2 kids in college is 29137 EFC for BOTH or ONE of them???

<p>“College is a privilege, not a right.” Amen to that. As a first generation college grad I paid my own way in the most affordable & only way I could at a city university college for both BS & MS. Private college wasn’t even a thought. Fast forward 25 years and now with soon to be 2 kids in college it’s amazing how the mindsets have changed. Of course I want the best education for both my children but not at the expense of any of our financial futures when there are reasonable means towards achieving affordable ( very personal and subjective in definition) quality education. Thank goodness for our country’s public education systems and fortunate are those who can truly afford to pay full freight for the luxury of a private college education.</p>

<p>“What is truly amazing to me is that some how, some way it became a given that parents would save/pay for their children’s entire 4 year education, or close to it”</p>

<p>Just curious - if you don’t think you should have to pay for it, who do you think should?</p>

<p>Some perspective for those shocked by college expenses:</p>

<ul>
<li><p>if your family earns more than $150k per year, that’s the top 10-% of the USA</p></li>
<li><p>“need-based” college aid - like that that most often starts with the FAFSA EFC - is meant to be for families with modest incomes, like the national family median of ~ $50k</p></li>
<li><p>the national annual average cost of college for FT undegrads all in is ~ $33k for private colleges and ~$16k for public colleges</p></li>
<li><p>when you pay for college the schools will have you use past income (savings), current income (what you earn every year) and future income (what you can borrow) </p></li>
</ul>

<p>It’s shocking how much college costs. What’s more shocking to me is how many families don’t make sure that their kids’ college application list includes “Financial Aid Safety Schools”, colleges where the NET cost (list cost minus estimated merit aid and estimated need-based aid) is in the range that the family can afford.</p>

<p>Kei</p>

<p><<tapping into=“” savings=“” and=“” loans,=“” it’s=“” easily=“” possible=“” for=“” you=“” to=“” send=“” both=“” children=“” school=“” without=“” exceeding=“” an=“” outlay=“” from=“” your=“” current=“” income=“” of=“” about=“” $40,000=“” year=“”>></tapping></p>

<p>Dear Lord, I promise to put more in the collection bucket at church if my net pay EVER reaches 40K a year. Your monthly take home pay is about 10K, mine is less than 1/3 of that. And back when I really started saving for college (about 10 years ago), my salary was 50% less than it is now. Yet somehow, by the grace of God, I was able to save enough to pay my EFC (11-13K) for 4 years (plus the extra that was always necessary) from savings.</p>

<p>My son never got a driver’s license because it would have meant my insurance going up by $900 a year on a beater car (minimal coverage). </p>

<p>Be grateful, not bitter.</p>

<p>My kids haven’t gotten licenses either, sueinphilly. They are 17 and 20 years old, both in college. They’ll get licenses (and cars) when they can pay the insurance, the payments, the registrations fees, the gas and the maintenance.</p>

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<p>. . . which is more than twice what I made last year and three times what I made the year before that. So let me know if you want to trade to get my $0 EFC! But be prepared to take out a pile of loans.</p>

<p>I do sympathize on the crazy, sky-rocketing tuition prices.</p>

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<p>This is especially great when you have parents unwilling and unable to contribute a penny to your education. Schools act like they are, but they aren’t…</p>

<p>I swear it takes a miracle to get an education in this country</p>

<p>Excellent post Dadx4</p>

<p>collegepoormom – Take a breath. We were also shocked when we first saw our EFC, as are many other people who post on CC. You’ll get your kids to college, you just won’t be helped with any need-based assistance. It is daunting to finance an education but there are many ways to do it. Don’t expect yourself to come to terms with it overnight.</p>

<p>You can do this.</p>

<p>It doesn’t take a miracle. All it takes is prioritizing. Our income was never more than $100K. Ever. When the kids were little it was more like $50K since I didn’t work full time. We bought a house that allowed us to finance it for 15 yrs instead of 30. Bought used cars and drove them 'till they died. Never bought a car for the kids. Our idea of vacations was visiting relatives. Rarely ate out. I sure don’t hear the kids complaining about out lifestyle though, because we paid cash for all three kids to go to college with no loans. It CAN be done. But not if BMW’s are your priority.</p>

<p>And at the risk of sending this thread elsewhere, why is it that everyone objects to government sponsored health care, but is all for the government paying for higher education?</p>

<p>Not everyone objects to government sponsored health care. Reminds me, though, of those funny folks that holler, “Keep the government outta my Medicare!” :p</p>

<p>The OP’s original post was two years ago.</p>

<p>This kind of thread always seems to attract comments about how the OP is depriving his/her children because of his/her selfish desire for a BMW and/or designer gowns. Yet the OP’s never seem to mention luxury goods. Funny, that.</p>

<p>Post #18 brought this thread back when it was one year old in 2009 (by a poster who only posted this one time), then post #22 brought it back today when it was 2 years old (by another poster who only posted this one time).</p>

<p>I don’t usually think this way, but I smell ■■■■■■…</p>

<p>I found it on a google search; too afraid to ask my question on CC!</p>

<p>I filled out the FAFSA for my first kid…found it totally invasive, made me uncomfortable putting out my financial status for the world to see.</p>

<p>Well, of course it was a waste of time. He qualified for nothing, and I simply decided to pay for his first 2 years from cash flow. We have a HELOC we use to smooth out our finances, so that really helps.</p>

<p>Now, kid 2 will be going to another school on a full-ride (sports). Again, I do NOT intend to go the FAFSA route, because I still think we make too much for kid 1 to benefit at all. </p>

<p>Tell me if I’m wrong: his main option is to get an unsecured Stafford loan, correct??</p>

<p>And in case you wonder…we want kid 1 to be responsible for his last 2 years because he needs to learn about burdens a bit. We (spouse and I) grew up poor, our kids have not.</p>

<p>Thanks for any replies!!</p>

<p>He will have to file FAFSA to get a Stafford loan. The maximum Stafford for a junior is $7500.</p>

<p>Hey, thanks, I put out virtually the same post on a new thread in hopes it might be a useful theme for others who might not see it here…</p>

<p>Well done College poor Mom. You worked hard and have been very successful. You have paid a ton of taxes at your income level. Now its time to get a little of your own back.
I say you deserve it. Good luck. You are a great example to your kids and i wish them similar success.
Damn the begrudgers!!</p>

<p>Um, you are responding to a post that is 4 years old!</p>

<p>It does kind of make you wonder when each time this thread has been bumped up its been by someone making thier first & only post. hmm…</p>

<p>2008, by now the kid has almost graduated!</p>