People with $1.2M+ homes and getting significant financial aid

[Anonymous]

Anonymous wrote:1. Name the school(s)

2. We assumed we wouldn’t qualify for financial assistance given our HHI ($350+) and assets (sub-$1M home plus investments, etc) despite having a handful of kids (including 2 in college). We are currently applying to area privates for HS and weren’t planning to seek FA (figured the paperwork wasn’t worth it since we would not qualify, and wondered if full pay gives you an edge in the application process…like college).

Thoughts?

My thought is you are greedy.

[Anonymous]

Anonymous wrote:I happily live in one and it is not a tear down. We are full pay at a local $50k/year private.

Anonymous wrote:

Anonymous wrote:No one living in $1 million plus house should be receiving financial aid for any of the Bethesda privates. Is that what OP is talking about?

Sadly, a $1 million house in most areas in Bethesda is close to being a tear down. It’s a 1950 bungalow with a small addition. I’ve seen plenty of these sold for over $750K and torn down for the lot.

Just because they could be torn down doesn't mean they should or will. And, those folks should not get aid.

[Anonymous]

I don’t see why this should bother you. We bought our house for $850k and have a 2.5 percent mortgage. It’s now worth close to 2 million. My husband’s income has gone up a little but we are a single income family since I took a step back so he could advance his career and I have a small part-time work from home job. If we ever decide to make the move to private, we would be on the hook for $60,000 plus per kid if we chose the options that suit our families needs (Bullis, Saint Andrew’s). This would be a crippling level of debt when you take into consideration the rest of our expenses and our lives. Why should we be penalized because we made a great decision with our home all those years ago? I don’t see why that’s an issue.

[Anonymous]

Anonymous wrote:I don’t see why this should bother you. We bought our house for $850k and have a 2.5 percent mortgage. It’s now worth close to 2 million. My husband’s income has gone up a little but we are a single income family since I took a step back so he could advance his career and I have a small part-time work from home job. If we ever decide to make the move to private, we would be on the hook for $60,000 plus per kid if we chose the options that suit our families needs (Bullis, Saint Andrew’s). This would be a crippling level of debt when you take into consideration the rest of our expenses and our lives. Why should we be penalized because we made a great decision with our home all those years ago? I don’t see why that’s an issue.

Financial aid is not an entitlement. Your house is an asset just like a savings account or inheritance. You could use that asset to pay tuition.

[Anonymous]

These posts are dumb.

[Anonymous]

Anonymous wrote:I question it too, but I also know I have no idea if families getting FA are also dealing with things like medical debt, college loans, or supporting an older or disabled relative’s care.

They should go to public then.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don’t see why this should bother you. We bought our house for $850k and have a 2.5 percent mortgage. It’s now worth close to 2 million. My husband’s income has gone up a little but we are a single income family since I took a step back so he could advance his career and I have a small part-time work from home job. If we ever decide to make the move to private, we would be on the hook for $60,000 plus per kid if we chose the options that suit our families needs (Bullis, Saint Andrew’s). This would be a crippling level of debt when you take into consideration the rest of our expenses and our lives. Why should we be penalized because we made a great decision with our home all those years ago? I don’t see why that’s an issue.

Financial aid is not an entitlement. Your house is an asset just like a savings account or inheritance. You could use that asset to pay tuition.

what?? I’m supposed to sell our family home to pay tuition? F y o u and f y o u again. What an awful thing to say and so clueless

[Anonymous]

Financial aid is not supposed to be for average white kids living in 20816/20815 whose parents haven’t saved any money and don’t make enough to pay for the private school education they WANT for their kids and all the other stuff they want for their kids and themselves. Private school is not a right. So when I hear of family with kids on aid at multiple schools going to Nantucket for 2 weeks, I get frustrated. Because I would also like to go to Nantucket for 2 weeks but I cant afford it - because I’m paying for my own kids tuition and some of these people’s kids’ tuitions too.

[Anonymous]

Anonymous wrote:I don’t see why this should bother you. We bought our house for $850k and have a 2.5 percent mortgage. It’s now worth close to 2 million. My husband’s income has gone up a little but we are a single income family since I took a step back so he could advance his career and I have a small part-time work from home job. If we ever decide to make the move to private, we would be on the hook for $60,000 plus per kid if we chose the options that suit our families needs (Bullis, Saint Andrew’s). This would be a crippling level of debt when you take into consideration the rest of our expenses and our lives. Why should we be penalized because we made a great decision with our home all those years ago? I don’t see why that’s an issue.

It’s St. Andrews

[Anonymous]

Anonymous wrote:I don’t see why this should bother you. We bought our house for $850k and have a 2.5 percent mortgage. It’s now worth close to 2 million. My husband’s income has gone up a little but we are a single income family since I took a step back so he could advance his career and I have a small part-time work from home job. If we ever decide to make the move to private, we would be on the hook for $60,000 plus per kid if we chose the options that suit our families needs (Bullis, Saint Andrew’s). This would be a crippling level of debt when you take into consideration the rest of our expenses and our lives. Why should we be penalized because we made a great decision with our home all those years ago? I don’t see why that’s an issue.

