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just that the way things worked made them feel like they were being punished for trying to be financially responsible 100% feel you, as I my son just started U
by e40 7y ago
just that the way things worked made them feel like they were being punished for trying to be financially responsible
100% feel you, as I my son just started UCSD. He was looking at a bunch of private colleges and I did the financial aid (for early decision) and it was really shitty. I felt that because I had so much equity in my house and no debt, I was screwed. And, when the numbers came back, it was true. Very little help.
I have a work friend who has a very close friend. They're both Dr's pulling down > $500k/yr, but with huge debt. Their kid got into Princeton and they paid $15k/yr. I was more than double that for some equivalent schools, but I make far, far less than $500k/yr.
Very glad he decided on UCSD.
- ariwilson 7y agoSo is the life advice to go massively in debt (and jack up your income) before your kids apply to colleges? How far in advance do you have to go massively in debt? EDIT: Looking at Princeton's financial needs calculator, assuming a constant income, to maximize your financial aid you should: - Reduce your assets: Buy a really expensive house, have nothing in savings/investments/other equity - Reduce your income: Pay a ton for private school tuition, medical expenses, or child support. EDIT 2: Looking around some more, apparently FAFSA doesn't consider: Your primary residence Your car A boat you may own or furniture in your home Untaxed Social Security as income Here comes my big house / Bugatti / yacht!