<p>LOANS QUESTION - Can somebody point me to a calculator or CC discussion or other resource to understand the situation if we are offered unsubsidized loans? </p>
<p>We don’t have any FA details from colleges yet, but I am trying to sort through the thought proess I am concerned that the accruing interest and required payments during the college years would make them far more of a student burden than the loans that my husband and I remember from the 1980s.</p>
<p>Yes we’re shocked at our EFC. Yes we believed all the visiting speakers who said “even middle income people get aid at our school.” Yes we will pay what it takes to send our kid to the best match school. Because we believe it is important. </p>
<p>We both went to college, but by no means to a “good match”–because it was way back when and neither of us had much guidance when it came to thinking about college. It made a difference in both our lives.</p>
<p>Aside from a couple big scholarships like the Coca Cola one, there are not a lot based on academic merit alone. The very top schools no longer offer them because of anti-trust action back in the 90’s. </p>
<p>So this is a complaint thread right? What I want to complain about is the full ride athletic scholarship an astromically wealthy kid got to a private school. I want to complain about not rewarding the smart kids in our culture. People rarely complain about that athletes don’t deserve the adulation and rewards they get. But an academic achiever who thinks he or she deserves something “makes our blood boil.”</p>
<p>Mentler, I totally agree! Our EFC is 2/3 of our take home pay. S is a National Merit Finalist, 4.0 student , 3 season athlete, excellent leadership, top 1% of his class. He has applied to 10 schools and most of them are offering 1/2 tution, but what is left is still very steep.
His friend who is getting an athletic scholarship is also at the top of the class, but won’t end up paying much for college. Where are colleges priorities?</p>
<p>Mine was 7913. A little higher than expected but no complaints here.</p>
<p>College has ALWAYS been a very expensive venture. Not long ago - not very many people could afford it. It became more mainstream as our economy changed. Now, we’re spiraling downward again as tuition climbs upward. We used to save for it. These days, even THAT is hard to do.</p>
<p>With median incomes for a lot of jobs in the $100,000 level…we thought we had it made. We’re right! But that person “takes home” only about $65,000. From that $65,000…they might have to feed, clothe, house 3 or more people. Yet…private colleges cost nearly that amount. So, even with 2 incomes at that level…it’s near impossible. And even public instate colleges cost 1/3 of that amount easily. So a two median income family can barely put 2 kids through an in state public. </p>
<p>I’m not sure where the tipping point came, where we all felt we were entitled to a college education, private OR public (OP says “all the schools I want to go to are private”)…without the salary that it takes to pay for it. It’s unbelievably tough on … oh … 95% of the population, I’d guess. </p>
<p>These ARE some of the worst times in recent years. But…an education is still costly and requires planning or we must do without. My own EFC is $10,000 less than my take home salary. That’s because I have a business, which is FINALLY making a profit. So what looks like income is profit that I don’t access. It is unfortunate, but…???</p>
<p>Neither the government nor the schools owe our children an education. It’s NICE that some do give some aid, but… it’s still OUR responsibility.</p>
<p>Nice post R124687. I agree with most of it.</p>
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<p>I do think all kids are entitled to a college education, just like when they are growing up they are entitled to a back yard with a bike in it. If they choose not to pursue it that is fine but everyone has a right to it. They might have to put themselves through school, but I am of the opinion that there is always a way to get an education.</p>
<p>The EFC is a guideline. If you have extenuating circumstances, contact the financial aid offices of all the colleges of interest and submit an appeal to explain your situation. After submitting a revised family budget, we were able to secure an additional college grant for $6000. You never know until you ask. It also helps if you have some standing good offers from other schools which could serve as leverage. </p>
<p>Good luck!</p>
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How long ago was “not long ago”? </p>
<p>My alma mater costs 7x what it cost me 25 years ago - it should be 3x if they kept even with inflation.</p>
<p>The in-state flagship school is 10x what it was 25 years ago.</p>
<p>If you told my parents when I was born that they needed to start saving for college from the day I was born, or that they would need to take out mortgage-sized loans to pay for school, they would have laughed you out of the room.</p>
<p>College is much less affordable now, IMO.</p>
<p>My Dad just told me that when he went to UCSB it was $46 a quarter and that included medical insurance. Sixty years later it is $3,000+ a quarter. I’m not sure how that comes out with increased incomes etc. Not sure how much Dad made in 1949 but I know he worked at a gas station and I’m pretty sure he didn’t take out college loans for that $46 a quarter. Mom went to UCSB too but I think her parents ponied up the $46.</p>
<p>Hi folks!