You could take out equity from your home to pay tuition. You could sell your current home and buy a cheaper one, using the proceeds to pay tuition. You, specifically, could get a full time job if you wanted to - you’re just choosing not to. FA evaluates/considers everything you own and have access to.

The Annual Fund is not for people like you or me (am in a similar situation - home value has more than doubled since purchase and we make around $400k). We did not even think to apply for financial aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don’t see why this should bother you. We bought our house for $850k and have a 2.5 percent mortgage. It’s now worth close to 2 million. My husband’s income has gone up a little but we are a single income family since I took a step back so he could advance his career and I have a small part-time work from home job. If we ever decide to make the move to private, we would be on the hook for $60,000 plus per kid if we chose the options that suit our families needs (Bullis, Saint Andrew’s). This would be a crippling level of debt when you take into consideration the rest of our expenses and our lives. Why should we be penalized because we made a great decision with our home all those years ago? I don’t see why that’s an issue.

That crippling level of debt should be something that factored into your decision - because private school is a choice, not a right.

[Anonymous]

Anonymous wrote:Financial aid is not supposed to be for average white kids living in 20816/20815 whose parents haven’t saved any money and don’t make enough to pay for the private school education they WANT for their kids and all the other stuff they want for their kids and themselves. Private school is not a right. So when I hear of family with kids on aid at multiple schools going to Nantucket for 2 weeks, I get frustrated. Because I would also like to go to Nantucket for 2 weeks but I cant afford it - because I’m paying for my own kids tuition and some of these people’s kids’ tuitions too.

Well, the schools disagree with you. You keep asserting that financial aid is for very low income students, but schools routinely choose not to provide the full rides that those students would need in order to attend. Instead schools provide a few thousand per student, bringing the tuition down only to what regular UMC families can afford.

You need to stop thinking about FA as charity, and realize it's more like a Macy's coupon. Some people pay full price at Macy's because they didn't sign up or are buying something that doesn't qualify, but the majority of purchases are made for less than full price (and yes this affects where they set the full price). This is done to get people in the door and keep the sales volume up. Schools have similar incentives.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don’t see why this should bother you. We bought our house for $850k and have a 2.5 percent mortgage. It’s now worth close to 2 million. My husband’s income has gone up a little but we are a single income family since I took a step back so he could advance his career and I have a small part-time work from home job. If we ever decide to make the move to private, we would be on the hook for $60,000 plus per kid if we chose the options that suit our families needs (Bullis, Saint Andrew’s). This would be a crippling level of debt when you take into consideration the rest of our expenses and our lives. Why should we be penalized because we made a great decision with our home all those years ago? I don’t see why that’s an issue.

You could take out equity from your home to pay tuition. You could sell your current home and buy a cheaper one, using the proceeds to pay tuition. You, specifically, could get a full time job if you wanted to - you’re just choosing not to. FA evaluates/considers everything you own and have access to.

The Annual Fund is not for people like you or me (am in a similar situation - home value has more than doubled since purchase and we make around $400k). We did not even think to apply for financial aid.

The bolded is your issue and IMO is why the angry PPs are so angry. Too proud to apply, but angry other people did apply.

To the point about people who didn't save for private: a lot of people who have expensive houses, have them because they planned on public school. They put their money into living in a good school zone. Then, public school didn't work (variety of reasons) and they are changing course. It's odd that you find this to be some kind of moral failing.

[Anonymous]

Anonymous wrote:I don’t see why this should bother you. We bought our house for $850k and have a 2.5 percent mortgage. It’s now worth close to 2 million. My husband’s income has gone up a little but we are a single income family since I took a step back so he could advance his career and I have a small part-time work from home job. If we ever decide to make the move to private, we would be on the hook for $60,000 plus per kid if we chose the options that suit our families needs (Bullis, Saint Andrew’s). This would be a crippling level of debt when you take into consideration the rest of our expenses and our lives. Why should we be penalized because we made a great decision with our home all those years ago? I don’t see why that’s an issue.

Wow you are a greedy, entitled little troll.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Financial aid is not supposed to be for average white kids living in 20816/20815 whose parents haven’t saved any money and don’t make enough to pay for the private school education they WANT for their kids and all the other stuff they want for their kids and themselves. Private school is not a right. So when I hear of family with kids on aid at multiple schools going to Nantucket for 2 weeks, I get frustrated. Because I would also like to go to Nantucket for 2 weeks but I cant afford it - because I’m paying for my own kids tuition and some of these people’s kids’ tuitions too.

Well, the schools disagree with you. You keep asserting that financial aid is for very low income students, but schools routinely choose not to provide the full rides that those students would need in order to attend. Instead schools provide a few thousand per student, bringing the tuition down only to what regular UMC families can afford.

You need to stop thinking about FA as charity, and realize it's more like a Macy's coupon. Some people pay full price at Macy's because they didn't sign up or are buying something that doesn't qualify, but the majority of purchases are made for less than full price (and yes this affects where they set the full price). This is done to get people in the door and keep the sales volume up. Schools have similar incentives.

Well I’ll be there shopping at Macy’s with coupons because I need to pay tuitions while many of the people I know getting aid will be shopping full price at Vineyard Vines. That is what got them to qualify for aid in the first place, versus suckers like us thinking that sacrifice and planning is the way to go.