Anonymous
09/26/2022 18:01
Subject: What does "we meet 100% of demonstrated need" really look like in numbers?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.
30k EFC for 200k income seems generous, PP with HHI 180k has 80k EFC!
Our HHI is 110k and our EFC is 34k.
Do you have assets, inheritance, trust funds that are in disproportion to your HHI?
No inheritance or trust funds. But we lived fairly frugally and saved a lot. The income is based on one income and a SAHP who left work a few year prior for caregiving for a younger kid with disabilities (my spouse's prior income was around 60k)--so we don't get the dual income reduction. We're paying for college right now and we can afford it, so I guess they calculated it correctly.
Perhaps going forward schools will not ding when a parent has to leave the work force for care giving.
Anonymous
09/26/2022 18:00
Subject: What does "we meet 100% of demonstrated need" really look like in numbers?
Anonymous wrote:Anonymous wrote:Anonymous wrote:It means you should have saved more if you are expecting $50K in financial aid.
I don't get responses like this. Saving for college is a burden, even at that range. I don't get why this country accepts that colleges should cost that much money for anyone. I work hard for my money and was "first gen" and worked my way out of poverty. Yeah, I make a fair amount but I was a late starter to saving for retirement, buying a home, etc. Saving earlier wasn't exactly possible.
And don't say "go somewhere else." This is theoretical for us at this point, but why should DC have to do that after working his/her tail off for 4 years just because other people will get aid and they won't? It's bull---t.
I am with you. I don't accept it, but I also don't know what I personally can do about it, besides steer kids to in-state schools that are still probably more costly than they should be. By paying or borrowing the money for these "elite" schools, arent' you feeding into it?
Largely agree here also as a first gen college grad. Alas, this is the current state of financing higher ed and why some high stats kids seek out LACs with generous merit aid.
GL to your DC.
Anonymous
09/26/2022 17:43
Subject: What does "we meet 100% of demonstrated need" really look like in numbers?
Anonymous wrote:Anonymous wrote:Anonymous wrote:It means you should have saved more if you are expecting $50K in financial aid.
I don't get responses like this. Saving for college is a burden, even at that range. I don't get why this country accepts that colleges should cost that much money for anyone. I work hard for my money and was "first gen" and worked my way out of poverty. Yeah, I make a fair amount but I was a late starter to saving for retirement, buying a home, etc. Saving earlier wasn't exactly possible.
And don't say "go somewhere else." This is theoretical for us at this point, but why should DC have to do that after working his/her tail off for 4 years just because other people will get aid and they won't? It's bull---t.
I am with you. I don't accept it, but I also don't know what I personally can do about it, besides steer kids to in-state schools that are still probably more costly than they should be. By paying or borrowing the money for these "elite" schools, arent' you feeding into it?
First gen - explains it all. Did you not get that you need to save? It isn’t bullshit. You make a fair amount and should be paying for college. Maybe go see a financial planner.
Anonymous
09/26/2022 17:30
Subject: What does "we meet 100% of demonstrated need" really look like in numbers?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Schools are getting away with some very fuzzy wording, in may mind. Their idea of "demonstrated need" involves loans, definitely. Then they come away feeling good about themselves, but meanwhile they have saddled my child with loans she will have for year to come! I will say that the FAFSA calculator is pretty darn eye opening as to what they think we as parents are supposed to be able to contribute. I don't know how they think it's gonna happen, but for us with a combined income of just over 200K and another child in college, they expect us to contribute $30K per year for our rising college student. And they offered her $1K in work study and $5K in student loans. Total BS.
30k EFC for 200k income seems generous, PP with HHI 180k has 80k EFC!
Our HHI is 110k and our EFC is 34k.
Do you have assets, inheritance, trust funds that are in disproportion to your HHI?
No inheritance or trust funds. But we lived fairly frugally and saved a lot. The income is based on one income and a SAHP who left work a few year prior for caregiving for a younger kid with disabilities (my spouse's prior income was around 60k)--so we don't get the dual income reduction. We're paying for college right now and we can afford it, so I guess they calculated it correctly.
Anonymous
09/26/2022 17:07
Subject: What does "we meet 100% of demonstrated need" really look like in numbers?
