This is going to screw me hard. I didn't make a meaningful income (>$95K) until I was 35, 10 years ago; I got a PhD, did a 4 year postdoc, and was an assistant non-tenure-track professor for 3 years. My monthly student loan payments were $1800/month. I changed jobs to HFT, and we have lived comfortably but not able to save much. I have 3 kids aged 17, 15, and 13, the oldest is applying to colleges very soon. 2 years ago I changed jobs again, and now make $700K on paper, but it is 60%+ bonuses, half of which is in a 3 year RSU. So, my take home pay is about $400K cash, taxed in a high bracket; I paid $145K or so in taxes this year. I have about $150K saved, $350K in 401K, and my mortgage is at $500K, with $300K to go. We are finally stable, e.g. we can take a vacation or 2, we can afford groceries without worrying, and can do travel baseball, but it also isn't an extravagant lifestyle or anything.

Now, this is a pretty phenomenal position to be in for most Americans, I can't complain too much. But, my oldest (white, straight, varsity basketball, 4.7 GPA, 35 ACT, 36 on Math) wants to go to a school like USC or Vanderbilt, and we will get 0 aid help. I refuse to let my kids suffer through student loans like my wife and I had to; at one point I made $2500/month as a postdoc, and $1800 went to loans while I had 2 kids under 2. My search history at that point was pretty grim, involving what circumstances life insurance would pay out, etc.

So, assuming all 3 kids go to a $100K/year type school, and we pay cash, that is $12 MILLION dollars over the next decade I will be paying (ignoring inflation, etc). This is the worst case, etc, but still bleak. And, apparently Stanford CS students can't get job offers, so they are entering a horrific job market. I don't think any college is worth that, not even Ivys, but not going to a good college is still worse. If I had a crystal ball 10-15 years ago, we would have left the country.