My children were not the recipients of college aid, but I see nothing problematic about the children of people of lesser means getting financial aid. I'm 100% supportive of policies that try to level the playing field. I also think most of the people posting on this thread should pay a lot more in taxes.

Those of you posting that college should be free for everyone are presumably aware that that would be financed by higher taxes on upper-middle and upper class people? So such people will pay one way or another. I agree that funding college via taxes and allowing everyone to go free would be better, because (as this discussion illustrates) the only way to generate widespread support for aid to the poor is to give aid to everyone.

But it's not clear to me how free college would work in a country with so many private universities that people want to go to. I assume in a world of free college, Harvard would still be offering aid to lower-income students because they clearly see that as part of their mission.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If retiring early means my kids go to college for free, I’m in. So much of my after tax income will be going directly to tuition for the 3 years I will have both in school that I don’t think there’s a financial benefit to working.

I will run the numbers, but this is a serious consideration.

You need to really investigate the “typical assets” situation. I did retire early for reasons unrelated to college costs, bringing our HHI (at least at the moment) to just over $200k, and the NPCs are coming out at “lol! First deplete all your assets.”

Are you bitter for being rich?

DP here. Nobody wants to pay more than the next guy for the exact same product. Can you imagine if cars or houses had variable pricing based on income? This Honda Accord is $35k if you have a good salary, but don’t worry it’s free if you don’t.

Want whatever you want.

Nobody wants to to earn a tenth to a hundredth of the wage for same hours worked

Anonymous wrote:FYI, many of the top schools no longer include primary home equity when looking at assets.

If you read several of the recent announcements, you will also see that mentioned in the press release.

Also, what others said is correct…it’s 100% free to say $150k…free tuition to $200k…and all aid disappears close to $300k.

Yes, if you have $1MM just in the bank and a $1MM mortgage, you will be better off paying down the mortgage for aid.

Is the idea here that the schools want students clever enough to find loopholes to exploit?
I can't imagine why they leave thst vaping hole open otherwise.

Anonymous wrote:It shouldn’t be all or nothing. Someone making $190k can afford plenty tuition. Someone making $120k can afford some tuition. It pisses me off that I have to pay more so that someone else can pay nothing. We’ll likely be skipping private schools for OOS.

Yep. Full pay for 2 kids—worked my @sss off, came from nothing,

Anonymous wrote:Why do people even apply to private colleges if they can’t afford it? I don’t get the mindset that you have a right to go to an expensive, private college. If you can’t afford it, don’t go. Go to community college (make it free!) and then public university. This is how California has structured their system and it seems to work. Yes, it infuriates me that we pay close to $100,000 and other people pay $10,000.

You can pay $10,000 if you want. Go to community college and then public university.

Already have plenty of threads rehashing this

Anonymous wrote:Does this mean that if you have a house that is now worth $750,000 but you make under $200,000 a year that you will not qualify for free tuition?

Not to mention possibly health care and retirement (defined benefit or 401k), you have to read the fine print.

This would seem to be more of a flyover state thing, can’t imagine many over $150,000 a year on the coasts qualify, even maybe $100,000.

Anonymous wrote:FYI, many of the top schools no longer include primary home equity when looking at assets.

If you read several of the recent announcements, you will also see that mentioned in the press release.

Also, what others said is correct…it’s 100% free to say $150k…free tuition to $200k…and all aid disappears close to $300k.

Yes, if you have $1MM just in the bank and a $1MM mortgage, you will be better off paying down the mortgage for aid.

To be clear, it’s not free tuition to $200k HHI. It’s free tuition to $200k HHI with typical assets. There is a delta between “typical assets” and “the assets held by a responsible family with an HHI of $200k,” and that delta does not favor the responsible family. So there are many families with HHI in the $150k–$200k range who won’t get anything either. The headline is marketing, trying to drum up applications from families who correctly believe that they cannot responsibly afford what the school is planning to charge them.

Why do people even apply to private colleges if they can’t afford it? I don’t get the mindset that you have a right to go to an expensive, private college. If you can’t afford it, don’t go. Go to community college (make it free!) and then public university. This is how California has structured their system and it seems to work. Yes, it infuriates me that we pay close to $100,000 and other people pay $10,000.

No free tuition, pass a law that education tuition can't be used to subsidize others. It's ok if it's from donation directly to a fund for the poors.

Anonymous wrote:

Anonymous wrote:Does this mean that if you have a house that is now worth $750,000 but you make under $200,000 a year that you will not qualify for free tuition?

Depends how much equity you have in the house. But generally yes, the school will expect you to take out a second mortgage (and/or simply sell the house and downsize).

So I think a marketing strategy by the schools to get people to apply. I don’t think this is as great of a thing as it is for the vast majority of families.

FYI, many of the top schools no longer include primary home equity when looking at assets.

If you read several of the recent announcements, you will also see that mentioned in the press release.

Also, what others said is correct…it’s 100% free to say $150k…free tuition to $200k…and all aid disappears close to $300k.

Yes, if you have $1MM just in the bank and a $1MM mortgage, you will be better off paying down the mortgage for aid.

Anonymous wrote:Does this mean that if you have a house that is now worth $750,000 but you make under $200,000 a year that you will not qualify for free tuition?

Depends how much equity you have in the house. But generally yes, the school will expect you to take out a second mortgage (and/or simply sell the house and downsize).

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If retiring early means my kids go to college for free, I’m in. So much of my after tax income will be going directly to tuition for the 3 years I will have both in school that I don’t think there’s a financial benefit to working.

I will run the numbers, but this is a serious consideration.

You need to really investigate the “typical assets” situation. I did retire early for reasons unrelated to college costs, bringing our HHI (at least at the moment) to just over $200k, and the NPCs are coming out at “lol! First deplete all your assets.”

Are you bitter for being rich?

DP here. Nobody wants to pay more than the next guy for the exact same product. Can you imagine if cars or houses had variable pricing based on income? This Honda Accord is $35k if you have a good salary, but don’t worry it’s free if you don’t.

Anonymous wrote:

Anonymous wrote:If retiring early means my kids go to college for free, I’m in. So much of my after tax income will be going directly to tuition for the 3 years I will have both in school that I don’t think there’s a financial benefit to working.

I will run the numbers, but this is a serious consideration.

You need to really investigate the “typical assets” situation. I did retire early for reasons unrelated to college costs, bringing our HHI (at least at the moment) to just over $200k, and the NPCs are coming out at “lol! First deplete all your assets.”

Are you bitter for being rich?