Anonymous wrote:Anonymous wrote:Anonymous wrote:It means you should have saved more if you are expecting $50K in financial aid.
I don't get responses like this. Saving for college is a burden, even at that range. I don't get why this country accepts that colleges should cost that much money for anyone. I work hard for my money and was "first gen" and worked my way out of poverty. Yeah, I make a fair amount but I was a late starter to saving for retirement, buying a home, etc. Saving earlier wasn't exactly possible.
And don't say "go somewhere else." This is theoretical for us at this point, but why should DC have to do that after working his/her tail off for 4 years just because other people will get aid and they won't? It's bull---t.
I am with you. I don't accept it, but I also don't know what I personally can do about it, besides steer kids to in-state schools that are still probably more costly than they should be. By paying or borrowing the money for these "elite" schools, arent' you feeding into it?
Some state schools are crazy expensive and shouldn't be but they have spending issues. I don't get the push for elite schools. My sibling went to elite schools and my spouse went to a no name school and he makes more now.
Anonymous
09/26/2022 17:06
Subject: Re:What does "we meet 100% of demonstrated need" really look like in numbers?
Anonymous wrote:Anonymous wrote:Did it ever occur to the "WHY DIDN'T YOU SAAVVVEE??!!!" harpies that some people have modest houses that are paid off b/c they were purchased within a budget? And drive old cars without car payments? That not everyone chooses an extravagant home and then expects aid?
Also, just because they make $200-300K now doesn't mean they always have. We didn't. We were very late to saving for retirement, having reliable cars that were not used and 100 years old and breaking down, having reliable healthcare, a home, etc. That EFC doesn't tell the whole story, rather, only a snapshot in time. We saved aggressively for college in the time that we could and it is increasingly apparent that it will not be enough.
If you just started making it, you don't change your lifestyle and put that extra money away. We never changed our lifestyle as our income went up and that is our savings. We have one reliable car. The other ones are 12-20+ years old. Our home needs a lot of work and we don't have reliable health care. That's life. And, yet, our priority is college so we save. We don't make in that range.
Anonymous
09/26/2022 17:04
Subject: What does "we meet 100% of demonstrated need" really look like in numbers?
Anonymous wrote:Anonymous wrote:It means you should have saved more if you are expecting $50K in financial aid.
I don't get responses like this. Saving for college is a burden, even at that range. I don't get why this country accepts that colleges should cost that much money for anyone. I work hard for my money and was "first gen" and worked my way out of poverty. Yeah, I make a fair amount but I was a late starter to saving for retirement, buying a home, etc. Saving earlier wasn't exactly possible.
And don't say "go somewhere else." This is theoretical for us at this point, but why should DC have to do that after working his/her tail off for 4 years just because other people will get aid and they won't? It's bull---t.
Then, your kids go to community college or a state college like some of ours will. You are not entitled ot an $80K school. Many of us were late starters. My husband will be retirement age when our kid goes to college and will have to work longer than hoped. But, he also knows how important it is to go debt free as he didn't get to go to college till his 30's. There are other options if you cannot afford it.
Anonymous
09/26/2022 16:49
Subject: What does "we meet 100% of demonstrated need" really look like in numbers?
Anonymous wrote:Anonymous wrote:It means you should have saved more if you are expecting $50K in financial aid.
I don't get responses like this. Saving for college is a burden, even at that range. I don't get why this country accepts that colleges should cost that much money for anyone. I work hard for my money and was "first gen" and worked my way out of poverty. Yeah, I make a fair amount but I was a late starter to saving for retirement, buying a home, etc. Saving earlier wasn't exactly possible.
And don't say "go somewhere else." This is theoretical for us at this point, but why should DC have to do that after working his/her tail off for 4 years just because other people will get aid and they won't? It's bull---t.
We'd all need to be comfortable with a higher tax rate if we want college to be cheaper like in other countries.
We might get aid and you don't because, with your income, you have a greater ability to save and pay (now or pay back loans).
We work hard but don't make a ton. We've also saved. Not saying the system has been fair to you, don't know your circumstances, but being outraged that people who earn less get FA suggests a narrow view of it all.