FA shouldn't go to people with 1 million dollar houses

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I still disagree that the equity should be ignored for the financial aid purposes. Assuming the house is really worth $1 mln with the cost of $300K, I would say downsize and move to MD or VA (yes, many do commute a long way exactly for the purpose of keeping mortgage low). Financial aid is not faceless - it comes from contributions from real people, who overall are possibly in worse financial situation than the family with 700K equity in the house.

I think everybody on FA should move to Hagarstown.

It does not have to be that far to leave $ for schools.

Well how far? I already live in Clarksburg - where should I move. I think you are clueless on who goes to private school.

[Anonymous]

Anonymous wrote:I still disagree that the equity should be ignored for the financial aid purposes. Assuming the house is really worth $1 mln with the cost of $300K, I would say downsize and move to MD or VA (yes, many do commute a long way exactly for the purpose of keeping mortgage low). Financial aid is not faceless - it comes from contributions from real people, who overall are possibly in worse financial situation than the family with 700K equity in the house.

MD or VA? where do you think these kids live - very few live in DC. Yea - hey let's take the kids away from their friends, family, support system and move them because their family has a financial aid situation. I bet a family that is given a little help during a hard time are more likely to give back in the future. Pack up and move. Who are you people?

[Anonymous]

Anonymous wrote:I still disagree that the equity should be ignored for the financial aid purposes. Assuming the house is really worth $1 mln with the cost of $300K, I would say downsize and move to MD or VA (yes, many do commute a long way exactly for the purpose of keeping mortgage low). Financial aid is not faceless - it comes from contributions from real people, who overall are possibly in worse financial situation than the family with 700K equity in the house.

PP here. I think you are missing the point. The person did not pay $1 million for the house - that is the "value" that the market has inflated it to. They paid $300K - which is presumably what they can afford - and likely have a mortgage close to that. You say downsize and move. How do you know they can sell the house for $ 1 million or anything close to that? That is no lock. Assuming that they still have the same or a similar mortgage based on a $300K purchase price, you are asking them to either borrow against equity that is not amortized equity (more debt and a higher mortgage) or buy a new house with a new mortgage (thereby losing the amortized equity). My point is that appreciation equity is a fiction and I would not expect people to borrow heavily against it. That is why the mortgage market is a mess now. People borrowing against appreciation. There may also be tax consequences to the family.

I get your general point - I do think that lifestyle sacrifices need to be made for private school. I sent two kids to private school without a dime of FA. We did not take fancy vacations (Seven Springs in the winter and Ocean City or Myrtle Beach in the summer) and we always drove reasonably priced practical vehicles. But I we only borrowed against the equity in my house to do things that would improve the value of the house and I would not require people to borrow againt the equity for tuition.

[Anonymous]

Assume purchase price of 600,000 over 10 years ago and zillow now has the property at 1.2 million. I see nothing wrong about considering equity for financial aid calculations. Better than asking me for money.

[Anonymous]

10:13 again.
Direct knowledge of specific students receiving financial aid as well as lack of full disclosure to third parties or disciplinary actions have dramatically changed our perspective on annual giving.

[Anonymous]

MD or VA? where do you think these kids live - very few live in DC. Yea - hey let's take the kids away from their friends, family, support system and move them because their family has a financial aid situation. I bet a family that is given a little help during a hard time are more likely to give back in the future. Pack up and move. Who are you people?

Who am I? I'm the person who works really hard and makes prudent financial decisions so that I can have most of what I want without help from others. So we only have one kid because we know we can afford that, we live in a reasonable house in a reasonable neighborhood because we can afford that and still save for college and retirement and make charitable contributions and help family if necessary. So yes, I do have a little bit of animosity for people who made different choices -- bought bigger, more expensive house in a place where they don't want to send their kids to public school, or have a lot more kids, or opt out of work or into lower paying jobs -- but want to send their kids to private school on FA. Don't get me wrong, I am ALL about FA for kids who would benefit from private school, can do the work, but whose parents aren't privileged or who don't have the choices I referenced above.

