Anonymous
05/03/2024 15:32
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:HHI of 330 and was offered merit aid of about 50% at three SLACS. Half a million in the 529 (3 kids) but I think he's going to be full pay OOS.
Why? If you only have 500K for 3 kids, why would you spend $60K+/year for one kid 9assuming it's kid 1)? That's over half the 529. Will you offer the same opportunity to the next 2 kids? Just curious
What are you talking about? 500000/3= 166,000 per kid
OOS tuition is 27K and room and board is 14k. That's 31k. 31k x 4 = 124000. There's 40k left on the table
That's leaves the other kid's share not only untouched but better off.
what college has oos total coa at 31K per year?
UF ?
UF oos tuition is $28,658.
Anonymous
05/03/2024 15:28
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:HHI of 330 and was offered merit aid of about 50% at three SLACS. Half a million in the 529 (3 kids) but I think he's going to be full pay OOS.
Why? If you only have 500K for 3 kids, why would you spend $60K+/year for one kid 9assuming it's kid 1)? That's over half the 529. Will you offer the same opportunity to the next 2 kids? Just curious
What are you talking about? 500000/3= 166,000 per kid
OOS tuition is 27K and room and board is 14k. That's 31k. 31k x 4 = 124000. There's 40k left on the table
That's leaves the other kid's share not only untouched but better off.
what college has oos total coa at 31K per year?
UF ?
Anonymous
05/03/2024 14:59
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:HHI of 330 and was offered merit aid of about 50% at three SLACS. Half a million in the 529 (3 kids) but I think he's going to be full pay OOS.
Why? If you only have 500K for 3 kids, why would you spend $60K+/year for one kid 9assuming it's kid 1)? That's over half the 529. Will you offer the same opportunity to the next 2 kids? Just curious
What are you talking about? 500000/3= 166,000 per kid
OOS tuition is 27K and room and board is 14k. That's 31k. 31k x 4 = 124000. There's 40k left on the table
That's leaves the other kid's share not only untouched but better off.
You mean 41kx4
Correct- thanks for catching the error. The point stays the same.
What full pay OOS school is 27K?
Anonymous
05/03/2024 14:58
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:Anonymous wrote:Anonymous wrote:HHI of 330 and was offered merit aid of about 50% at three SLACS. Half a million in the 529 (3 kids) but I think he's going to be full pay OOS.
Why? If you only have 500K for 3 kids, why would you spend $60K+/year for one kid 9assuming it's kid 1)? That's over half the 529. Will you offer the same opportunity to the next 2 kids? Just curious
What are you talking about? 500000/3= 166,000 per kid
OOS tuition is 27K and room and board is 14k. That's 31k. 31k x 4 = 124000. There's 40k left on the table
That's leaves the other kid's share not only untouched but better off.
what college has oos total coa at 31K per year?
Anonymous
05/03/2024 14:55
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:HHI of 330 and was offered merit aid of about 50% at three SLACS. Half a million in the 529 (3 kids) but I think he's going to be full pay OOS.
Why? If you only have 500K for 3 kids, why would you spend $60K+/year for one kid 9assuming it's kid 1)? That's over half the 529. Will you offer the same opportunity to the next 2 kids? Just curious
What are you talking about? 500000/3= 166,000 per kid
OOS tuition is 27K and room and board is 14k. That's 31k. 31k x 4 = 124000. There's 40k left on the table
That's leaves the other kid's share not only untouched but better off.
You mean 41kx4
Correct- thanks for catching the error. The point stays the same.
Anonymous
05/03/2024 14:45
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:Anonymous wrote:Anonymous wrote:HHI of 330 and was offered merit aid of about 50% at three SLACS. Half a million in the 529 (3 kids) but I think he's going to be full pay OOS.
Why? If you only have 500K for 3 kids, why would you spend $60K+/year for one kid 9assuming it's kid 1)? That's over half the 529. Will you offer the same opportunity to the next 2 kids? Just curious
What are you talking about? 500000/3= 166,000 per kid
OOS tuition is 27K and room and board is 14k. That's 31k. 31k x 4 = 124000. There's 40k left on the table
That's leaves the other kid's share not only untouched but better off.
You mean 41kx4
Anonymous
05/03/2024 14:38
Subject: Re:250k household income - did you receive any aid in financial aid packages?
I always wonder about this magical thinking... if you are making $250,000, who are all of the richer people who should be providing you with financial aid? Not to mention that they also need to use their tax dollars to forgive your kids' loans. Despite all of the assertions to the contrary, college is a luxury, and private college is a real luxury. If you can't afford it, you make the choice that you can afford.
Anonymous
05/03/2024 14:33
Subject: Re:250k household income - did you receive any aid in financial aid packages?
