Yes, my parents wanted me to get the Sallie Mae loans and I didn't qualify because they had a combined income of $270,000 in 1993.

18.23!! Sallie Mae loans ARE federal financial aid based on need. If your parents made a million a year, you would NOT have qualified for the loans.

Ah, I see now, OP. You're not really asking about how other people paid for college. You're just pissed off about some other thread on FA awards for your kid. And I gather you're pissed because your parents are millionaires who did not support you. I have not read that thread, and I really don't care.

Look, that's great that you worked hard to pay for college, and that's a shame you did not get as much support as you think you deserved. But you're not alone. Plenty of us have dealt with similar problems. Yes it sucks, but you don't get a medal. Quit trying to play the martyr.

If your wealthy parents are refusing to help pay for your child's private school costs, and you're managing to get FA, then good for you. If your parents are secretly supporting you, but you're low-balling your collective assets to maximize FA from your child's school, then you're cheating. Stop it.

I'm done. This discussion is pointless.

Anonymous wrote:Did your parents have access to 1 Million a year in income or not ? Was your scholarship FA based , academic or athletic ?

I am still waiting for some one to come on here and say, "yes, my parents were millionaire's and refused to pay/ or co-sign for a loan for college and had to work from age 18 on to pay all of rent, college tuition , etc..."

I'd also like to know, if such a person posts, how they did it: how did you get a loan as a 17 year old with no credit history and no assets if parents refuse to co-sign ?

How did you get PEll Grant to over look your parents 1 million dollar income on their joint fed tax return in which you were claimed as a dependent ?

Do share.

You're not paying attention, are you? Several people have answered you that they took care of college on their own, but you seem unwilling to accept that response.

How did I get loans at age 17 with no credit history and no assets? It was the standard federal govt loan programs run by Sallie Mae and some other organization. I can't recall the details since it was 25 years ago. I think my parents co-signed for me, but my recollection is that Sallie Mae would still give loans without a co-signer, but at a higher interest rate. The loans are paid directly to the colleges, so Sallie Mae is ensuring the borrower is not blowing the money on hookers and coke.

I got Pell Grants because I wrote to Pell Foundation and explained that I had limited parental support. I guess they believed me enough to give me $500, but not enough to fund the other 98% of my college costs. Those I paid for with loans.

Are you trying to claim college is impossible to afford unless parents are paying? If so, that's just false.

You seem fixated on the $1m mark. Are you trying to argue that all students with wealthy parents are getting parental support? If so, that's false too.

Anonymous wrote:And I think kids should be invested in that education decision. So many of my friends who got a free ride just stayed in school until their parents cried uncle, or did nothing with their degree.

I think if kids have to al least pay something they look at it in a more responsible way.

Anonymous wrote:
Well, OP specifically asked what those of us with wealthy parents did and I responded. I honestly think parents should pay for a kid's college or not have so many kids.

Anonymous wrote:

Anonymous wrote:No, my parents didn't pay one single dime and we had 8 kids. Nor did we qualify for a dime of aid since my dad was a lawyer. I am a lawyer and I went to a state undergrad and state law school. Paid it all myself...husband had a multi-millionaire dad who paid zero. He went to a state undergrad (where we met) and private for MBA. We only had one kid so we could pay everything for them. We didn't want our kid to go thru what we did.

I wonder if your dad was not a lawyer and your husband's father was not a millionaire if you would feel this way. "go thru what we did".

My parents did not have money so "what I went thru" was tough but I would not categorize it as something I don't want my kids to go thru.

Again, please explain how you got the loans for college without a co-signer. Your post does not address that. I assume that as I 17 year old, you would have earned the minimum wage. For me, coming up with the $500/mos in rent was intimidating enough as a 17 year old earning minimum wage.

Yes, I managed to complete one undergrad degree, by waitressing and going to a city school, but not at the IVy that had recruited me for my sport( Ivy's do not offer scholarships for athletics). I was denied loans for grad school every where that I applied due to no assets, no credit history. That has affected my earning potential. How ironic that now, PP's on other threads assume that I am "gaming the system" by getting FA for my DC to Private ( on account of having met my parents)

Anonymous wrote:No pay. Full scholarship to Georgetown Law in late 80s but tuition was also 10K a year then. It's about 45K a year now and job prospects are lower making the financial investment riskier.