While I agree that someone who has a $1M house but happened to buy a long time ago for a much lower price shouldn't be expected to sell the house or pull out equity to send their kids to private school, let's not pretend those are the only options -- they can also send the kids to public school. For free.

[Anonymous]

Anonymous wrote:MD or VA? where do you think these kids live - very few live in DC. Yea - hey let's take the kids away from their friends, family, support system and move them because their family has a financial aid situation. I bet a family that is given a little help during a hard time are more likely to give back in the future. Pack up and move. Who are you people?

Who am I? I'm the person who works really hard and makes prudent financial decisions so that I can have most of what I want without help from others. So we only have one kid because we know we can afford that, we live in a reasonable house in a reasonable neighborhood because we can afford that and still save for college and retirement and make charitable contributions and help family if necessary. So yes, I do have a little bit of animosity for people who made different choices -- bought bigger, more expensive house in a place where they don't want to send their kids to public school, or have a lot more kids, or opt out of work or into lower paying jobs -- but want to send their kids to private school on FA. Don't get me wrong, I am ALL about FA for kids who would benefit from private school, can do the work, but whose parents aren't privileged or who don't have the choices I referenced above.

While I agree that someone who has a $1M house but happened to buy a long time ago for a much lower price shouldn't be expected to sell the house or pull out equity to send their kids to private school, let's not pretend those are the only options -- they can also send the kids to public school. For free.

Why shouldn't they pull out equity? These are not people living in NE or SE DC. Example- family has house in georgetown. Gets financial aid and then sells the place for over 2 buying another home for 1.2. Tuition?

[Anonymous]

Anonymous wrote:MD or VA? where do you think these kids live - very few live in DC. Yea - hey let's take the kids away from their friends, family, support system and move them because their family has a financial aid situation. I bet a family that is given a little help during a hard time are more likely to give back in the future. Pack up and move. Who are you people?

Who am I? I'm the person who works really hard and makes prudent financial decisions so that I can have most of what I want without help from others. So we only have one kid because we know we can afford that, we live in a reasonable house in a reasonable neighborhood because we can afford that and still save for college and retirement and make charitable contributions and help family if necessary. So yes, I do have a little bit of animosity for people who made different choices -- bought bigger, more expensive house in a place where they don't want to send their kids to public school, or have a lot more kids, or opt out of work or into lower paying jobs -- but want to send their kids to private school on FA. Don't get me wrong, I am ALL about FA for kids who would benefit from private school, can do the work, but whose parents aren't privileged or who don't have the choices I referenced above.

While I agree that someone who has a $1M house but happened to buy a long time ago for a much lower price shouldn't be expected to sell the house or pull out equity to send their kids to private school, let's not pretend those are the only options -- they can also send the kids to public school. For free.

Well I am the person that pulls your family out of burning buildings and walked up the towers while your husband walked down. I might need a few thousand to send my kids to our school. Yes and my house was appraised close to $1M a few years ago but I could never actually afford that. I say if you don't like it send your kids to public. Most people we know at private aren't as selfish as you.

[Anonymous]

Well I am the person that pulls your family out of burning buildings and walked up the towers while your husband walked down. I might need a few thousand to send my kids to our school. Yes and my house was appraised close to $1M a few years ago but I could never actually afford that. I say if you don't like it send your kids to public. Most people we know at private aren't as selfish as you.

Nope, I'm happy to support the kids of firefighters and other civil servants who do vital, lower-than-it-ought-to-be-paid work. I'm not talking about you and you probably know it. I'm talking (though I agree it might not have been clear from my earlier post) about the people who live large but find ways to hide income or assets to get FA they don't really need or shouldn't need if they made better financial choices.

p.s. Thank you for your service. My brother is a firefighter and I'm grateful to him and all the other firest responders who do what they do (and I get REALLY pissed at all the SAHMs who say it is the HARDEST job in the world, but that's another rant).

