<p>But is that fair to the children of the middle, upper middle class and even the vastly RICH?</p>
<p>Where do you get that life was designed to be fair?</p>
<p>No, life IS unfair…but it is unfair across the board…not just to those with low EFC’s!</p>
<p>I’m just saying I dont understand your attitude about not letting all kids take out loans if they need it. The kids with wealthier parents get to pay interest on them that is accrued immediately. That’s not good enough?</p>
<p>Let’s look back for a moment at the title of this thread. OP is “sick” over the financial aid from this college. Yet, with a few adjustments of her family’s priorities–skipping some charitable giving for a few years, taking out a modest HELOC loan–OP can afford to send her daughter to this expensive private school. I wish OP would read some other threads on this forum that describe students trapped in circumstances that are truly sickening. It would give OP some much needed perspective. As for the comment about the school’s pricey furnishings–it’s a private school, it can gold plate the dorm toilets if it wants to. It’s no one’s business how it spends its money. Luckily, there are hundreds of other colleges on the country that would be fine for OP’s daughter and have decor more to OP’s liking.</p>
<p>The highly compensated tenured profs are not necessarily being weeded out. The ones who are 70+ may be lured into retirement, depending on the school and its needs. The over-use of lecturers depending on the field, can take down a school’s rep.
…</p>
<p>It is true that charitable giving is commendable.<br>
It is also true that some religious organizations “expect” tithing.
I am grateful for orgs that feed the hungry, provide women’s heath services, innoculate, dig water wells, etc, around the world. But, to define one’s commendable chartible heart only based on sending a check to a worldwide organization is a limited way of viewing your opp to do good for others.</p>
<p>There is such need right at home. You can roll up your sleeves and work in the community- sometimes it’s hard work, sometimes what matters is your ongoing committment and dependability. You will see the faces of those you support. It will occasionally feel uncomfortable. You will know you are respecting the lessons of all the great religions and ethical constructs. Quakers call this “putting faith into action.” At your pay, to equal 15k, it’s about 4 hours/week.</p>
<p>Our income is not 150k. We can match anyone’s “cutting back” stories (in fact, it’s rather comforting to know we are not alone in some of our ways.) We live where there is harsh winter and keep the thermostat ridiculously low, because of heating costs. We, too, drive very old cars, cook at home (this has been fun,) delay clothing purchases, go to plenty of “free” events, etc. If the car needs major repair, there is no side savings account to turn to.</p>
<p>College education is not an entitlement. Going to the “perfect school” or the “dream school” is not an entitlement. Nor is meeting some arbitrary need (within four hours of home.) We all make decisions, sacrifices- and compromises. None of our children (stated so often in so many ways, by so many posters,) is SO special that they “just have to have” the most expensive option…and government and colleges be damned for making it so expensive. Thank heavens, this thread is not blaming URMs.</p>
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<p>Yes, very true.</p>
<p>
You are right, you should be expected to pay the same percentage of your income for college costs as I had to – 50%. Since I had to pay $20-25K per year on a $40-$50K income, you should be charged $75K/year.</p>
<p>For someone who is so proud of their charitable giving, you seem to have a remarkable insensitivity to the plight of those who are less fortunate than you – which in economic terms, is roughly 95% of the population in the US. </p>
<p>Please explain to me again why you and your child can’t take loans like the rest of us peons?</p>
<p>EmeraldKity - People with 6 figure incomes won’t be interested in unsubsidized Stafford loans (at least, not the smart ones) - the interest rates are above market. Why should the government end it? It’s a profit machine, fed by stupid higher-income folks. I would think you would applaud that.</p>
<p>With all this talk about choices, let us not forget that in this society, we also largely choose our income (within reasonable bounds). Pretty much any college graduate has the opportunity to become a full pay family, barring unusual events like serious health issues or disasters. As folks say, it’s all about choices.</p>
<p>It’s very difficult, if not impossible for kids to get a loan in their own names,especially with the flexibility and terms of the Staffords. So it is a good deal for them. We make 6 figures and we have been very interested in those loans, as have many families we know. It can represent a nice piece of what the student contributes to his education. That with summer/part time earnings, and his savings, can be a nice chunk of the cost. Then the parents can do the same to come up with the total bill. </p>
<p>I consider a lot of the families who use that strategy and make 6 figures smart. Also, I know many folks who do not choose their incomes. Most of us would love, love,love to make more money. I know we would. But we are maxed out. We can go down easily enough, but not up. It’s been what we’ve been trying to do for many years and still trying.</p>
<p>Everyone would like to make more money. But not everyone wants to do the work that comes with it - decades in soul-sapping corporate America, or to make even more by being a plumber. Enjoyment vs. sacrifice. It really is about choices.</p>
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<p>Um … because they need it? Because they can barely cover food and shelter with their income, no less send someone to college? And because many schools recognize that bright students have a lot to offer society and should go to college even if their family income is low.</p>
<p>Explain to me why someone who earns more than the vast majority of families in this country, who can afford to pay off the mortgage to their $375,000 house and give 10% of their income to charity, should be the beneficiary of income redistribution?</p>
<p>It’s your money and you should spend it however you like. If that means not sending your daughter to her first choice school, so be it. Many families make a different decision.</p>
<p>
calmom - Not to pick on you, as lots of folks here use the same terminology, but I find the word “fortunate” to be a very strange choice in this context.</p>
