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mini · 05-10-2008, 10:27 AM

Sorry, but I don't think so at all. Millionaires in assets these days are not at all uncommon (especially in New England and California, where the house itself might be worth more than half of that.) At my alma mater, the numbers suggest that the median family income for those receiving no financial aid is likely somewhere around $325k (or a little more). It would not be at all unusual for such families to have a million or more in assets. Go up to the median percentile among those, and... (well, you can do the math - there are A LOT of multimillionaires).

But again - it doesn't matter. SUBSIDIZE those upper middle class families if they can't afford it with the funds from those who can pay.

"upper middle class families would be required to pay close to what they bring in after taxes every year if the tuition went to that figure."

This is absolutely irrelevant. There is no college in the nation that assumes one should be paying for a child's college out of current income. That wouldn't change one bit if the list price went up. They aren't required now to pay close to what they bring in after-tax income (because they aren't assumed to being paying it out of current after-tax income), and they wouldn't be expected to if the list price went up. It is even theoretically possible that the amount they would be expected to pay could actually go DOWN.

Don't read me wrong: I don't like the bill. But I also don't see either my interests or those of the state reflected in current tuition/endowment policies at most of the billion-dollar schools. I am glad that, at least as regards Pell Grant recipients, Smith is an exception.

05-10-2008, 10:27 AM	#7
mini Senior Member Join Date: Aug 2004 Location: Olympia, WA Threads: 150 Posts: 7,945	Sorry, but I don't think so at all. Millionaires in assets these days are not at all uncommon (especially in New England and California, where the house itself might be worth more than half of that.) At my alma mater, the numbers suggest that the median family income for those receiving no financial aid is likely somewhere around $325k (or a little more). It would not be at all unusual for such families to have a million or more in assets. Go up to the median percentile among those, and... (well, you can do the math - there are A LOT of multimillionaires). But again - it doesn't matter. SUBSIDIZE those upper middle class families if they can't afford it with the funds from those who can pay. "upper middle class families would be required to pay close to what they bring in after taxes every year if the tuition went to that figure." This is absolutely irrelevant. There is no college in the nation that assumes one should be paying for a child's college out of current income. That wouldn't change one bit if the list price went up. They aren't required now to pay close to what they bring in after-tax income (because they aren't assumed to being paying it out of current after-tax income), and they wouldn't be expected to if the list price went up. It is even theoretically possible that the amount they would be expected to pay could actually go DOWN. Don't read me wrong: I don't like the bill. But I also don't see either my interests or those of the state reflected in current tuition/endowment policies at most of the billion-dollar schools. I am glad that, at least as regards Pell Grant recipients, Smith is an exception. Last edited by mini : 05-10-2008 at 10:43 AM.