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@Qwerty, FA calculations for many schools will include savings, 401Ks, share incentive schemes, home equity, if you have a small business, if you are divorced, (they want non custodial parent info too) things are NOT straightforward as in the NPC you list, many private schools ask for other data (CSS profile). An NPC is an estimate, FAFSA EFC is a shot in the dark. Harvard is a profile school for example, and Yale will take your home equity into account. Some kids don't realise the implications of two families incomes being used for FA, no end of families want FA to be based off one salary. That is quite difficult to pull off. ESpecially when both parties remarry and step parent gets in on the FA math. NPC's are a start, that is all. Much of the time they just tell you enough to look elsewhere LOL. OPs kid and wife would have been privy to that. An $80K family will probably have home equity, savings, 401K, etc. Telling kids that the privates give great money is misleading. Every year for the next few months many kids are heartbroken that their FA package leaves a cost of attendance of $$unaffordable figure. The $20K kid with the academics etc needed for Harvard is aka the chupacabra of tippy top schools, much lauded, rarely seen.
It's not misleading and the examples I posted for the WI schools are not CSS schools. Yes, the Ivy's are and admission is irrelevant to the discussion. The point is, the sticker price for most schools is not the final price you pay in most instances and the NPC are fairly accurate in most situations. For FAFSA only schools, they do NOT include retirement accounts where you would have a penalty for withdrawal, like a 401K. Home equity is only considered on rental properties, it does not include non-custodial income, etc. The Ivy aid is based on income, yes they are a CSS school and generally include non-custodial income, but not always and that income is not 100% like the custodial parent's.
It's all about doing your homework. Yes, there are many kids that simply apply and have no concept of how this works and are disappointed, but, if you spend a little time on the internet, you can find many 100's of private schools that will net out less than the state schools, and that is the point. Don't simply discount a private school because it's $40,000 list price....especially since the OP is under the assumption that this child can go to a state school for free.
As for the 20K student getting into an IVY, you do realize how offensive your comment is, right? 20K in many parts of the country is a living wage, not a fancy living, but more than enough to get by and provide a reasonable lifestyle---not to mention a good education. The average household income in the US is in the 50K range....
I think Qwerty, your math only works when you are talking about OOS publics, the reality is the very vast majority of publics don't give aid to OOS students. If you are saying that Berkeley as a UC is more expensive than NEU for an OOS student, that is a disingenuous argument in the context of the OPs post, where in state tuition was all but free vs expensive private, not OOS public vs private. Very few good privates will work without a full financial profile. You could maybe list some? (reputable 4 yr, not ITT or 2 yr)? Then we can talk about gap vs need, merit replacing need aid and other confusing aspects of FA packages.
The average middle class family earns around 250k a year so I dont see how this helps most families
I don't know of any definition of middle class that includes 250k as middle class. The median household income in the US is around 50K. Most definitions of middle class stop somewhere between 125k and 150k in household income. some much lower.
Bull, admission matters the most, it's the first and only thing that matters. If you don't get in it doesn't matter how inexpensive or expensive a school is.
To say admission is irrelevant shuts down your attempt at discussion.
I think Qwerty, your math only works when you are talking about OOS publics, the reality is the very vast majority of publics don't give aid to OOS students. If you are saying that Berkeley as a UC is more expensive than NEU for an OOS student, that is a disingenuous argument in the context of the OPs post, where in state tuition was all but free vs expensive private, not OOS public vs private. Very few good privates will work without a full financial profile. You could maybe list some? (reputable 4 yr, not ITT or 2 yr)? Then we can talk about gap vs need, merit replacing need aid and other confusing aspects of FA packages.
I think you misread--I said that private schools are often less expensive than state schools, in-state schools even. I posted 2 examples already and posted a link to every Net Price Calculator so you can check the math yourself. The OP is ASSUMING instate is free, but where exactly is that state where people can go to a 4 year instate school for free? I never said private schools were free, just that they often work out to be less than state schools, in-state schools even, and almost always for out of state state schools. There are plenty of good, top 100 private colleges that give substantial merit aid that brings the net cost at or below state schools....
Quote:
Originally Posted by WeHa
Bull, admission matters the most, it's the first and only thing that matters. If you don't get in it doesn't matter how inexpensive or expensive a school is.
To say admission is irrelevant shuts down your attempt at discussion.
You are still missing the point, let's assume the fictional student WAS admitted to Harvard but yes, if you don't get in, it doesn't matter, but we are not discussing actual admission chances, we are discussing the net price of a school.
I think you misread--I said that private schools are often less expensive than state schools, in-state schools even. I posted 2 examples already and posted a link to every Net Price Calculator so you can check the math yourself. The OP is ASSUMING instate is free, but where exactly is that state where people can go to a 4 year instate school for free? I never said private schools were free, just that they often work out to be less than state schools, in-state schools even, and almost always for out of state state schools. There are plenty of good, top 100 private colleges that give substantial merit aid that brings the net cost at or below state schools....
You are still missing the point, let's assume the fictional student WAS admitted to Harvard but yes, if you don't get in, it doesn't matter, but we are not discussing actual admission chances, we are discussing the net price of a school.
Names, please.
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