[Anonymous]

Anonymous wrote:Well I am the person that pulls your family out of burning buildings and walked up the towers while your husband walked down. I might need a few thousand to send my kids to our school. Yes and my house was appraised close to $1M a few years ago but I could never actually afford that. I say if you don't like it send your kids to public. Most people we know at private aren't as selfish as you.

Nope, I'm happy to support the kids of firefighters and other civil servants who do vital, lower-than-it-ought-to-be-paid work. I'm not talking about you and you probably know it. I'm talking (though I agree it might not have been clear from my earlier post) about the people who live large but find ways to hide income or assets to get FA they don't really need or shouldn't need if they made better financial choices.

p.s. Thank you for your service. My brother is a firefighter and I'm grateful to him and all the other firest responders who do what they do (and I get REALLY pissed at all the SAHMs who say it is the HARDEST job in the world, but that's another rant).

Well I was addressing the $1M house comment. People think we must have family money or something. Just bought at a good time and save and love Ocean City.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Well I am the person that pulls your family out of burning buildings and walked up the towers while your husband walked down. I might need a few thousand to send my kids to our school. Yes and my house was appraised close to $1M a few years ago but I could never actually afford that. I say if you don't like it send your kids to public. Most people we know at private aren't as selfish as you.

Nope, I'm happy to support the kids of firefighters and other civil servants who do vital, lower-than-it-ought-to-be-paid work. I'm not talking about you and you probably know it. I'm talking (though I agree it might not have been clear from my earlier post) about the people who live large but find ways to hide income or assets to get FA they don't really need or shouldn't need if they made better financial choices.

p.s. Thank you for your service. My brother is a firefighter and I'm grateful to him and all the other firest responders who do what they do (and I get REALLY pissed at all the SAHMs who say it is the HARDEST job in the world, but that's another rant).

Well I was addressing the $1M house comment. People think we must have family money or something. Just bought at a good time and save and love Ocean City.

No need to be snippy about what people do for a living. If you're a firefighter, that's great. No reason to discuss how you "walk up" while others "walk down." And I don't think there's much relationship between your job and whether people should be expected to pull equity out of their homes to pay for things they are trying to afford, like private school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well I am the person that pulls your family out of burning buildings and walked up the towers while your husband walked down. I might need a few thousand to send my kids to our school. Yes and my house was appraised close to $1M a few years ago but I could never actually afford that. I say if you don't like it send your kids to public. Most people we know at private aren't as selfish as you.

Nope, I'm happy to support the kids of firefighters and other civil servants who do vital, lower-than-it-ought-to-be-paid work. I'm not talking about you and you probably know it. I'm talking (though I agree it might not have been clear from my earlier post) about the people who live large but find ways to hide income or assets to get FA they don't really need or shouldn't need if they made better financial choices.

p.s. Thank you for your service. My brother is a firefighter and I'm grateful to him and all the other firest responders who do what they do (and I get REALLY pissed at all the SAHMs who say it is the HARDEST job in the world, but that's another rant).

Well I was addressing the $1M house comment. People think we must have family money or something. Just bought at a good time and save and love Ocean City.

No need to be snippy about what people do for a living. If you're a firefighter, that's great. No reason to discuss how you "walk up" while others "walk down." And I don't think there's much relationship between your job and whether people should be expected to pull equity out of their homes to pay for things they are trying to afford, like private school.

I'm sure you don't - don't trip on your way out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well I am the person that pulls your family out of burning buildings and walked up the towers while your husband walked down. I might need a few thousand to send my kids to our school. Yes and my house was appraised close to $1M a few years ago but I could never actually afford that. I say if you don't like it send your kids to public. Most people we know at private aren't as selfish as you.

Nope, I'm happy to support the kids of firefighters and other civil servants who do vital, lower-than-it-ought-to-be-paid work. I'm not talking about you and you probably know it. I'm talking (though I agree it might not have been clear from my earlier post) about the people who live large but find ways to hide income or assets to get FA they don't really need or shouldn't need if they made better financial choices.

p.s. Thank you for your service. My brother is a firefighter and I'm grateful to him and all the other firest responders who do what they do (and I get REALLY pissed at all the SAHMs who say it is the HARDEST job in the world, but that's another rant).

