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How do middle class families afford Georgetown?

chb088chb088 931 replies31 discussionsRegistered User Posts: 962 Member
edited August 2018 in Georgetown University
Just curious, since there is no merit aid. How do families who make $150-250k per year afford it? It would absolutely be No way for us. Too bad because D20 loved it but now likely won’t apply.
edited August 2018
72 replies
Post edited by MaineLonghorn on
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Replies to: How do middle class families afford Georgetown?

  • wisteria100wisteria100 4160 replies47 discussionsRegistered User Posts: 4,207 Senior Member
    It's possible that you may qualify for financial aid with an income of $150k.
    I think merit is tough to come by at some of these top schools, because the student body is full of the top 1% of standardized test scores and near perfect gpas, so hard to make a distinction of who deserves merit
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  • PepperJoPepperJo 268 replies9 discussionsRegistered User Posts: 277 Junior Member
    Stings that GT offered over 2 million in athletic scholarships last year though.
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  • chb088chb088 931 replies31 discussionsRegistered User Posts: 962 Member
    @wisteria100 we make just over $200k.
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  • Twoin18Twoin18 1424 replies16 discussionsRegistered User Posts: 1,440 Senior Member
    "I think merit is tough to come by at some of these top schools, because the student body is full of the top 1% of standardized test scores and near perfect gpas, so hard to make a distinction of who deserves merit"

    Not at all, its a policy decision not to offer merit and their focus is on meeting need for less wealthy applicants. UVA is perfectly able to select Jefferson Scholars from an applicant pool with top 1% test scores and GPAs (and the same applies to many other full ride merit scholarships). On a wider scale (and in some cases without using an interview process), UCB and UCLA offer Regent scholarships to the top 1% of their applicant pool while UChicago and USC also offer some merit scholarships to top applicants.
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  • chb088chb088 931 replies31 discussionsRegistered User Posts: 962 Member
    And good point about who deserves merit. It’s just too bad so many schools are not a Financial option for the middle class. When we started 529s for the kids, we were younger and not making as much. We put in what we could at the time.
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  • SybyllaSybylla 3450 replies36 discussionsRegistered User Posts: 3,486 Senior Member
    Parents with a 200K income can afford to pay for any uni if that is their planned choice, this is about won't more than can't and that is a very valid choice.So the reality is your kids don't apply to schools you won't pay for. CC is full of such families who will or won't pay.
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  • PepperJoPepperJo 268 replies9 discussionsRegistered User Posts: 277 Junior Member
    edited August 2018
    It’s pretty disheartening (if I understand correctly) that it’s assumed/expected by many schools that we’ll use our home equity to fund college when no FA is given. We bought a small house in So Cal that we could afford 18 years ago, and have not gone the route of many who have seen a substantial equity increase. While our home is almost paid off, others have used their equity to purchase much larger homes with big mortgages, or refinanced and used home equity to buy expensive vehicles, fancy vacations, or designer landscaping and kitchens. So now they have big first and second mortgages, which reduces how much they are expected to contribute. Please tell me this isn’t true!!!??? If so, it’s pretty backward thinking.
    edited August 2018
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  • twoinanddonetwoinanddone 22103 replies14 discussionsRegistered User Posts: 22,117 Senior Member
    It isn't true.

    Most people who are living in those McMansions aren't getting financial aid either. They make $$$ to afford those houses, there is some equity in them, and they don't qualify for need based financial aid.

    Martin O'Malley was the governor of Maryland when his kids went to college, so his income, home equity and other assets were known to the public. His daughter went to Georgetown and he borrowed $350k for her and her sister (at U of Charleston, I think). He was using his income to play for his boys to go to Catholic schools in Baltimore, for his house in Baltimore while he lived in Annapolis. His wife was a DA at the time so her salary was known too.

    Mike Pence's kids also in college while their father was governor. He also borrowed money to pay for it.
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  • austinmshauriaustinmshauri 8556 replies315 discussionsRegistered User Posts: 8,871 Senior Member
    I think the biggest driver of EFC is income, not home equity. Colleges aren't going to finance huge homes, landscaping, and expensive trips.
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  • wisteria100wisteria100 4160 replies47 discussionsRegistered User Posts: 4,207 Senior Member
    I do know some families with generous grandparents, though obviously that doesn’t happen for everyone.
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  • SybyllaSybylla 3450 replies36 discussionsRegistered User Posts: 3,486 Senior Member
    >>>>>>And being in our 50s, just can’t afford to use home equity or retirement savings.<<<
    The why even ask? Do you go to work and wonder why you aren't driving the most expensive car? Aloud? To adults?
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  • chb088chb088 931 replies31 discussionsRegistered User Posts: 962 Member
    @TheGreyKing Yes, college IS affordable. Georgetown is not. My children will just have to apply to more affordable colleges. And unfortunately, I live in an area with an extremely high cost of living, so $200k is solidly middle class here. I wish it were otherwise.
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