Finacial aid at 350K HHI with high mortgages and nanny

[Anonymous]

Looking at potomac school and langley.

Do they take into account your net after mortgages, childcare, credit cards etc...

What would they not consider against our gross/net (car payments, etc...)

My spouse thinks that since we have very little net because of a nanny, 2 cars and a high mortgage (zero down on 980k) that we may be able to qualify.

[Anonymous]

financial aid (sorry for the subject TYPO)

[Anonymous]

You're kidding, right?

[Anonymous]

Anonymous wrote:You're kidding, right?

No, we have very little net

[Anonymous]

Anonymous wrote:All financial aid is based on gross income.

Gross or agi?

[Anonymous]

Your bills don't count.

[Anonymous]

Gross or agi

[Anonymous]

Seriously?

[Anonymous]

Anonymous wrote:

Anonymous wrote:You're kidding, right?

No, we have very little net

Dude, financial aid does not exist to subsidize your high mortgage, nanny, excessive credit card use etc.

[Anonymous]

This has to be a troll. No money down on a 980k mortgage?

[Anonymous]

Anonymous wrote:

Anonymous wrote:No. FA is not based on net, but on gross. You are in the top 1% of the Washington DC area. You have the income to send your children to private school, but you made other choices with your money. There is no reason to give you FA. If you want your children to go to private school, you can afford it, but you'll have to give something else up like expensive car payments or the house that you really don't seem to be able to afford. And no money down on a 980K mortgage is a stupid thing to do. It's truly amazing how people who could make such foolish decisions and have so little common sense can earn so much money.

Thanks for the lecture but that wasn't the question. So financial aid is based on net or gross? You say gross?

By the way the top 1% in the washington area is above 600k

Okay, doing a little hunting, the mid-300's was enough to make the top 1% in 2009 and 2010. In 2012, it now takes $520K (in the Washington DC region; nationally is $387K) . You are correct that you are only in the top 2% of the region and not the top 1%. You really are amongst "the poors." Surely that's enough to get you financial aid.

Source: http://articles.washingtonpost.com/2012-02-01/local/35442606_1_household-income-median-household-sentier-research

[Anonymous]

Anonymous wrote:This has to be a troll. No money down on a 980k mortgage?

VA loan..

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You're kidding, right?

No, we have very little net

Dude, financial aid does not exist to subsidize your high mortgage, nanny, excessive credit card use etc.

Well the areas that are nearby are very expensive.

The worksheet asks about all debt including mortgage etc... I was wondering if it was worth filling out.

We were able to be on the sliding scale of no out of pocket for child therapy because of the low net, I wasn't sure if it would be the same for private school.

[Anonymous]

Go for it, and report back. We make about $175/yr but have no debt other than mortgage and student loan. Always assumed we couldn't get financial aid...

[Anonymous]

No. FA is not based on net, but on gross. You are in the top 1% of the Washington DC area. You have the income to send your children to private school, but you made other choices with your money. There is no reason to give you FA. If you want your children to go to private school, you can afford it, but you'll have to give something else up like expensive car payments or the house that you really don't seem to be able to afford. And no money down on a 980K mortgage is a stupid thing to do. It's truly amazing how people who could make such foolish decisions and have so little common sense can earn so much money.