<p>Oh, I don't know. Why do I, with a very simple tax return, no outside businesses, small house with small mortgage, get financial aid awards from 100%-of-need colleges varying by as much as $47k over four years?</p>
<p>But, to answer your question, which is the same as the answer to mine - it is their money, and they get to do what they want with it.</p>
<p>And you can feel or think what you like, but it won't change a thing. ;)</p>
<p>dstark, (Not real numbers or facts) If you put $300,000 in a qualified retirement plan , and I put zero in and instead spend it on improving the ranch, why do I get hammered by FA and you get a pass??</p>
<p>hello dstark, I was in your campus for a long time, until I saw all the FA packages for DD. </p>
<p>What you said about the two families would be true if both got into the most competitive schools such as the top 5 or 6 in the country. Otherwise, some schools may gap you or give you a large amount of loan as aid. </p>
<p>If both kids got into Harvard. Yes, the family spent it all would come out ahead. Howerevr, how many kids could get into a top 5 ~ 6 schools? </p>
<p>Again, among the 5 top 20 schools DD got in, the FA package varies from over $30K and no loan per year to just 6K in grant per year. These are all >53K a year schools that annouced "new" aid policies.</p>
<p>Curmudgeon, I don't know. Maybe you shouldn't.</p>
<p>My husband & I are frugal by nature. Most of our friends & neighbors live in nicer houses, take more expensive vacations, etc. It has always seemed unneccessary to me. (Well maybe not the expensive vacation part!) As a result, we have saved for college and retirement and live with far less stress than many an American.</p>
<p>But, an idea my husband has had for financing college is this: What if college was paid for by a percentage of one's income for life after graduation? What do you all think?</p>
<p>
[quote]
I didn't like what the financial calculators at the elite schools told me either. And we couldn't afford it either. But I didn't blame that on poor people, or people who have less than me, or people that have more than me.
[/quote]
</p>
<p>Who on this thread did that?</p>
<p>
[quote]
I directed the blame toward the school with the arbitrary rules that made zero sense and myself for my part in not being able to write the check. The school sitting on the monster endowment that just sits there doing nothing more than making more monster endowment has some 'splaining to do...IMO
[/quote]
</p>
<p>I believe that is the same point that OP and others were trying to convey. For some reason, many on this board took those sentiments personally. Perhaps one of them can explain why. Maybe I missed it.</p>
<p>Well, dstark rest assured I'm not blaming you for my crappy FA.</p>
<p>I didn't take it personally, bay.</p>
<p>I think the rub for those of us that call ourselves middle class is that it just <em>seems like</em> the rich and the poor can afford the fancy schools with less financial pain. But then I'm not accounting for the hardships that those with lower incomes face with other very important purchases. And this perceived squeeze or disparity is at a relatively few schools.</p>
<p>Rather than look at what others might get, I just need to look at what we can afford. I really have to fix my own thinking soon so that I can talk realistically to my daughter. I'd love for her to be admitted at an elite school. And I'd love for somebody else to pay for it. It doesn't look like that is going to happen based on need (at least not until D2 is in college). So I have adjust my thinking sooner rather than later.</p>
<p>Building the college list from the bottom up is a good idea. That is what I'm finally starting to look at, though I've been browsing high-cost options for over a year.</p>
<p>So Dad II, many of the schools gave you (or your child) loans instead of grants?</p>
<p>All schools except for 6?</p>
<p>I'm not a big fan of loans.</p>
<p>The cover story in the r section of today's Wall Street Journal talks a little about this.</p>
<p>Supposedly, dozens of schools are now replacing loans with grants.</p>
<p>where is OP?</p>
<p>So what do you all think of paying for college after graduation (or leaving school) with a percentage of income earned for life?</p>
<p>I wish someone would tell me, how do you save $160,000/child. We live a simple life -- no fancy vacations, economy cars, no swimming pools. We live in the Northeast and after income, property taxes (more than doubled in past 10 yrs), our portion for medical insurance premiums, retirement, and other expenses there is little left. We did aggressively save for college, but the total is nowhere near $160,000/child. Child #1 is attending a state school. Child #2 was excited to be accepted at a private university. The scholarship barely made a dent in the total cost. Most outside scholarships look at need. Our relatives are worrying about sending their own children to college.</p>
<p>"But, an idea my husband has had for financing college is this: What if college was paid for by a percentage of one's income for life after graduation? What do you all think?"</p>
<p>That's a great proposal if you believe in slavery.</p>
<p>No school is worth that much. (Unless you don't plan to make very much money, or you keep that percentage, very teeny tiny. :)).</p>
<p>Vistany (post #65)
<<justamomof4, my="" gc="" told="" me="" if="" i="" was="" a="" minority="" would="" be="" golden.="" ppl="" with="" stats="" who="" are="" minorities="" going="" to="" schools="" parents="" cant="" afford.="">></justamomof4,></p>
<p>Your guidance counselor is misinformed. If you were a minority with a low income, you might get a better offer. I am African American, and I can assure you FAFSA doesn't care if you are green with purple polka dots. My D is getting the same aid she would get if she were Caucasian. Middle class kids of all colors are having the same financial aid problems. Yes, there are numerous scholarships designated just for AA kids, but they are going to families with modest incomes, and I understand that. However, do I regret that I might not be able to send my child to her dream school that she worked so hard for? Yes. I think that feeling transcends race.</p>
<p>Dstark--The idea would be to keep the percentage very very tiny. College would be available to all, assuming you were accepted, and you would pay for it after leaving school.</p>
<h1>89. School A gave us 22,000 grant + $3500 subsidized loan</h1>
<p>School B gave us 16,000 grant and 5K subsidized loan
School C gave us 6K grant
School D gave us over 30K grant and no loan. Since one of the loan giving school ranks #8, I guesstimated that 5~6 range.</p>
<p>The best deal we got ($wise) is the honor at State U (top tier) - full tuition (NMF), plus 2500/year state scholarship, no loan nor work study.</p>
<p>wedgedrive-</p>
<p>I personally like your idea as an OPTION. I think it could make college affordable for kids whose parents don't qualify for FA and can't or refuse to pay. At least those kids would have a choice. Most people make some sort of monthly payments for their entire lives, and after about 20, those payments might seem almost insignificant. It could also be paid off at any time if circumstances allow.</p>
<p>Dad II, I really don't know how to respond to your post.</p>
<p>It really doesn't contradict what I said.</p>
<p>Wedgedrive, I really don't like the proposal. Maybe others do.</p>
<p>dstark. the idea is that depends on which "elite" school your kid got in, they may not get the full aid your are looking for. My data show how much different school could look at the same data and reach vastly different conclusions. if the kid got into the school that only gives 6K grant and you don't have any savings. You can't afford to go.</p>
<p>Bay-
What if it were an option but if one opted for it, one had to pay a tiny tiny percentage of one's income for life....as a way of financing college for the next generation. If one is laid off, one does not pay. Once once retires, one does not pay. If one decides to return to school, one does not pay for school or the percentage from one's earlier schooling. It might give the work force more options in changing careers.</p>