"
Zero. from FAFSA. "
The only money FAFSA can "give" is eligibility for a Pell Grant, which is for those families with a low income, like $50K for a family of 4.
Zero. from FAFSA. "
The only money FAFSA can "give" is eligibility for a Pell Grant, which is for those families with a low income, like $50K for a family of 4.
Anonymous
05/03/2024 14:14
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:Anonymous wrote:HHI of 330 and was offered merit aid of about 50% at three SLACS. Half a million in the 529 (3 kids) but I think he's going to be full pay OOS.
Why? If you only have 500K for 3 kids, why would you spend $60K+/year for one kid 9assuming it's kid 1)? That's over half the 529. Will you offer the same opportunity to the next 2 kids? Just curious
What are you talking about? 500000/3= 166,000 per kid
OOS tuition is 27K and room and board is 14k. That's 31k. 31k x 4 = 124000. There's 40k left on the table
That's leaves the other kid's share not only untouched but better off.
Anonymous
05/03/2024 13:38
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:Anonymous wrote:No aid, but two college kids got full ride 4 and 5 year engineering scholarships with a monthly and book stipends. Hoping our other two kids still at home follow in their footsteps.
what colleges offer this kind of (merit based?) engineering scholarship?
DP: WPI and CWRU both offered merit of 40-60% of tuition, and both have more scholarships you can apply to. We didn't as we can afford full pay so we simply took the basic merit offered (the other scholarships are time consuming applications)
Anonymous
05/03/2024 13:36
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Why? That’s not a small income.
-Only just got to this income recently
-Prior student loans just finally paid off
-Prior car loans (not fancy cars but still)
-All of above meant behind in retirement and trying to catch up
-High cost of living area (did ok for awhile by living cheaply in a high crime area but had to go more expensive when we couldn't take the gunshot sounds anymore)
-Essentially in the "donut hole"
It sucks that you just got to this level and now must pivot to saving for retirement. Wish FAFSA could take intergenerational wealth into account. Yet that's not the case. Folks need to make sure that their kids consider schools known to be generous with merit aid.
And why should it matter? Until your parents/family actually GIVE you the money, it's not yours. They are not required to pay for your kids education, or ever give you the money, it could all end up at a charity when they die if they so desire.
The problem with intergenerational wealth is not all grandparents/relatives will not help. My grandparents help. My parents are stingy and will not buy a birthday gift, a meal, let alone help for college. They could afford to help. So, their money means nothing and we've saved since birth.
Anonymous
05/03/2024 13:35
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:Does this mean you don’t need to fill out FAFSA if you make a high income?
Yes, it does. Unless any school your kid is applying to requires it for merit aid. Some do, majority do not. Have 3 kids in/out of college (so 30+ college applications) and none of those required fafsa for merit aid. All 3 kids had generous merit awards from majority of the colleges (outside of the T25 universities).
Anonymous
05/03/2024 13:34
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Why? That’s not a small income.
-Only just got to this income recently
-Prior student loans just finally paid off
-Prior car loans (not fancy cars but still)
-All of above meant behind in retirement and trying to catch up
-High cost of living area (did ok for awhile by living cheaply in a high crime area but had to go more expensive when we couldn't take the gunshot sounds anymore)
-Essentially in the "donut hole"
It sucks that you just got to this level and now must pivot to saving for retirement. Wish FAFSA could take intergenerational wealth into account. Yet that's not the case. Folks need to make sure that their kids consider schools known to be generous with merit aid.
FAFSA does take intergenerational wealth into account, assuming you already have the money/inheritance. Otherwise, it's not your money, so it wouldn't be fair to assume you don't get any FA if you make little enough to qualify
Anonymous
05/03/2024 13:33
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:HHI of 330 and was offered merit aid of about 50% at three SLACS. Half a million in the 529 (3 kids) but I think he's going to be full pay OOS.
Why? If you only have 500K for 3 kids, why would you spend $60K+/year for one kid 9assuming it's kid 1)? That's over half the 529. Will you offer the same opportunity to the next 2 kids? Just curious
Anonymous
05/03/2024 13:31
Subject: 250k household income - did you receive any aid in financial aid packages?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Zero. from FAFSA. I think the previous posters are lying. From FAFSA at 250K HHI I think the D of Ed will say you should fund at 100 percent, which is what happened to us
CSS will give you a lot more, especially if you have multiple kids
Not our experience. Nothing from FAFSA or CSS, even with multiple kids.
Anyone running an NPC can see that you are lying
2 kids at Ivies. 240k. No aid. We lived frugally and saved. Not lying.
Obviously it can be done. It's all about choices. When you made the jump from lower/maybe $150K, if you simply choose to save the extra your kids will be set.
Agreed, it's not the best choice for everyone, but even if you set aside 50% of your increases and don't allow too much lifestyle creep, you can still save for retirement and college.