I have just read every post on this thread. I have to say I am much more depressed than when I started. Need to infuse some humor here! On that note, I’m headed to the gym to let out my frustrations on the machines…
ps: I’m not sure, but I think we totally messed up our taxes and fasfa, by taking the educational credit, instead of deducting tuition paid on son #1 which would have reduced AGI, as now the EFC is 6K more than last year, and we have two that will be in college. It is divided in two, but given that college A increased tuition and decreased aid last year, I’m not optimistic that son #2’s “B student” college is going to be even close to as generous as son#1s who has 100% met need. Spending the afternoon on the phone with prospective college financial aid offices was very deflating. The last one just told me that average need met is based upon a grid that they use, combining high school gpa and EFC. My son’s magic number was calculated to be 54% need met. Now how could we have figured that out in advance and realized it was silly to even apply there? [it said 74% met and up in literature] Guess we should have realized that merit had alot to do with it, we thought it was just calculated on financial aid needs, like our older son’s school. :(</p>
<p>If we want to remain a competitive around the world then we should make education our priority. So yes, if a student has the potential to become a productive member of society, they should be entitled to an education and a good one. Those A students with good leadership skills and potential should be getting more merit aid. This is a first world country. We should produce the best doctors, engineers, etc. based on ability, not ability to pay. Yet, we leave the destiny of a child’s future to the parent’s financial luck.</p>
<p>I don’t know why everyone feels it is ok to put the burden on the parents to sacrifice their whole life to send their children to college. So we are saying work hard so that you can live frugally or go into loads of debt. What about working to live. Many of our parents didn’t save or pay for college and college was affordable years ago. And why do parents have to and are willing to pay $50K for a college that is not of the same quality as HYPS.</p>
<p>I have no problem saving and paying my share for college, within reason. The problem is that it has gotten beyond our means. We no longer have guaranteed pay increases or for that matter job security yet the burden falls on the parents to pay for increasing tuition year after year based on this EFC that many people find unrealistic. That was my vent.</p>
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<p>I don’t know about that statement. In my opinion here are many fine schools that are of the same educational quality as HYPS.</p>
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<p>Yes, it’s all about luck, what country you are born in, who your parents are, that’s nothing new.</p>
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<p>Yes, many people find their EFC unrealistic.</p>
<p>All schools look to parents first for paying for college. It then becomes a parent’s choice how much they are willing to pay.</p>
<p>Has any national politician ever tried to suggest a dollar-for-dollar tax credit for college tuition? I can’t believe it would have that much of an overall impact on federal revenue, and it would be such a great benefit and incentive to get kids to continue their education.</p>
<p>I’ve never heard a single candidate endorse such an idea. Maybe we can light a fuse here.</p>
<p>Yes, the EFC made my jaw drop… it will be tough. Single parent, only live in a 1,100sf place that needs repair. Some of the sources I thought I would have to pay for college dried up (like equity in home).</p>
<p>A dollar for dollar tuition tax credit would get blasted as a tax giveaway for the rich. It’ll never happen.</p>
<p>I have two children in college…one with an EFC of 30,000 and the other one at 34,000. My husband and I are very fortunate to have good and secure jobs. We will not get any financial aid. We don’t deserve it nor are we asking for it. Our children have above average stats but not at super hero status such as a NMF. They got into the schools they wanted because one was in the top 10% of their class and the other is going to a smaller, cheaper college to be a fire fighter. They have received some small merit awards which have been very nice. My only complaint is that I can’t deduct anything on my taxes for any type of college expenses because we make too much money. For example, about 15 years ago, my husband’s company persuaded us to buy some savings bonds that if used for education, the interest earned would be tax exempt. Again, we lost out on that because our AGI is too high. I am not complaining about our high income. I am thankful everyday for what we have and take pride in our ability to pay for our children to go to college. As an educator, I wish all children had the opportunity to go to college. My only complaint is that if I pay for every single dollar for my children’s college education, I should receive the same tax deductions/credits as other people who are paying for college.</p>
<p>Maybe a more realistic goal would be to champion an effort to re-evaluate the FAFSA formulas. For example, the income allowance for us assumes that a family of four with one student in college requires around $25,000 to live for the year. THAT’S RIDICULOUS…REGARDLESS OF WHERE YOU LIVE IN THIS COUNTRY!! That’s less than most people are paying for OOS publics or any private, even with some merit aid…just for the college student, much less the house, insurance, food and the rest of the family’s needs. It seems that the COA anywhere can double, triple, etc., without a parallel shift either in financial aid awards or the FAFSA formula. </p>
<p>This issue goes well beyond just griping, it’s a catastrophic macroeconomic challenge for this generation. Are we all going to have kids that can never stand on their own two feet because of the monstrous debt burden under which they live? Or are we destined never to retire and to have the rest of our lives compromised in the interest of higher education for our kids? Will anyone of their generation ever own a home or be able to buy a car and be self-supporting? It’s just too dear a price, almost insurmountable, regardless of whether it’s the parents or the students who pay.</p>
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<p>College was out of reach for most people until the GI Bill after WWII made it possible for any veteran who wanted it. Fifty years of prosperity followed. The government wisely saw giving away college educations as an investment in the country’s future; and they were proved right. An educated population results in lower crime, higher rates of home ownership, higher incomes which produce higher tax revenues to pay for things that benefit everyone, scientific advances, etc. I don’t advocate the taxpayers sending any kid to Harvard to wants to go, but publics should be available to anyone at a reasonable cost.</p>
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<p>I second this. Between the phase-outs for IRA contributions and other deductions, phase-outs of most tax credits, and the AMT, the income tax rate is more progressive than the tax tables imply.</p>
<p>Wish CC had ‘Like’ buttons 
Great rants, suggestions, and debates. Thanks to those of you with the thoughtful posts.</p>