Did your parents have access to 1 Million a year in income or not ? Was your scholarship FA based , academic or athletic ?

I am still waiting for some one to come on here and say, "yes, my parents were millionaire's and refused to pay/ or co-sign for a loan for college and had to work from age 18 on to pay all of rent, college tuition , etc..."

I'd also like to know, if such a person posts, how they did it: how did you get a loan as a 17 year old with no credit history and no assets if parents refuse to co-sign ?

How did you get PEll Grant to over look your parents 1 million dollar income on their joint fed tax return in which you were claimed as a dependent ?

Do share.

And I think kids should be invested in that education decision. So many of my friends who got a free ride just stayed in school until their parents cried uncle, or did nothing with their degree.

I think if kids have to al least pay something they look at it in a more responsible way.

Anonymous wrote:
Well, OP specifically asked what those of us with wealthy parents did and I responded. I honestly think parents should pay for a kid's college or not have so many kids.

Anonymous wrote:

Anonymous wrote:No, my parents didn't pay one single dime and we had 8 kids. Nor did we qualify for a dime of aid since my dad was a lawyer. I am a lawyer and I went to a state undergrad and state law school. Paid it all myself...husband had a multi-millionaire dad who paid zero. He went to a state undergrad (where we met) and private for MBA. We only had one kid so we could pay everything for them. We didn't want our kid to go thru what we did.

I wonder if your dad was not a lawyer and your husband's father was not a millionaire if you would feel this way. "go thru what we did".

My parents did not have money so "what I went thru" was tough but I would not categorize it as something I don't want my kids to go thru.

Anonymous wrote:

Anonymous wrote:But 16.13, did ur parents have an income of a million dollars a year? The system Is set up so that there is hardly any aid, i culding loans, available for kids from such wealthy families. Merit scholarships are very rare.

Not $1m per year, but certainly enough to disqualify me from aid. I think I got $500 Pell Grants each year based on groveling essays I wrote to explain my lack of parental support, but the rest was loans I worked hard to pay back. My parents just did not believe their role was to pay for my college. My college was my life choice, and paying for it was my responsibility. If I'd wanted to skip college and start working immediately, that would have been a viable alternative in their minds, because that's what many of their peers had done when they grew up.

To be clear, I'm not suggesting my parents' approach was ideal. I wish they'd paid for my college, and I'm saving to help pay for my children's college. But I don't necessarily understand an attitude that all parents are automatically expected to pay for their children's college. If, for example, it becomes clear my child plans to enroll in some super expensive college like Sarah Lawrence, just to earn C grades, smoke dope and listen to old Phish CDs, then I will feel little obligation to pay for it. But since she will be an adult, I will not be able to forbid her from enrolling. I can only refuse to pay for it.

Really, you don't ? Not with 1 Million in annual income ? Was not a "pot -head" , was a straight A student. Could not get loans without a co-signer and parents refused to co-sign. Could not get Pell grant as parents had joint return of 1 million on Fed taxes. Step Dad claimed me as a dependant none the less for the benefit of the tax credit. How was I supposed to "get a loan"

Anonymous wrote:My parents did not have 1m/yr HHI, but they did have enough to pay for college for me and my siblings. It was the 1980s and college tuition was about half of what it is now. However, no, they did not pay for college for any of us. We all took student loans and worked jobs at our private Ivy colleges to pay our way. My parents did loan us money to help cover rent and living expenses when we were short, but we were required to pay it back, just like any other student loan. Happily, they did not charge interest. We each went to grad school after college, and had the same deal there. Ended with lots of student loans. Some of us had jobs that made them easy to pay back (eg, lawyers), and others had jobs that paid less, so it was harder (eg, PhDs).

I'm hoping to save enough to pay for my children's college tuition, because it sucks to have to work your way through college and scrimp on money constantly. I am teaching them responsibility with money other ways than by withholding college tuition.

