How high can income be and still qualify for financial aid?

[Anonymous]

Really? You know many families and the fact they receive aid and how much? I have 3 kids in private school and I don’t know anyone that receives aid. Perhaps some do, but nobody shares this info! How do you know several people in both categories?

[Anonymous]

~$300k
2 kids
Own a home with about $300k in equity
Student loan debt
Get significant aid (>75%)

It will depend on how much the school wants your kid.

[Anonymous]

$425k
3 kids
no debt except for mortgage, home equity of about one million due to appreciation.
Get 75% aid at one school (one kid)
Get 10% aid at second school (two kids)
Between 3 kids we pay about $120k/year.

Some schools have deep pockets and will use aid to get kids they really want. This is much easier for high school. schools do not want to tie up aid for years and years. Also kids have value to schools at the high school level.

Of note: if we had to do this again we would have stayed in public for 2 of the 3 kids. the schools are great but they're not worth this much money. spending this much ($500k cash) is not insignificant for us. it is for most private school families--really just a rounding error for many.

[Anonymous]

Previous poster again-also of note--we were not going to apply for aid but were encouraged by a school administrator to do so.

[Anonymous]

Anonymous wrote:Keep in mind that "getting financial aid" at the higher income levels likely means something like 5 or 10 percent off sticker price. Not nothing, but hardly substantial.

From the numbers published by several DMV privates. 50% of FA recipients get less than 50% financial aid. That includes those that get 5% or 10% as stated.

75% pay full tuition at many schools.

This is very similar to the airline pricing strategy in which the airline wants to make sure it has a full plane and that it offers different pricing to achieve that.

[Anonymous]

OP here. Together we make about $280k. No debt except a mortgage.

Even though there are a lot of variables, it’s been very helpful to hear from those who have received aid, and some info about their situation. Thanks for sharing, folks!

[Anonymous]

Anonymous wrote:Really? You know many families and the fact they receive aid and how much? I have 3 kids in private school and I don’t know anyone that receives aid. Perhaps some do, but nobody shares this info! How do you know several people in both categories?

You didn't quote me, but assuming that I am the PP that you are referring to, maybe in your circles families are tight-lipped, but in mine they are not.
We decided to apply to one school specifically because our friends who made more money than us told us that the school was seeking to expand in our geographic area and provided them aid.
Similarly, one of my DC is in two competitive sports circles and at the HS level, privates are pretty aggressive in utilizing FA as a lure for top performers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:NP but I would love to know what people's actual income level and debt are that receive financial aid. It's an anonymous forum, nobody will know who you are or what school your child goes to.

This is a good request. Like, would a family with $400k HHI, some student loan debt, and 1 kid get any FA? Would a $500k HHI with two kids?

I think in both of those cases, it is unlikely. We got FA with $150,000 HHI and 3 kids.

[Anonymous]

Anonymous wrote:OP here. Together we make about $280k. No debt except a mortgage.

Even though there are a lot of variables, it’s been very helpful to hear from those who have received aid, and some info about their situation. Thanks for sharing, folks!

With one kid, no or minimal aid. Also, schools tend to give more aid in HS. Less in early elementary where they are going to have to keep it going for many years.