<p>My father retired 5 years ago, full professor, making $52k. His position was eliminated and replaced with part-timers. The highest paid faculty member was a recruited “Professor of Diversity Studies,” $170,000 and only had to teach one class, but oversaw the implementation of the diversity requirements in the curriculum. Part of his negotiated package was immediate tenure, similar to the deal that many other administrators get. It is not the day-to-day teachers who have ballooned the cost of higher education.</p>
<p>Anyway, back on topic, one of the problems with financial aid is that it considers only averages, so that $100,000 income in Kokomo is considered the same as in Walnut Creek. A $100,000 pile of cash is considered the same as a 1/12 share of of a $1.2M book value piece of desert real estate. The sibling who needs braces/PT/chemo (we’ve had all 3) or the multiple extended periods of unemployment don’t count at all.</p>
<p>Like most here, we had the budget, the savings plan, all the recommended things for having a warchest available when the kids turn 18. What we didn’t have was luck, maybe the most important ingredient.</p>