<p>Yes , home equity is not normally a factor with FAFSA, but since the schools that meet 100% of need are PRIVATE schools which use their own forms, not PUBLIC schools which only use FAFSA, equity is relevant.
In our case, the COA for an instate public was close to the cost of a private school that met FAFSA EFC.
We were very fortunate that the school didn’t decide that we had more assets/ income available for tuition, as private schools are wont to do.</p>
<p>This has been an interesting thread to read. I will say one thing though. I’m happy my kid doesn’t have the same attitude. When she was looking at schools, she looked at them both from a standpoint of how she would like the campus, education, etc and the cost. I do not believe that a parent’s love or affection is demonstrated by the amount of money they are willing to pay or the amount of debt they’re willing to go into for their child. </p>
<p>The question of if a school’s ‘true’ cost via scholarships, FA, etc is a valid one but there are plenty of private schools out there who are quite stingy with their merit based aid. My daughter has chosen to avoid those because at the end of the day, there are so many choices that going into serious debt for college is simply an unnecessary luxury.</p>
<p>I’m not sure I’m following the FAFSA posts. When my kids were in college most colleges “met” most of the need above the FAFSA EFC level with loans, not grants. Isn’t that what the OP was talking about?</p>
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My earlier post was explicitly clear that I was “expressing in terms of EFC for 1 of the kids.” The earlier NPC results for 2 kids in college were also listed in this same price for 1 child format, making the comparison between the two more clear. </p>
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Approximately $6k was a summary of your listed results for 2 kids in college (with the 80k/50k example), when expressing in terms of the FAFSA EFC for 1 of the kids. Nobody has said the EFC for 1 kid in college was $6k, or number of kids in college does not influence NPC/EFC calculations. 1 kid in college had different results by all calcs and estimations. Furthermore, I get a different result when entering the listed stats and state in the Fafsa4caster website.</p>
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<p>Yes, “meet full need” schools expect a student contribution, typically between $4,000 and $10,000 per year. The lower end of the range is expected to be covered with either direct loans or work earnings by the student, while the higher end of the range is expected to be covered with both.</p>
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<p>At a “meet full need” school:</p>
<p>need = list<em>price - EFC*
grants = need - ESC**
net</em>price = EFC* + ESC**</p>
<p><em>Usually institutional methodology, though some public schools may meet need using federal EFC for in-state students only.
*</em>Typically $4,000 to $10,000 per year, with student expected to take direct loans and/or contribute work earnings.</p>
<p>Of course, if a “meet full need” school calculates a high EFC using its own methodology, its financial aid offer may not be very good, resulting in a high net price (especially if it expects a high ESC).</p>
<p>What you are asking someone to do (at totally unrealistic interest rates) is to buy them selves a brand new luxury car every year that they will never drive for the rest of their lives.</p>
<p>My job as a parent: (1) To feed my children and change their diapers. (2) to teach them enough so that they can pay someone to feed me and change my diapers when that time comes. That’s it.</p>
<p>^^^^Boy, is that depressing. :(</p>
<p>I don’t view it as depressing. I view it as a simplistic way of thinking that just might be the ideal for many many parents out there!</p>
<p>I don’t think the majority of parents believe their job is just to raise them well enough so that they can be taken care of. I think the vast majority of parents want their children to do well in life for their kids’ sake and not their own.</p>
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and just one of the reasons why we Boomers will never be referred to as “the greatest generation” by anyone, ever.</p>
<p>And a lot of us are in for a rude surprise when we need somebody to change our diapers. Our kids might think we should take responsibility for ourselves.</p>
<p>Parents are so reluctant to take loans because they today’s education cost has reached the limit of sky and everyone can’t afford costly education.</p>
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<p>Here, let me rewrite that for you. </p>
<p>My job as a parent: (1) to feed my children and change their diapers. (2) to teach them enough so that they can support themselves and contribute to society in some way. </p>
<p>My job as an adult: to save enough so that I can pay someone to feed me and change my diapers when that time comes.</p>
<p>Hmmm…might be time to buy stock in Kimberly-Clark (makers of Depend, the adult diaper).</p>
<p>Just remember, when you’re old and senile it will be your children that will pick the facility where you’ll live…</p>
<p>Wow. This is interesting reading. There does appear to be an excessive belief that a “top” school is a) necessary to succeed and b) worth the investment coupled with a delusional belief that the student is owed that investment.</p>
<p>Some things are nice to have, but that doesn’t mean they are necessary. This is the wrong place to express this opinion, most likely, but I think that “top” schools are overrated, at least in the lives of most people. Yes, some people will benefit immensely from the education and the contacts that they make while in school. Most will go on and live mundane lives like the rest of us.</p>
<p>That choice is up to each family. For our family, I’d have a hard time investing the cost of some of the top schools even if I had the money. I haven’t seen evidence of the return on the investment. </p>
<p>I noted some comments about the “best college experience.” College is an experience as well as an investment. I think some kids learn a lot from the experience of working to contribute to their college educations and understanding that in life, you don’t always get what you want and you’re not always at the top of the heap.</p>
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<p>Good grief, I hope “I’ll scratch your back if you scratch mine” is not the general thinking of boomers. I adhere more to the philosophy of SlitheyTove and moneymom.</p>
<p>"Just remember, when you’re old and senile it will be your children that will pick the facility where you’ll live… "</p>
<p>That comment gives me the willies whenever I read it. It always seems to come up in the context of saying yes to what your kids want. It feels like relationships, at least my families relationships, are about more than that. We don’t expect each other to “subjugate” their needs for us; it’s nice when you need someone and they are ther, but we don’t plan around it. And we don’t hold grudges about some percived misdeed. It is really depressing to imagine making every decision with the idea “uh oh! one day I might need to depend on them, and they might be mad at me for this thing I’m doing today!”. How many families have that way of relating?</p>
<p>Someone who works in my office is managing her mother and her stepmother under some very difficult circumstance. She seems to have the patience of job, and she was not treated like a snowflake growing up. In fact, her mother is STILL crochety. But it is not reflected in how my co-worker cares for them. </p>
<p>I believe my parents did a GREAT job; nothing like what folks talk about here, in terms of life after 18, but I am still eternally greatful. I did what I could for them, too.</p>
<p>Personally, can’t ID at all with worrying about possible grudges from a choice that perhaps in hindsight wasn’t perfect. Fortunately the world I and most near and dear to me is NOT like that. </p>
<p>I hope to have the resources to never be a burden and even be able to help those I love financially. We seem to be on the path to do so.</p>
<p>I know my folks have made mistakes, we have and will continue to, as we are none if us perfect. Still we do our best and our loved ones know it and all seem happy and grateful.</p>