Finacial aid at 350K HHI with high mortgages and nanny

[Anonymous]

Anonymous wrote:

Anonymous wrote:So much about financial aid is unfair. We have always had a relatively modest HHI by DCUM standards (no more than $150-160K), but still have managed to save for retirement and college by not living extravagantly. Thanks to many years of saving (and a few bull markets), we have enough in our accounts that I doubt we'll ever qualify for financial aid. Instead, when the kids get to college, we will be taking a $50-60k a year hit to our savings, while those who had much higher incomes over the years but lived high on the hog will be paying a lot less. I feel more comfortable knowing that we have planned for our future, but I still resent that my tuition has been pushed higher in part to allow for aid to those who have been totally irresponsible with their spending.

I totally agree with this and have experienced it many times in life ... for example, when the housing boom went bust, a lot of people who bought houses they never should have were getting sweetheart loan forgiveness deals and so forth. Our family bought a much smaller house, financed it responsibly, and ... gasp ... made payments until we owned it. Now that we own our home, we would never get FA for private or college. But we wouldn't apply for it either ... southern pride would never allow me to ask others to pay for something when I could do it myself. So despite the sneaking feeling of unfairness that occasionally creeps into my mind, I mostly feel comfortable with my own decisions. I also no longer donate to FA because I have seen too many instances of folks who make more than us making different choices.

I'm with you there. I bought a house below what I could afford. I watched others max out and then use all the equity when the market went up. When they went underwater - they got loan forgiveness. However, I also know quite a few folks who were underwater who are just waiting it out and things do seem to be improving for them (as the market went up this past spring). All that said - and I still wouldn't have wanted to spend more than I felt I could afford. its just not in my nature.

[Anonymous]

Anonymous wrote:

Anonymous wrote:maybe if they got rid of financial aid all together tuition would be more affordable for everyone

Yes!! My DC's school has three full time staff working in the advancement office plus a part time person who helps with the fall festival and auction. Just the salaries and benefits of these folks represents about half of what the school gets from annual giving and auction. Such a waste! Plus tuition is set so that all full paying families are basically contributing 10 percent towards scholarship. Including staff re missions, the school pays about $1 million a year towards FA. Strip all of that out and the tuition becomes much more affordable for all. Add back just annual giving (which requires one part time staff person plus volunteers) and offer very limited FA to truly needy ... Persons such as OP would not qualify. I'm such a dreamer ...

Agree. The system is broken both in private schools and private universities. Only the very rich kids or the very poor can afford them.

[Anonymous]

I am unclear who is getting aid that has been irresponsible with their spending?

Seems like a lot of people who make 150k or more do qualify for aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I can related to the OP here. I make about 400k per year and I'm not able to afford upgrading to a Rover at the moment. Too expensive, expensive when you factor in the low fuel efficiency. Some financial aid from my private would go along way towards allowing me to upgrade. People think 400k is a lot, but it's actually not. You have to make some really tough choices.

I posted about a school with families earning over 200k getting aid. When another school had a financial aid student drive up in a new SUV with the new 350 purse the checks stopped.

When you live in suburbia with 2-3 kids and your car dies, if you are on FA, what is an acceptable amount to spend on a new car? New SUVs can range from $25K to $75K. Or do you think that the family that is on FA should not get a new car when the old one has died?

"SUV" is not actually a synonym for "car".

It's not, but SUV is the new station wagon. There are few cars that can fit a family of 5. 4 absolutely, but 3 kids--- no way,

Give me a break -I have three carseats in the back of my Camry.

Excuses are like a$$holes. Everyone has one.

That doesn't sound very safe.

There is no way they are installed correctly in that tiny back seat.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Give me a break -I have three carseats in the back of my Camry.

Excuses are like a$$holes. Everyone has one.

That doesn't sound very safe.

There is no way they are installed correctly in that tiny back seat.

It's amazing how you are able to see this over the Internet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Give me a break -I have three carseats in the back of my Camry.

Excuses are like a$$holes. Everyone has one.

That doesn't sound very safe.

There is no way they are installed correctly in that tiny back seat.

It's amazing how you are able to see this over the Internet.

I know how big a Camry is vs how much space car seats need.

