Just curious, since there is no merit aid. How do families who make $150-250k per year afford it? It would absolutely be No way for us. Too bad because D20 loved it but now likely won’t apply.
A lot of them don’t. It was no way for us too. GWU offer merit aid which helps them to get the kids who want to be in DC for politics/IR and can’t afford Georgetown.
It’s possible that you may qualify for financial aid with an income of $150k.
I think merit is tough to come by at some of these top schools, because the student body is full of the top 1% of standardized test scores and near perfect gpas, so hard to make a distinction of who deserves merit
Stings that GT offered over 2 million in athletic scholarships last year though.
@wisteria100 we make just over $200k.
“I think merit is tough to come by at some of these top schools, because the student body is full of the top 1% of standardized test scores and near perfect gpas, so hard to make a distinction of who deserves merit”
Not at all, its a policy decision not to offer merit and their focus is on meeting need for less wealthy applicants. UVA is perfectly able to select Jefferson Scholars from an applicant pool with top 1% test scores and GPAs (and the same applies to many other full ride merit scholarships). On a wider scale (and in some cases without using an interview process), UCB and UCLA offer Regent scholarships to the top 1% of their applicant pool while UChicago and USC also offer some merit scholarships to top applicants.
And good point about who deserves merit. It’s just too bad so many schools are not a Financial option for the middle class. When we started 529s for the kids, we were younger and not making as much. We put in what we could at the time.
Parents with a 200K income can afford to pay for any uni if that is their planned choice, this is about won’t more than can’t and that is a very valid choice.So the reality is your kids don’t apply to schools you won’t pay for. CC is full of such families who will or won’t pay.
“Parents with a 200K income can afford to pay for any uni if that is their planned choice”
Though in many cases that planning might have to involve not having more kids and living in a less expensive part of the country. Often times those decisions are made well before anyone thinks about paying for college.
I shake my head when I hear the comments on CC about how families afforded full pay private colleges for their son or daughter and then you realize that they only had one kid to put through college not three. And the biggest difference between the FAFSA and the CSS Profile is that most private colleges want you to spend your (primary) home equity on college tuition so you may have to move house when you retire and need to get rid of your mortgage. Sorry kids, that’s not happening.
Just out of curiosity, what is your definition of “middle class”?
Actually, we can’t. $70k per year out of $200 for Gtown is not a possibility. We have other children. We can’t move to a cheaper location because then we wouldn’t have jobs with our current salaries. For most years while saving for college, we were making half of what we make now. And being in our 50s, just can’t afford to use home equity or retirement savings.
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It’s pretty disheartening (if I understand correctly) that it’s assumed/expected by many schools that we’ll use our home equity to fund college when no FA is given. We bought a small house in So Cal that we could afford 18 years ago, and have not gone the route of many who have seen a substantial equity increase. While our home is almost paid off, others have used their equity to purchase much larger homes with big mortgages, or refinanced and used home equity to buy expensive vehicles, fancy vacations, or designer landscaping and kitchens. So now they have big first and second mortgages, which reduces how much they are expected to contribute. Please tell me this isn’t true!!!??? If so, it’s pretty backward thinking.
It isn’t true.
Most people who are living in those McMansions aren’t getting financial aid either. They make $$$ to afford those houses, there is some equity in them, and they don’t qualify for need based financial aid.
Martin O’Malley was the governor of Maryland when his kids went to college, so his income, home equity and other assets were known to the public. His daughter went to Georgetown and he borrowed $350k for her and her sister (at U of Charleston, I think). He was using his income to play for his boys to go to Catholic schools in Baltimore, for his house in Baltimore while he lived in Annapolis. His wife was a DA at the time so her salary was known too.
Mike Pence’s kids also in college while their father was governor. He also borrowed money to pay for it.
I think the biggest driver of EFC is income, not home equity. Colleges aren’t going to finance huge homes, landscaping, and expensive trips.
For the folks who say 200K makes schools like Georgetown affordable…pease stop. It depends where you live and where you work. Please understand in some areas/states the property taxes are astronomical as well as income taxes and all of the combined state and federal taxes. Most people in the private sector no longer have a pension so that means you have to save and plan for 100% of your retirement. For many of us since the ACA health insurance costs are through the roof. We also have to pay and plan for long-term care. So while the numbers coming in sound amazing, the basic costs going out are pretty amazing too.
To the OP most don’t afford it. They are left wishing they had some way for their child to attend and wondering why they’ve worked so hard all of their lives.
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I do know some families with generous grandparents, though obviously that doesn’t happen for everyone.
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And being in our 50s, just can’t afford to use home equity or retirement savings.<<< The why even ask? Do you go to work and wonder why you aren't driving the most expensive car? Aloud? To adults?
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OP, I make about what you make. I live in a high property tax area (I pay $15,000 a year in property tax for a 4 bedroom house on about a third of an acre). Guess what? Statistically, that is not middle class. It is wealthy. You and I just FEEL middle class because we are typical of our neighbors, we have to work hard and make sacrifices to save money, and there is such a huge gap between us and the super-wealthy 1%.
But affording college is certainly manageable. 529 accounts and other savings. Home equity loans. Some of the best private colleges even give a little aid to those in our bracket. Paying for college isn’t easy for us, like it is for the super-wealthy, but I would rather be where we are than be scrounging to meet food and medical bills and mortgage or rent payments and transportation costs. There are people who need financial aid to be able to send their children to college. We would like it, but the truth is, we can make ends meet without it. We have options others wish they had.
P.S. Someone upthread said the ACA increased their expenses. Our experience is very different. With a child with a major medical disorder that entails a lot of expenses, if we lost protection for those with pre-existing conditions, we would NOT be okay financially. I am thankful every day for good insurance.
I just don’t get why so many on CC feel the need to be snarky to others for no apparent reason. OP asked a legit question. Maybe someone will have some helpful advice. If one person is willing to ask a question, you know there are many who have the same question but are afraid to ask.
@TheGreyKing Yes, college IS affordable. Georgetown is not. My children will just have to apply to more affordable colleges. And unfortunately, I live in an area with an extremely high cost of living, so $200k is solidly middle class here. I wish it were otherwise.