How much do you spend on private school and what is your HHI?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

I don’t know of any FA formulas that take mortgage or HELOC into account. Most only look at income and assets and consider living expenses to be part of discretionary spending. If this person is telling the truth, their situation is unusual.

Yes. I’m telling the truth. What you’re saying makes absolutely no sense. A mortgage is NOT discretionary. They take into account how much equity one has in their house in considering FA. Ours is a relatively new mortgage so not a lot of equity. People we know that are similarly situated get less because they can take money out of their house and pay for an education.

Bottom line, they have to look at how much income is left after you pay all of your bills and if you have a high mortgage with little equity, your ability to pay tuition is significantly limited.

stop being house poor then and save the FA for kids that actually need it.

Uhmn…you think I’m dumb enough to
Listen to some anonymous person that probably fights for every tax break/scheme they can find for the wealthy, spending dramatically proportionally less taxes than I do? I think not. Lol

See how that works?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

I don’t know of any FA formulas that take mortgage or HELOC into account. Most only look at income and assets and consider living expenses to be part of discretionary spending. If this person is telling the truth, their situation is unusual.

Yes. I’m telling the truth. What you’re saying makes absolutely no sense. A mortgage is NOT discretionary. They take into account how much equity one has in their house in considering FA. Ours is a relatively new mortgage so not a lot of equity. People we know that are similarly situated get less because they can take money out of their house and pay for an education.

Bottom line, they have to look at how much income is left after you pay all of your bills and if you have a high mortgage with little equity, your ability to pay tuition is significantly limited.

Nobody is forcing you to live in a particular home.

Lol. You people are nutty. I’m not the one with the problem AND I’m actually living in the home I want and getting a great education for my child. House poor ain’t grand but yes, those are the facts.

We don’t lie about the value of our home, mortgage etc. They want us in the school, so… here we are. They obviously feel our child/we add value to the school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

I don’t know of any FA formulas that take mortgage or HELOC into account. Most only look at income and assets and consider living expenses to be part of discretionary spending. If this person is telling the truth, their situation is unusual.

Yes. I’m telling the truth. What you’re saying makes absolutely no sense. A mortgage is NOT discretionary. They take into account how much equity one has in their house in considering FA. Ours is a relatively new mortgage so not a lot of equity. People we know that are similarly situated get less because they can take money out of their house and pay for an education.

Bottom line, they have to look at how much income is left after you pay all of your bills and if you have a high mortgage with little equity, your ability to pay tuition is significantly limited.

Look, this is just 100% false. Who told you that? They absolutely do not care what your “bills” are. Not what your mortgage is, or your car payment, or anything else like that. They generally take into account medical debt and student debt but not consumer debt. They don’t give you more FA because you bought a huge house or have an immense car note. They do take equity into account because it’s considered an asset. It’s income and a percentage of assets, minus the above mentioned debt and any extraordinary expenses (i.e. supporting family, medical expenses, etc). Then they subtract a living allowance - which is the SAME AMOUNT whether you personally choose to live in a shack or a mansion and is usually determined by metro area - and then a percentage of what is left (discretionary) is your EFC.

I’m harping on this because it’s stunning how many people misunderstand how FA is allocated.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

I don’t know of any FA formulas that take mortgage or HELOC into account. Most only look at income and assets and consider living expenses to be part of discretionary spending. If this person is telling the truth, their situation is unusual.

Yes. I’m telling the truth. What you’re saying makes absolutely no sense. A mortgage is NOT discretionary. They take into account how much equity one has in their house in considering FA. Ours is a relatively new mortgage so not a lot of equity. People we know that are similarly situated get less because they can take money out of their house and pay for an education.

Bottom line, they have to look at how much income is left after you pay all of your bills and if you have a high mortgage with little equity, your ability to pay tuition is significantly limited.

Look, this is just 100% false. Who told you that? They absolutely do not care what your “bills” are. Not what your mortgage is, or your car payment, or anything else like that. They generally take into account medical debt and student debt but not consumer debt. They don’t give you more FA because you bought a huge house or have an immense car note. They do take equity into account because it’s considered an asset. It’s income and a percentage of assets, minus the above mentioned debt and any extraordinary expenses (i.e. supporting family, medical expenses, etc). Then they subtract a living allowance - which is the SAME AMOUNT whether you personally choose to live in a shack or a mansion and is usually determined by metro area - and then a percentage of what is left (discretionary) is your EFC.

I’m harping on this because it’s stunning how many people misunderstand how FA is allocated.

Any sense of how much that living allowance is in the DC area?
.
Also, why does the FA app ask all those questions about monthly spending and consumer debt if it doesnt matter?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

I don’t know of any FA formulas that take mortgage or HELOC into account. Most only look at income and assets and consider living expenses to be part of discretionary spending. If this person is telling the truth, their situation is unusual.

Yes. I’m telling the truth. What you’re saying makes absolutely no sense. A mortgage is NOT discretionary. They take into account how much equity one has in their house in considering FA. Ours is a relatively new mortgage so not a lot of equity. People we know that are similarly situated get less because they can take money out of their house and pay for an education.

