^ Huh? That’s the reality of most schools in the country. Some kids will comfortably afford the most expensive schools’ full tuition, while most will struggle to afford their state school. Same with CC.
In terms of college, if you need a number, obviously the size of the family matters.
A 2 person household with a 120k/year income is going to have a much easier time paying full-tuition than a 5 person household with a 200k/year income.
What I think really distorts what people think of as middle class, is the media. Duh. You see these TV-shows, or movies with supposedly “average” people living in fancy homes, and you probably identify with them, so you think only those who spend tens of thousands of dollars in leisure or have multi-million dollar mansions are actually rich. And more importantly, those who are actually middle-class are the ones depicted as dirt-poor.
Or at least that’s what shaped my view of class. Once you see objective statistics, though, it all becomes clear.
@transferornot were you asking me a question with the ‘huh’ statement? If so please clarify.
I agree with your post. My point was that while in ‘real life’ we do not necessarily come into contact with people of all financial spectrum (and certainly not who are also in the midst of college issues), on CC you of course will…and constantly. It is really something, I think, to hear the first hand stories from SO many different financial viewpoints. Quite enlightening!
But you said CC “warps” your views. Now you’re saying it’s “enlightening.” Forgive me for being confused.
Two co-workers can make the same salary and spend it in different ways. I think if the salary is, say, $80k-$150k most would consider them both middle class. One can live in a tiny, fully paid for house and save, and the other can spend every dime as soon as it is earn and in fact look more ‘middle class’ to the outside world with cars and a bigger house.
I don’t think it has anything to do with ability to pay for college when the time comes.
@austinmshauri You can “declare” all you want and you can consider $150K a year to be middle class. That doesn’t mean you’ll get much financial aid.
@transferornot With the exception of a few cities, housing is incredibly affordable in the United States. I was recently in Cleveland and visited some of their incredible suburbs. A 2950 foot home in an excellent neighborhood was selling for $205,000!! I wanted to cry.
I agree that there’s a difference between “middle income” and “middle class.” And when it comes to those looking for need-based aid, keep in mind the colleges look at ALL your assets, regardless of your current income. If you have a lot of equity in your home, for instance, the expectation is that you will tap into it to fund your child’s college education.
Simply as a point of clarification, there are some meets full need schools that do not look at primary home equity in determining need-based financial aid awards.
I agree. That was the point of my post.
No doubt, but are any with acceptance rates > 20%? Because if you’re middle income and unhooked, you probably don’t have a real great shot at those schools.
Yes.
Can you cite some examples, @BelknapPoint? That would be good information to have.
Hamilton College is need blind, meets 100% of demonstrated need, does not consider primary home equity in determining financial aid, and has an acceptance rate around 24%. There are a limited number of colleges that do not consider primary home equity in making financial aid decisions, and I have not researched all of them against these criteria, but it would not surprise me if there are several others that fit the bill.
Edited to add: UVA is possibly another one.
IMO this is more about what a middle class can easily afford nowadays, more than what a middle class in come IS.
Exactly.
@widgetmidget I believe @gmtplus7 lives in Europe.
UVA is a CSS profile school for all students now, not just entering first years. If I recall, the CSS profile does ask about home equity. Of course, UVA’s formula is proprietary, so one cannot be certain that they are actually using that information.
Hamilton College is also a Profile school, and yes, Profile does ask about home equity. But that doesn’t mean that schools have to use that information in making financial aid determinations. The information I have about schools that don’t use primary home equity in FA determinations is here:
http://www.thecollegesolution.com/will-your-home-equity-hurt-financial-aid-chances/
Nah. Lots of middle class workers fly int’l business class when the company is paying. That’s why it’s called “business” class.
The dividing line between middle class and upper income is whether your dependent kids consistently maintain frequent flyer elite status.
@GMTplus7 I wasn’t counting business travel. I was thinking when you have to pay yourself!
In the UK, you know you are no longer middle class when Richard Branson invites you to his special party for “Virgin Atlantic lovers”.