Well I was addressing the $1M house comment. People think we must have family money or something. Just bought at a good time and save and love Ocean City.

No need to be snippy about what people do for a living. If you're a firefighter, that's great. No reason to discuss how you "walk up" while others "walk down." And I don't think there's much relationship between your job and whether people should be expected to pull equity out of their homes to pay for things they are trying to afford, like private school.

If a family applies for financial aid and has a second home in Ocean City for example then I'd say NO aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well I am the person that pulls your family out of burning buildings and walked up the towers while your husband walked down. I might need a few thousand to send my kids to our school. Yes and my house was appraised close to $1M a few years ago but I could never actually afford that. I say if you don't like it send your kids to public. Most people we know at private aren't as selfish as you.

Nope, I'm happy to support the kids of firefighters and other civil servants who do vital, lower-than-it-ought-to-be-paid work. I'm not talking about you and you probably know it. I'm talking (though I agree it might not have been clear from my earlier post) about the people who live large but find ways to hide income or assets to get FA they don't really need or shouldn't need if they made better financial choices.

p.s. Thank you for your service. My brother is a firefighter and I'm grateful to him and all the other firest responders who do what they do (and I get REALLY pissed at all the SAHMs who say it is the HARDEST job in the world, but that's another rant).

Well I was addressing the $1M house comment. People think we must have family money or something. Just bought at a good time and save and love Ocean City.

No need to be snippy about what people do for a living. If you're a firefighter, that's great. No reason to discuss how you "walk up" while others "walk down." And I don't think there's much relationship between your job and whether people should be expected to pull equity out of their homes to pay for things they are trying to afford, like private school.

If a family applies for financial aid and has a second home in Ocean City for example then I'd say NO aid.

I am pretty sure 2nd homes preclude you from FA - but renting for a week does not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well I am the person that pulls your family out of burning buildings and walked up the towers while your husband walked down. I might need a few thousand to send my kids to our school. Yes and my house was appraised close to $1M a few years ago but I could never actually afford that. I say if you don't like it send your kids to public. Most people we know at private aren't as selfish as you.

Nope, I'm happy to support the kids of firefighters and other civil servants who do vital, lower-than-it-ought-to-be-paid work. I'm not talking about you and you probably know it. I'm talking (though I agree it might not have been clear from my earlier post) about the people who live large but find ways to hide income or assets to get FA they don't really need or shouldn't need if they made better financial choices.

p.s. Thank you for your service. My brother is a firefighter and I'm grateful to him and all the other firest responders who do what they do (and I get REALLY pissed at all the SAHMs who say it is the HARDEST job in the world, but that's another rant).

Well I was addressing the $1M house comment. People think we must have family money or something. Just bought at a good time and save and love Ocean City.

No need to be snippy about what people do for a living. If you're a firefighter, that's great. No reason to discuss how you "walk up" while others "walk down." And I don't think there's much relationship between your job and whether people should be expected to pull equity out of their homes to pay for things they are trying to afford, like private school.

I'm sure you don't - don't trip on your way out.

PP here. You have no idea how my husband or I spend our time. Please tell me how your job choice should relate to whether you or others should be expected to pull equity out of your home to pay for things you are trying to afford. Really, what's the connection? That you help people for a living so you shouldn't have to tap into certain assets to afford school? What about the other firefighter climbing up those stairs to save the rest of the universe? What if their assets are in stocks or a mutual fund that increased in value instead of a home? Should your co-worker receive less financial aid than you do just because his/her assets are in a different place (mutual fund instead of a home)? What the heck does your being a fire fighter have to do with that? And thanks so much for your concern, I'll be sure not to trip. All you're showing is that people in all professions can be self-absorbed and act holier-than-though.