<p>I got accepted to USC and I've been reading about how horrible FA is for middle-class families and I was just wondering where my family fits in.</p>
<p>So with both parents' incomes combined, what is the range for middle class?
40k - 50k a year?</p>
<p>Probably closer to low-mid three figures… I’ve heard 120k-150k before used by some people, though I don’t remember who. Depending on cost of living in some areas, 180k may be considered ‘middle class,’ though an overwhelming majority of people consider themselves middle-class. (One of my peers once referred to her parents, making 250k/yr in Houston (a relatively low COL area in the south) as middle-class, because that’s honestly what she considered herself.) My family and I consider ourselves middle-class, at 70k/yr in a low COL area, but some would disagree with me there, perhaps.</p>
<p>Wow I was really clueless about this because I honestly thought my family was middle-class at around 40k/year lol</p>
<p>the middle class are those families fall between 25% to 75% household income. In other words, those with about $25,000 to $90,000 a year in US. </p>
<p>However, people at different regions and different age group will have a different concept of Middle class.</p>
<p>For those who are about to send their kids to college are just about at their earning peaks. Therefore, the 25% to 75% range of people on CC is thus much higher than the national one.</p>
<p>For example, our income is significantly higher than $90,000 a year. Based on how much need based FA our kids receive, we are probably in the 25% range among college age families.</p>
<p>Pew Research has some good studies on what middle class is. $25,000 feels too low and I don’t have time to look it up but in general Dad II is correct. 6 figures is not middle class…though you may “feel” like you are if you’ve chosen to live in an expensive place with alot of wealthy people because you will “feel” relatively middle class…although technically the answer is no, 6 figures is not middle class. Perception/Reality.</p>
<p>[Middle</a> class a matter of income, attitude](<a href=“http://www.usatoday.com/story/money/business/2013/04/14/middle-class-hard-define/2080565/]Middle”>Middle class a matter of income, attitude)</p>
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<p>Labels don’t matter. All schools have net price calculators that will estimate your financial aid based on answers to questions. “Are you middle class?” is not one of the questions.</p>
<p>OKj ust for the heck of it …</p>
<p>If 102,000 is middle class, what is a family designated as with an income of 103,000?</p>
<p>It’s interesting, then, in discussions of college pay, that those in the ‘doughnut hole’ consider themselves to be middle-class-- that’s where I drew those numbers from (which are high for my personal understanding).</p>
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<p>Anyone else bothered by the fact that 20% of incomes are below 20k?</p>
<p>We had a few years where our income was from $25,000 to $50,000.
When our income was below $35,000, we also qualified for supports like help with utilities, help with grocery and medical bills, our Ds qualified for after school tutoring and camps.</p>
<p>When it was $50,000 we didn’t qualify for those supports but we still needed them. We had to pay out of pocket for tutoring and medical bills and put it on charge card when necessary.</p>
<p>*Quote:
and between $20,600 and $102,000 (the U.S. Census Bureau’s middle 60% of incomes)</p>
<hr>
<p>Anyone else bothered by the fact that 20% of incomes are below 20k?
*</p>
<p>Yes and no. Not sure who that all includes. People on welfare? Elderly widows? Single 19 year olds living with a SO, but each income counts separately?</p>
<p>That could be including retired people. There are probably a number of elderly widows earning less than $20k per year. Some are just getting social security. That said, my MIL doesn’t “earn” much each year, but she’s got a lot in savings. </p>
<p>Would that include single moms who are receiving child support? I’m not sure that child support would be included in the “income” figures. So, a single mom could be earning $18k per year, but maybe getting another $12k+ in child support?</p>
<p>As to your points, mom, I would add that if a person receives subsidized housing and food stamps, it is a lot less disturbing if they have less than 20K of income.</p>
<p>U.S. Census Bureau definition of household income:
Household income includes the income of the householder and all other people 15 years and older in the household, whether or not they are related to the householder.</p>
<p>It depends on how you define middle class. If you look up what the average household income is in the United States as a whole, you are middle class, yes… But if you look up what the average income is for families with traditional college aged kids, which is the target group for undergraduate colleges and financial aid, that’s a whole other story.</p>
<p>It doesn’t really matter what is considered “middle class” for financial aid anyways. All that matters is what you and your family can actually pay, what your EFC is, so that you gauge what you can get from the federal goverment and any other programs using EFC, and then what the colleges you have selected are going to expect you to pay. That is the bottom line, what kind of options you get for yourself and what they will offer you. The FAFSA EFC tells you the MINIMUM you have to pay before getting any money from them such as Subsidized loans, work study, PELL. (though with PELL there are technical exceptions). Unless you get merit money that brings the cost lower, that is most students’ rock bottom amount they can expect to pay. </p>
<p>You then look for options that are affordable. Look at the local state schools, and ones that have traditionally given money to students from your school with your academic profile, particularly test scores. Pick some schools that give merti money, where you are up there in the numbers. Run some NPCs on schools and see where your need is likely to be met, and apply to a couple of them, and throw in some lottery tickets if you want as well. But bear in mind, that at the end of all of this, you have what your family can afford, and you have what the schools each expect you to pay, and you have to reconcile all of this. Whether you are middle class, lower income, upper income, that is the bottom line, what your cost options are and which ones you can afford.</p>
<p>Also do bear in mind that the vast, vast majority of schools do not meet full need. What they often do is let your parents and you know what your loan options might be if you and your parents qualify. You are entitled to borrow $5500 as a freshman from student direct loans (staffords), but as you can see that amount isn’t going to go too far unless you are talking commuter options.</p>
<p>Heartybowl, USC guarantees to meet need for its students, and a student from a family at your income level without mitigating financial issues like a home business, lot of asset, would generally get a pretty good aid package. But this is late in the process which indicates to me that you are either from the WL or are a transfer student, and those categories are sometimes not extended the full need met guarantee. You need to check with USC about that, and really wait for your aid package.</p>