Curious, how did you get a loan as a 17 year old on your own without a credit history, and without a co-signer ? That kind of stopped me. Also, Pell grant doesn't issue grants to kids who's parents file a 1040 Fed return declaring 1 Mill in income/ dividends.

Anonymous wrote:But 16.13, did ur parents have an income of a million dollars a year? The system Is set up so that there is hardly any aid, i culding loans, available for kids from such wealthy families. Merit scholarships are very rare.

Not $1m per year, but certainly enough to disqualify me from aid. I think I got $500 Pell Grants each year based on groveling essays I wrote to explain my lack of parental support, but the rest was loans I worked hard to pay back. My parents just did not believe their role was to pay for my college. My college was my life choice, and paying for it was my responsibility. If I'd wanted to skip college and start working immediately, that would have been a viable alternative in their minds, because that's what many of their peers had done when they grew up.

To be clear, I'm not suggesting my parents' approach was ideal. I wish they'd paid for my college, and I'm saving to help pay for my children's college. But I don't necessarily understand an attitude that all parents are automatically expected to pay for their children's college. If, for example, it becomes clear my child plans to enroll in some super expensive college like Sarah Lawrence, just to earn C grades, smoke dope and listen to old Phish CDs, then I will feel little obligation to pay for it. But since she will be an adult, I will not be able to forbid her from enrolling. I can only refuse to pay for it.

No pay. Full scholarship to Georgetown Law in late 80s but tuition was also 10K a year then. It's about 45K a year now and job prospects are lower making the financial investment riskier.

Merit scholarships would solve a lot of problems. They could, maybe, single-handedly solve the education problem in this country. Think about it: if you KNEW your child could get a free ride to school (lower grades, high school, college, grad school, whatever), wouldn't you do whatever you could as a parent to get that kid enthusiastic about school.

But 16.13, did ur parents have an income of a million dollars a year? The system Is set up so that there is hardly any aid, i culding loans, available for kids from such wealthy families. Merit scholarships are very rare.

Anonymous wrote:Ugh, parents who make a million a year should pay for their kids' colleges! First, you are screwing your kids if not because they can't qualify for most of the aid that is out there! Second, that aid should be reserved for kids who otherwise couldn't afford it, not for people whose parents are making a million a year. Absurd.

I'm a PP whose parents did not pay for college. I think the attitude is largely a generational one. My parents felt that when I became an adult at age 18, I had all the rights and responsibilities of an adult. I could do whatever I wanted with my life without interference from them, and they were under no obligation to care for me. Of course they were still my parents, so they'd invariably try to meddle in my life in ways I did not appreciate, and they'd also offer to help me in ways I did appreciate. But that relationship was between two autonomous adults, not an adult-child relationship. My parents both grew up in relatively rural areas in the 1940s and 1950s, so lots of their peers and older siblings (and certainly their own parents) got married and started their own families around age 18-23. My parents were (respectively) the first and the second people in their families to ever attend college. So it's entirely understandable to me that they would not pay for college for me. That was my responsibility.

I must admit, I'm sort of surprised to learn that so many people here (who I assume are in the same 35-45 year old cohort I am) had parents who paid for college. I just assumed that most people went to college on federal loans, with only minimal supplements of "free money" financial aid, like I did. I assumed many others who came from wealthier families had bigger family subsidies, but I also assumed nearly everyone took out federal loans.

Well, OP specifically asked what those of us with wealthy parents did and I responded. I honestly think parents should pay for a kid's college or not have so many kids.

Anonymous wrote:

Anonymous wrote:No, my parents didn't pay one single dime and we had 8 kids. Nor did we qualify for a dime of aid since my dad was a lawyer. I am a lawyer and I went to a state undergrad and state law school. Paid it all myself...husband had a multi-millionaire dad who paid zero. He went to a state undergrad (where we met) and private for MBA. We only had one kid so we could pay everything for them. We didn't want our kid to go thru what we did.

I wonder if your dad was not a lawyer and your husband's father was not a millionaire if you would feel this way. "go thru what we did".

My parents did not have money so "what I went thru" was tough but I would not categorize it as something I don't want my kids to go thru.