position. Pay full without really affording.[/quote] That is really greedy to live in a million or more house and expect aid like you are low income. We paid 400k so we could easily save and pay for college. Others should not have to support your lifestyle spchoucces and selling the house is an option. [/quote] Do you live in DC area? Do you know that a 20 years old 3br apartment in a good school area is over 600k? This is not a greedy life! You don't get anything more than a small, old townhouse in a good school area for 1 million house these days. This is the reality. Far from greedy, luxury life you are invoking. Plus earning 300k now doesn't mean you earned the same 3-4 years back. What's luxury is to send kids to private colleges nowadays not live in a 1500sq ft townhouse that cost 1 million and you pay back in 30 years.[/quote] We have a very small house that you'd never live in and that's the point and yes we live in the area. If you just started making 300K, you don't change your lifestyle and save. That's what we choose to do. Yes, its greedy saying you "need" to live in a million-dollar house, etc. Nothing wrong with a small, old house, so you can meet your savings goals. While you are worried about paying for college with your big mortgage, we focused on paying off our house and putting ourselves in a good position for college. Try some financial literacy classes.[/quote]
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