<p>october, I don’t normally get involved in these types of discussions (considering 150k is literally over 5 TIMES the income that my parents made while I was in college, but I digress), but even in the state with the highest median income (Maryland), that’s TWICE the median income. </p>
<p>Sorry if that doesn’t garner a lot of sympathy from those making 1/3 (the median income in this country) of what the OP makes. Not saying it’s right or wrong, but when someone says that they need FA when in the top 10% of earners, well… it’s hard to not ask “why?” and some people might be rubbed the wrong way. It’s just the way it is.</p>
<p>While I agree that $150k is a very high income, I don’t believe in comparing incomes with low income families. I’ve met very few low income families with minor children that don’t take advantage of benefits that raise their income beyond what they’re earning…free lunch, earned income tax credits, food stamps, section 8 housing, reduced utilities, gov’t medical assistance, disability, and so forth. </p>
<p>Rarely is a low income family truly ONLY living on what they’re earning. </p>
<p>There are low income families that are actually receiving benefits that essentially “raise” their incomes to be equivalent to $60k or more.</p>
<p>Ok… so even with federal help, they’re still making less than 2/5 of 150k. </p>
<p>FWIW, only 1/3 of families making between 100% and 250% of FPL receive any public assistance. Yes, once you fall below that 100%, it becomes the majority of families (2/3 of families below FPL receive federal benefits- the vast majority of which are SNAP and thus do not bring their income anywhere NEAR 60k).</p>
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<p>Very, very few. And definitely not those in the neediest category (100% of FPL or lower).</p>
<p>This is the exception. Not that poor families (or any families!) always spend their money wisely, but even if they don’t, they don’t have much money to spend. They would be living in the street if it weren’t for Section 8 or public housing or other rent subsidies. Free school lunch? SNAP/food stamps? Care from crappy doctors that take Medicaid? How magnanimous!</p>
<p>As another poster mentioned, when I run the Harvard NPC for 1 child in college, it comes up with an EFC approximately $20k. If you have 2 children in college at the same time, it shows an EFC of $17k. The big question is, what can you really pay? Are you willing to cut back in other areas of your budget to make it happen? If you have very high debt, are you able to co-sign on a loan? Would you be willing to co-sign for your DS to be able to go to one of these colleges if he can get in? Is it worth it to you to do so? These questions are not being asked to be judgemental. (Although there are some people who feel that every parent should make every personal sacrifice to give their child the “best” education that money can buy!) I don’t think there is a magic bullet for those of us who have higher income but feel that we can’t afford the EFC. We all end up having to making choices and it’s a very individual choice for each family. Our DD knew we weren’t going to co-sign loans for her to go to a college that was not in our budget. She knew she needed to look at colleges with very high merit/non-need based scholarships and/or look at ROTC scholarships, with the resulting service commitment, if she chose to look at school that didn’t offer the necessary merit scholarships. For us, this plan has worked out well, but again, every family is different. Your family needs to decide upfront what you can/can’t do, regardless of what schools your child is able to get into.</p>
<p>“If you are in Florida the Bright Futures scholarship can make a significant dent in tuition”</p>
<p>In what universe? The highest Bright Futures award is $100 per credit, about $3000 per year, only to be used in Florida (public or private). Yes, if you go to UF or FSU it is about 1/2 your tuition, but not at a private school. My daugher’s school has a COA of $55k, so although we won’t turn down Bright Futures, it’s only a drop in the bucket (she’ll only get the second level, $2,300/yr) because they raised the required scores this year and only a very few will get the highest award.</p>
<p>thus do not bring their income anywhere NEAR 60k).</p>
<p>Not in income…in equivalent income (that would include not being taxed as a $60k income family would be.) Receiving various sources of aid that others have to outright pay for. And, I didn’t say all. And I did specify low income families with minor children. </p>
<p>Crappy doctors that take Medicaid…uh…there are many, many good doctors and hospitals that take medicaid…it’s insulting to suggest that they’re subpar.</p>
<h1>*“If you are in Florida the Bright Futures scholarship can make a significant dent in tuition”</h1>
<p>In what universe? The highest Bright Futures award is $100 per credit, about $3000 per year, only to be used in Florida (public or private). Yes, if you go to UF or FSU it is about 1/2 your tuition, but not at a private school. My daugher’s school has a COA of $55k, so although we won’t turn down Bright Futures, it’s only a drop in the bucket (she’ll only get the second level, $2,300/yr) because they raised the required scores this year and only a very few will get the highest award.*</p>
<p>oh good heavens. Obviously the poster meant a FL public. A private is a LUXURY…and in no way SHOULD Bright Futures even begin to make a dent in one.</p>