[Anonymous]

Ugh 12:53 $100,000 in student debt and you took a lower paying job? I'm sorry but why should my contribution to the annual fund subsidize you? You're not as bad as OP, but still, it just makes no sense that you'd get FA just because your son is an athlete and you took a lower paying job even though you've got major debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Give me a break -I have three carseats in the back of my Camry.

Excuses are like a$$holes. Everyone has one.

That doesn't sound very safe.

There is no way they are installed correctly in that tiny back seat.

It's amazing how you are able to see this over the Internet.

I know how big a Camry is vs how much space car seats need.

These people are probably doing it wrong too, I guess.

http://carrotsformichaelmas.com/2013/07/01/can-you-fit-three-car-seats-in-a-camry-growing-a-family-on-one-income-part-ii/

[Anonymous]

Just catching up on these posts. We are in two separate private schools in NOVA and at one, we've got a few families who have either SAHMs or one parent that works PT. I ask this, why should we continue to give, when these families aren't asked to change their lifestyles to make sacrifices for this privilege? Again, as many of these discussions conclude, private school is not a right. It takes a lot of money and in most cases, a lot of sacrifice to do this for our kids. I hate watching these families take advantage of us.

[Anonymous]

Anonymous wrote:Just catching up on these posts. We are in two separate private schools in NOVA and at one, we've got a few families who have either SAHMs or one parent that works PT. I ask this, why should we continue to give, when these families aren't asked to change their lifestyles to make sacrifices for this privilege? Again, as many of these discussions conclude, private school is not a right. It takes a lot of money and in most cases, a lot of sacrifice to do this for our kids. I hate watching these families take advantage of us.

I could not agree with you more.

Easy for me to say, but has any current full-paying family ever actually challenged this policy by asking directly what the stipulations are to receive FA?

[Anonymous]

Now that you know I am on financial aid perhaps you can opine on what expenses are reasonable and which are not. Should i buy new clothes or only second hand? Should i own a car or only take public transportation. I work 9-6pm. Am i working enough to justify the fa? my sons sneakers are too small do i get him new ones. i own a house. should i sell it and rent - do i have a right to own? I had lunch at pan era bread yesterday. Too much? I have two kids. One too many? A little advice for those that are covering my fa would be welcome. The fa forms should specify what expenses i can incur and which i can not.

[Anonymous]

Sorry but what is wrong or broken about the very rich only being able to afford these schools? I think its a reality. What is wrong with the really rich being able to afford a nicer house or car? money buys nicer things, including school at the k - 12 level. Your child can be admitted to any one of these schools regardless of your incomes, you can opt to take out loans to pay for it just like when baby with apply to college and if you can't do it out of pocket you can take out loans then. People don't think this because taking a (13x50k on average for inflation) 650k loan for k - 12 does not make any sense... even if that 650k would buy the baby a relatively nicer educational atmosphere (maybe). Its just reality.... can't get everything you think youre entitles to or would make the life of junior better. If you value that education as the # priority above all else you can drive the 12 yo car, live in Gaithersburg and eat PBJ all the time so baby can go to a big 3. Choices people. I am sad I am not rich too. Boo hoo.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Give me a break -I have three carseats in the back of my Camry.

Excuses are like a$$holes. Everyone has one.

That doesn't sound very safe.

There is no way they are installed correctly in that tiny back seat.

It's amazing how you are able to see this over the Internet.

I know how big a Camry is vs how much space car seats need.

There are differences between car seats. I own a model that is a bit narrower than most, and people noted in the reviews that they were fitting three across. I haven't tried it, but presumably it works.

[Anonymous]

Is needed established each year or can I sah and then get a job later.

[Anonymous]

Anonymous wrote:Just catching up on these posts. We are in two separate private schools in NOVA and at one, we've got a few families who have either SAHMs or one parent that works PT. I ask this, why should we continue to give, when these families aren't asked to change their lifestyles to make sacrifices for this privilege? Again, as many of these discussions conclude, private school is not a right. It takes a lot of money and in most cases, a lot of sacrifice to do this for our kids. I hate watching these families take advantage of us.

Yes, but FA applications assign a "salary" to the non-working spouse that is factored into the household expected contribution. I think it is around $35,000-$40,000, but I'm not sure. I would think that a part-time working spouse would also be assigned a "full-time" salary to the family's HHI.


How do you know that these families with SAHM or part-time working spouses receive FA?