Bottom line, they have to look at how much income is left after you pay all of your bills and if you have a high mortgage with little equity, your ability to pay tuition is significantly limited.

Look, this is just 100% false. Who told you that? They absolutely do not care what your “bills” are. Not what your mortgage is, or your car payment, or anything else like that. They generally take into account medical debt and student debt but not consumer debt. They don’t give you more FA because you bought a huge house or have an immense car note. They do take equity into account because it’s considered an asset. It’s income and a percentage of assets, minus the above mentioned debt and any extraordinary expenses (i.e. supporting family, medical expenses, etc). Then they subtract a living allowance - which is the SAME AMOUNT whether you personally choose to live in a shack or a mansion and is usually determined by metro area - and then a percentage of what is left (discretionary) is your EFC.

I’m harping on this because it’s stunning how many people misunderstand how FA is allocated.

Are you in every FA office in the country? Just because something is true for the schools you are aware of, does not make it true for all.

All I can say is you are wrong. They asked myself and another family I know to submit additional proof of credit card debt and other debts after the submission of our FA awards. So your statement alone that they don’t take into account consumer debt is patently wrong.

All I can say to people reading these threads is this… don’t change how you move based upon what people with partial or no knowledge claim to know.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

I don’t know of any FA formulas that take mortgage or HELOC into account. Most only look at income and assets and consider living expenses to be part of discretionary spending. If this person is telling the truth, their situation is unusual.

Yes. I’m telling the truth. What you’re saying makes absolutely no sense. A mortgage is NOT discretionary. They take into account how much equity one has in their house in considering FA. Ours is a relatively new mortgage so not a lot of equity. People we know that are similarly situated get less because they can take money out of their house and pay for an education.

Bottom line, they have to look at how much income is left after you pay all of your bills and if you have a high mortgage with little equity, your ability to pay tuition is significantly limited.

Look, this is just 100% false. Who told you that? They absolutely do not care what your “bills” are. Not what your mortgage is, or your car payment, or anything else like that. They generally take into account medical debt and student debt but not consumer debt. They don’t give you more FA because you bought a huge house or have an immense car note. They do take equity into account because it’s considered an asset. It’s income and a percentage of assets, minus the above mentioned debt and any extraordinary expenses (i.e. supporting family, medical expenses, etc). Then they subtract a living allowance - which is the SAME AMOUNT whether you personally choose to live in a shack or a mansion and is usually determined by metro area - and then a percentage of what is left (discretionary) is your EFC.

I’m harping on this because it’s stunning how many people misunderstand how FA is allocated.

Any sense of how much that living allowance is in the DC area?
.
Also, why does the FA app ask all those questions about monthly spending and consumer debt if it doesnt matter?

The poster is WRONG. Period.

[Anonymous]

Above should have said after the submission of our financial aid packet, not award.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

I don’t know of any FA formulas that take mortgage or HELOC into account. Most only look at income and assets and consider living expenses to be part of discretionary spending. If this person is telling the truth, their situation is unusual.

Yes. I’m telling the truth. What you’re saying makes absolutely no sense. A mortgage is NOT discretionary. They take into account how much equity one has in their house in considering FA. Ours is a relatively new mortgage so not a lot of equity. People we know that are similarly situated get less because they can take money out of their house and pay for an education.

Bottom line, they have to look at how much income is left after you pay all of your bills and if you have a high mortgage with little equity, your ability to pay tuition is significantly limited.

Look, this is just 100% false. Who told you that? They absolutely do not care what your “bills” are. Not what your mortgage is, or your car payment, or anything else like that. They generally take into account medical debt and student debt but not consumer debt. They don’t give you more FA because you bought a huge house or have an immense car note. They do take equity into account because it’s considered an asset. It’s income and a percentage of assets, minus the above mentioned debt and any extraordinary expenses (i.e. supporting family, medical expenses, etc). Then they subtract a living allowance - which is the SAME AMOUNT whether you personally choose to live in a shack or a mansion and is usually determined by metro area - and then a percentage of what is left (discretionary) is your EFC.

I’m harping on this because it’s stunning how many people misunderstand how FA is allocated.

It may be stunning to you but there are plenty of families making $300k that are getting considerable FA. There are always exceptions to the norm.

[Anonymous]

It is eye-opening to me, with a HHI <100K, how many people with ~7 times as much income are claiming to feel a bit tight due to private school tuition.

You really need to check your privilege. It's a bit tight because you can't afford things you want, not things you need. You don't need that large kitchen reno or the second international vacay in a year. You don't even need the housecleaner or lawn service. These are wants.

[Anonymous]

200k. Previously 30k for K8, now 50k.
I am always amazed at these posts and the consistent "at 300k, 400k, etc. it is such a stretch and sacrifice" comments. I'm getting tired of spraining my eyes while rolling.

[Anonymous]

Anonymous wrote:Ugh. Not this post again.

I adore these kind of posts. They're what keep me coming back to DCUM.