Financial Aid - Trying to Get Realistic Sense

[Anonymous]

We are only just considering making a switch from public (MCPS) to private for our DD, who would start 9th next year. Considering McLean and SAES.

Can someone provide some realities about Financial Aid? Would we qualify with the following basics:

Two incomes - one $85 and one $150 - so $235 total.
Own home - have a mortgage, but more than half way down on it. Home worth about 800. Did not pay that much, as bought in early 2000s.
One other child, in public (and will stay in it)
Have retirement plans for each parent, 529 plans for each kid, etc. - but probably on the lower side of average for the Bethesda area in terms of what they have in them.
No other real estate or substantial assets.

Thanks. Just trying to get a sense of whether we'd get anything at all before going too far, because 50K seems impossible to cover.

[Anonymous]

Under 250 HHI and you're likely to get something. It really depends on the other applicants that the schools will also admit. Is there a single working mom 60K HHI, renting whose kid will also get in your child's class? That child will probably be awarded significant, close to full FA and may be only able to offer you 10, 15%.

[Anonymous]

Anonymous wrote:We are only just considering making a switch from public (MCPS) to private for our DD, who would start 9th next year. Considering McLean and SAES.

Can someone provide some realities about Financial Aid? Would we qualify with the following basics:

Two incomes - one $85 and one $150 - so $235 total.
Own home - have a mortgage, but more than half way down on it. Home worth about 800. Did not pay that much, as bought in early 2000s.
One other child, in public (and will stay in it)
Have retirement plans for each parent, 529 plans for each kid, etc. - but probably on the lower side of average for the Bethesda area in terms of what they have in them.
No other real estate or substantial assets.

Thanks. Just trying to get a sense of whether we'd get anything at all before going too far, because 50K seems impossible to cover.

Similar profile to you and we get some aid (at DC based private). I believe it is worth applying, see if DD gets in and what aid they offer you.

[Anonymous]

11:57 - Approximately what percentage of aid did you receive with that profile? We have similar financials. TIA!

We are trying to figure out if we should expect 10-20% or if half off tuition would be possible. We could manage to pay half of the tuition but not 75%.

[Anonymous]

Start by getting a better understanding of what Financial Aid and why schools offer it.

Then look at the profile of FA distributed by the school. They frequently publish what the total amount of FA is, what percentage of the students receive it and what the average amount of FA is per student.

FA is really a tuition discount. It’s offered so that schools can fill their classes under the half a loaf is better than none theory. How much FA anyone gets is determining by need to a degree but also how badly the school wants the applicant.

[Anonymous]

So will schools reject an applicant because of needing Financial Aid or accept who they'll accept, but offer that family less knowing they'll probably decline?

[Anonymous]

Anonymous wrote:So will schools reject an applicant because of needing Financial Aid or accept who they'll accept, but offer that family less knowing they'll probably decline?

it depends on the school. some of the very top schools are need-blind (STA is and I think Sidwell is). The admit without regard to need and then offer a financial aid package. I don't know what happens if they say, "hey you can afford $35K a year" and the family says "no, we can't".
I imagine the family goes elsewhere unless the kid is highly, highly desirable (i.e. a basketball center).
Other schools are not need bind (GDS and most of the lower tier schools). financial need factors into admissions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So will schools reject an applicant because of needing Financial Aid or accept who they'll accept, but offer that family less knowing they'll probably decline?

it depends on the school. some of the very top schools are need-blind (STA is and I think Sidwell is). The admit without regard to need and then offer a financial aid package. I don't know what happens if they say, "hey you can afford $35K a year" and the family says "no, we can't".
I imagine the family goes elsewhere unless the kid is highly, highly desirable (i.e. a basketball center).
Other schools are not need bind (GDS and most of the lower tier schools). financial need factors into admissions.

Because there’s a limited amount of money in the FA budget, “need blind” is something that occurs early on in the Admissions process. But the finite resources in the FA budget won’t allow it.

[Anonymous]

If you score well on the HSPT the Catholic schools offer merit aid for high school. 99% is about $9000 a year.

[Anonymous]

With a HHI of 235K and a small mortgage, it is most likely your family will get a small amount of aid. It will vary from year to year, but based on our experience I would expect around 10k. If you decide to send your other child to a tuition charging school, that number is likely to increase. HTH

[Anonymous]

Anonymous wrote:Under 250 HHI and you're likely to get something. It really depends on the other applicants that the schools will also admit. Is there a single working mom 60K HHI, renting whose kid will also get in your child's class? That child will probably be awarded significant, close to full FA and may be only able to offer you 10, 15%.

No, the single working mom's kid will almost certainly be turned away, or offered zero aid.

[Anonymous]

Anonymous wrote:11:57 - Approximately what percentage of aid did you receive with that profile? We have similar financials. TIA!

We are trying to figure out if we should expect 10-20% or if half off tuition would be possible. We could manage to pay half of the tuition but not 75%.

We received an offer of 50% aid at one of the schools OP mentioned. We make about $50K less, have multiple kids in tuition paying institutions and substantial medical expenses for one child. It’s worth applying. I would guess you may get some aid, but maybe not 50%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Under 250 HHI and you're likely to get something. It really depends on the other applicants that the schools will also admit. Is there a single working mom 60K HHI, renting whose kid will also get in your child's class? That child will probably be awarded significant, close to full FA and may be only able to offer you 10, 15%.

No, the single working mom's kid will almost certainly be turned away, or offered zero aid.

Troll.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Under 250 HHI and you're likely to get something. It really depends on the other applicants that the schools will also admit. Is there a single working mom 60K HHI, renting whose kid will also get in your child's class? That child will probably be awarded significant, close to full FA and may be only able to offer you 10, 15%.

No, the single working mom's kid will almost certainly be turned away, or offered zero aid.

Troll.

+1. Not true.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Under 250 HHI and you're likely to get something. It really depends on the other applicants that the schools will also admit. Is there a single working mom 60K HHI, renting whose kid will also get in your child's class? That child will probably be awarded significant, close to full FA and may be only able to offer you 10, 15%.

No, the single working mom's kid will almost certainly be turned away, or offered zero aid.

Troll.

+1. Not true.

What percent of students at any high school are on 100% aid? There is a finite pool and, need blind or not, schools can't actually afford to accept all qualified kids needing a full ride. Or are you saying they'd accept these kids and then give them token aid offers knowing they won't take it?