<p>There are low income families that are actually receiving benefits that essentially “raise” their incomes to be equivalent to $60k or more.</p>
<p>So, I don’t know what you mean by saying that you used my definition. And, WHAT is nowhere near the equivalent of an income of $60k? Your parents’ income? Do your parents have minor children?</p>
<p>BTW…do you remember the thread about a year ago from the student whose dad was thinking about NOT accepting a much better paying job (about a $30k raise) because doing so would cause them to lose too many low income benefits? The family would go from about $25k in income to about $60k.</p>
<p>It seems that you seem to think that “good aid” means “full or near full ride”. Why don’t you think that getting half the costs in aid as “good aid”? </p>
<p>It may not be affordable for YOU, but it is good aid for that income.</p>
<p>I agree with the above. A fifty percent tuition reduction is darn good aid. </p>
<p>There are many, many kids who have the grades and scores to get them into top schools but don’t have the money to afford them; or even to afford mid-level schools for that matter. Your child is not alone.</p>
<p>Unfortunately, entering and paying for college is one of the first times that more affluent familes first have to deal with not being able to afford something that they want or feel entitled to. We lower income people have the advantage, because we are used to coming up against brick walls.</p>
<p>I earn about your EFC. I’d rather be in the position of coming up with $30K or having to settle for a less expensive school than trying to live on that amount…</p>
<p>It is hard to disappoint our kids, but educations can be had and careers prepared for at less expensive schools. Look at ones that guarantee merit scholarships - they do not discriminate against wealthy students.</p>
<p>The Choice Blog article linked to on the first page provides incorrect information about how multiple children in college at the same time works out. The parent contribution is divided up 50/50 for the first two kids, but three kids is more like 40/40/40 not 33/33/33, thus parents with three in at the same time are expected to have 120% of the amount they would be expected to pay for one. Add into that amount the expected contribution of each child. Some parents pay that, some have their kids pay that. Individual schools may have their own methods on this so it’s a very important question to ask early on.</p>
<p>I think all families regardless of income level, struggle with how to pay for college, except for maybe the extremely wealthy.</p>
<p>We are middle class now but I grew up very low income and our family struggled to even eat. Nothing makes me madder now than for people to assume that I have no idea what it is like to be poor, just because I can provide for my kids now. I worked very, very hard to break the cycle and it wasn’t easy. I put myself through school and worked my way up some pretty crummy corporate ladders to get into a decent wage. It took me many years to get there. My “reward” is being full pay and working two jobs to pay my daughter’s tuition. We were very honest about what we could afford, and she didn’t get to go to her #1 choice because it was out of reach financially. She is attending a good quality state school- but even those aren’t cheap any more, most of them averaging over $20k per year with room & board, tuition and fees. Very, very few people have an extra $80k laying around in savings or an extra $2,000 a month in income to just shell out. Sacrifices usually have to be made either by the student, the parent or both.</p>
<p>I’m thankful I can provide this opportunity for my girl and feel for parents who can’t give that to their students. Hopefully someday we will have a better system that allows more kids to have a quality college education without taking 1/3 or more of their parents salaries or saddling our young people with choking debt.</p>
<p>There are many, many kids who have the grades and scores to get them into top schools but don’t have the money to afford them; or even to afford mid-level schools for that matter. Your child is not alone.</p>
<p>Right. Disneydad’s child is actually VERY LUCKY because not only does he have parents with a high income…but he has the stats that he can attend a school that gives huge merit.</p>
<p>I feel for the kids who have “good but not top stats” whose parents’ incomes aren’t high enough to contribute much/anything. Those kids can’t get into the schools that “meet need” and their stats aren’t high enough for substantial merit. There’s a whole bunch of these kids. They’re often found commuting to their local public univ or CC.</p>
<p>150k is a quite high income even if in the metro DC area. Parents with that level of income should have planned long time ago. Our income is a little higher than that, but we have really really saved, like no smart phone for any member of the household, no TV, no vacation invovling flying, house temp is kept at 62 in winter, etc. We invested and have done well. But now I think we are being penalized for being so frugle because our EFC is 99,999.</p>
<p>But now I think we are being penalized for being so frugle because our EFC is 99,999.</p>
<p>If your EFC is truly that high and your income is around $160k, then you must have VERY HIGH assets. Your EFC without assets would be about $60k…so the other $40k+ would be from HIGH assets.</p>
<p>Roman, you are right, but the assets surely made the situation much worse. The thought of going part time was brought up several times but I didn’t think it shows the kids the right value.</p>