Finacial aid at 350K HHI with high mortgages and nanny

[Anonymous]

Anonymous wrote:No. FA is not based on net, but on gross. You are in the top 1% of the Washington DC area. You have the income to send your children to private school, but you made other choices with your money. There is no reason to give you FA. If you want your children to go to private school, you can afford it, but you'll have to give something else up like expensive car payments or the house that you really don't seem to be able to afford. And no money down on a 980K mortgage is a stupid thing to do. It's truly amazing how people who could make such foolish decisions and have so little common sense can earn so much money.

Thanks for the lecture but that wasn't the question. So financial aid is based on net or gross? You say gross?

By the way the top 1% in the washington area is above 600k

[Anonymous]

Anonymous wrote:

Anonymous wrote:No. FA is not based on net, but on gross. You are in the top 1% of the Washington DC area. You have the income to send your children to private school, but you made other choices with your money. There is no reason to give you FA. If you want your children to go to private school, you can afford it, but you'll have to give something else up like expensive car payments or the house that you really don't seem to be able to afford. And no money down on a 980K mortgage is a stupid thing to do. It's truly amazing how people who could make such foolish decisions and have so little common sense can earn so much money.

Thanks for the lecture but that wasn't the question. So financial aid is based on net or gross? You say gross?

By the way the top 1% in the washington area is above 600k

To add we didn't benefit from the housing bubble and recently bought our first home so spare me the no down lecture. Things are tight but not that tight . If you would like to start up a lecture on spending please post it in the money section.

[Anonymous]

All financial aid is based on gross income.

[Anonymous]

(Questions like the OP's are why I keep reading the private school forum.)

[Anonymous]

OP sounds like an idiot with money, who is trying to keep up with the Joneses. this question has been asked a million times, so instead of being rude OP why not do a subject search. FA determination is primarily based on gross income. The worksheet may ask re debt, and then the school will see where you spend money and expect you to make changes to cover tuition. Expensive car, they will tell you to sell it for a less expensive car. A first time home owner with 0% down on an almost million dollar loan, that will make them laugh.

This OP has to be a troll. Because if not, they will be in bankruptcy soon.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You're kidding, right?

No, we have very little net

Dude, financial aid does not exist to subsidize your high mortgage, nanny, excessive credit card use etc.

+1,000,000

I'd be seriously pissed if I paid tuition at a private school and some of it went to subsidize you, OP.

[Anonymous]

They'd certainly expect you to get rid of the nanny and use aftercare. Or get an Au pair. That would save you $20,000, which you could put toward tuition.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You're kidding, right?

No, we have very little net

Dude, financial aid does not exist to subsidize your high mortgage, nanny, excessive credit card use etc.

+1,000,000

I'd be seriously pissed if I paid tuition at a private school and some of it went to subsidize you, OP.

+1,000,0001.

I think the FA Committee would laugh at your application. We have an HHI of $350K and comfortably manage to send two kids to a private school that costs about the same as Potomac/Langley and we even manage to donate a couple thousand dollars to annual giving each year to subsidize FA for others. The main difference is that our mortgage is $700K and we don't put crap on our credit card that we can't afford. I would never in a million years ask for, or expect, FA and would be ashamed for even thinking about doing so. It's for people who make less than half of what we do. If private school is a priority for you, you could surely figure out how to pay for it with your income.

[Anonymous]

You might get FA in that situation for a second or third kid if the school really loves your family (still, I think that's pretty rare; I've only heard of a few cases of that happening) but definitely not fir a first.

Let your full time nanny go and hire a college kid or au pair for after school. It'll save you almost enough to pay for tuition.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You're kidding, right?

No, we have very little net

Then you can't afford private school. Stop living beyond your means.

[Anonymous]

Besides the obvious reasons, and I fear feeding the troll, but also, I'll add that the last demographic Potomac or Langley wants is a 2%er McLean family steeped in debt and expenses.

[Anonymous]

Oh man. This cannot be real.

[Anonymous]

I would caution you that even applying would be a strike against you. They will think you have very bad judgment.

[Anonymous]

Anonymous wrote:I would caution you that even applying would be a strike against you. They will think you have very bad judgment.

And to be clear, I mean applying for financial aid.

[Anonymous]

OP, your post is so incredibly offensive. You obviously don't realize how privileged you are and should be ashamed of yourselves for even harboring thoughts of applying for FA.

What you chose to do with your wealth is your choice, and as a result the school expects you to choose to pay, since you can technically afford it.
The school gives FA to deserving students whose parents have so little money to begin with that they could not even choose to pay the school if they wished.