<p>We’re talking about a working man in the truest sense of the word. In order for this person to earn $150k/year, it seems likely that he’s invested in himself, built up his skills, made some sacrifices, put his nose to the grindstone, and kept working hard and smart for quite awhile. There are lots of people like this; you see them everywhere. But how would he be “more fortunate” than the 95% of yearly earners below him? In many ways, the opposite could apply.</p>
<p>Not everybody is willing to give up so much of their life energy to work. Indeed, very few people find jobs that they truly love, and the vast majority of folks do not make their work a centerpiece of their lives - at least not for long. The dominant tendency in our society seems to be more towards enjoying life, and living beyond our means.</p>
<p>So, suppose one man invests his life energy in his work out of some sense of duty or responsibility, while sacrificing his own personal pleasures, saves dutifully, and contributes much more to society than others due to his own effort. And suppose another man decides that life is to be lived, that work should only be a tiny part of it, and he is content to accept the contributions made by other equally capable men. Then who was the more fortunate man? It’s not so clear to me. </p>
<p>Both kinds of men are easily found in real life, but unfortunately, there are far too few of the former. ChrisV2, I congratulate you on your hard-earned success, and I thank you for the contributions you’ve made to our society through your own virtue and selfless effort.</p>
<p>Yet, with a few adjustments of her family’s priorities–skipping some charitable giving for a few years, taking out a modest HELOC loan–OP can afford to send her daughter to this expensive private school. I wish OP would read some other threads on this forum that describe students trapped in circumstances that are truly sickening. It would give OP some much needed perspective. As for the comment about the school’s pricey furnishings–it’s a private school, it can gold plate the dorm toilets if it wants to. It’s no one’s business how it spends its money.</p>
<p>I don’t even think anyone is saying to give up all of the charitable giving…just maybe go from donating $15k per year to maybe donating $3-5k while the D is in school and maybe while paying back the HELOC. </p>
<p>As for the adornments of a college. I have no problem with schools using nice materials for their structures. Schools should be attractive and have that look of strength and permanence.</p>
<p>Mister K:</p>
<p>The OP is fortunate. He/She is fortunate to be in a position to earn that kind of wage, to be able to pay off a 375,000 mortgage in 10 years, to be able to tithe 10% of their income without having to deprive themselves of a nice lifestyle and to have a huge amount of choice as to where to send their child for college.</p>
<p>I’m sure the OP works hard and they are entitled to enjoy the fruits of their labor in whatever way they see fit. </p>
<p>However, many people work long hours for a lot less pay. Many people work jobs they don’t like. Many people sacrifice to provde the basic necessities of life for their families. Not everyone who makes less money does so by choice nor are they sitting by the pool merrily watching life go by.</p>
<p>I know nothing about the OP’s religion/faith (if any), but in some faiths, it’s a given that you will tithe X% of income and can be pretty non-negotiable spiritually and even socially. For example, to be a member in good standing of the Mormon church, a 10% tithe is expected/necessary. No idea if this is what is going on here, but just throwing that out there.</p>
<p>Wow…lot’s of very judgmental people on this thread all of a sudden.</p>
<p>No whining, and no sense of entitlement. And yes, I worked pretty hard to get to the point (fairly recently) where my income is at this level. I am in no way saying that less compensated people are lazy – but I literally work two jobs with a sum total of 75 hours per week, and have kept this rate up for the last three years. So what? Nobody gives any awards for hard work. Even though I am less fortunate than those who only work 40 hours per week, I don’t expect sympathy from anyone.</p>
<p>I totally agree with what was said – that going to a private institution is a privilege and a choice. I have the perfect plan that would solve this once and for all:</p>
<p>Either zero financial aid for anyone, or equitable financial aid for everyone.</p>
<p>You’re welcome ;-)</p>
<p>proudwismom -</p>
<p>To the contrary, in this case it seems that it’s the rest of us who are fortunate to have ChrisV2 sacrificing and contributing so much for all of our benefit. And he did it by his own choice - a choice open to you, to me, and to all of us. He did it without recognition or thanks from the many who are carried by his effort.</p>
<p>I understand when you say that many work hard in their jobs. But the reality is that the vast majority don’t do anything approaching what Chris is doing. Read his post and think about it. That’s not “being fortunate” - that’s plain old hard work.</p>
<p>Most of us work darn hard and we live by our choices.</p>
<p>I am fine with paying full fare. I knew how much it was going to be before my kid applied to schools. I also do not need to tell anyone how I spend my money. If Chris believes his charitable giving comes before his kid’s college education, it is his perogative, but it is not for those private schools to subsidize his generousity (given in his name).</p>
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<p>Yes, that’s the pattern here on CC for full-pay folks in your situation.</p>
<p>If you had inherited a large amount of money, people would help you shelter it. If you had married into it, people would advise a divorce of convenience. If you had an income blip, people would teach you how to move it off into the appropriate fiscal year. If you were a bit under the line, folks would advise that your wife and kids not work so as to not reduce your aid.</p>
<p>But instead, you earned what you’ve got through your own sustained efforts. That seems to be the one unforgivable sin that elicits this kind of response. I’ve seen it repeatedly, and honestly, I’m mystified.</p>
<p>^^^Actually it’s not the case. It’s when people want to spend the money they seem fit, and then whine about it when there isn’t money for college. </p>
<p>No one was judgemental until OP decided charitable giving came before his daughter’s college education. That’s fine, then live with it.</p>