Why can some middle class families not afford colleges that claim to meet 100% need?

Paying for College
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<p>This is a great thread. I’d just like to add the comment that I work with a lot of millionaires and people that aren’t millionaires though they have similar incomes. The millionaires generally send their kids to state schools while the non-millionaires usually send their kids to full-pay privates. Always thought that that was a little odd.</p>

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<p>BCEagle91 - perhaps the millionaires do that because they already have the contacts for their kids to get jobs, or they are giving their kids jobs once the graduate. </p>

<p>We went with a private b/c of class size. Thankfully we also chose one who would give him very nice merit, coupled with need based, makes it the same cost as a state.</p>

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<p>These folks are engineers or engineering managers - we basically hire on merit and I haven’t seen any parent - child pairings in the office. They are middle-income folks that became millionaires through living frugally or doing well with stock options or real estate. They typically don’t live a large-footprint lifestyle.</p>

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<p>^Are we talking about people with a net worth of 7 figures? Or people living in McMansions and driving Ferrari’s?</p>

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<p>Net worth.</p>

<p>One of my friends with 7-figures net worth was doing welding work on the gas tank of his 88 Buick, about five years ago. I strongly suggested that he get a new car. He bought a one-year used car and an old car for long trips. At least I don’t have to worry that his car is going to die when he gives me a ride.</p>

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<p>The old school wealthy don’t stay that way spending money where they don’t have to.
While I wouldn’t describe the new secretary of the interior as wealthy, she is savvy with spending and her son attended the same instate directional as my D. :)</p>

<p>One things to remember schools that meet need, do so with grants, work study AND student loans.</p>

<p>Speaking of old cars- this one has a blog.
<a href=“http://thepassengerchronicles.■■■■■■■■■■/[/url]”>http://thepassengerchronicles.■■■■■■■■■■/&lt;/a&gt;&lt;/p&gt;

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<p>^You can’t link to blogs, *ek<a href=“gasp”>/I</a>…;)</p>

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<p>I think it is IMPORTANT to acknowledge that the old wealthy are well connected. Graduating from a top elite college is not as important.</p>

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<p>Oops:o
Dont tell!</p>

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<p>If referring to my post, it’s all new tech money. If you work 30 years making $100K, that’s $3 million. Saving 1/3rd of that puts you at 7 figures. Add stock options (our stock is up 20 to 30 times since the 1990s) and you have more.</p>