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

[Anonymous]

Anonymous wrote:

Anonymous wrote:We get aid for 2 kids in HS and our house is worth $1.5M. I'll tell you why.

Just having our house worth this much goes not mean we're loaded as we brought our house for less than $1M. Also, are we supposed to sell our house and move where? Our mortgage is low but property tax high. We could move far far away and pay the same mortgage with current rates and it would not mean anything as our current house is prob less in mortgage. The fact our house is worth a certain amount does not mean it's liquid assets. We still need a home!

Thankfully, FA takes into consideration logical and practical reality. It's not like we own 2 homes, drive new cars or go on fancy vacations. We can't help that our home tripled in value since owning it but it's our big savings and investment. And FA does not mean a free ride to school, it means that we pay what we can per our income.

It’s called a home equity loan. Or line of credit. Or tap 10k of your student’s 529. Do these things before asking strangers to pay your way.

Terrible financial advice to use a home equity loan to pay for tuition. Do not heed this!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We get aid for 2 kids in HS and our house is worth $1.5M. I'll tell you why.

Just having our house worth this much goes not mean we're loaded as we brought our house for less than $1M. Also, are we supposed to sell our house and move where? Our mortgage is low but property tax high. We could move far far away and pay the same mortgage with current rates and it would not mean anything as our current house is prob less in mortgage. The fact our house is worth a certain amount does not mean it's liquid assets. We still need a home!

Thankfully, FA takes into consideration logical and practical reality. It's not like we own 2 homes, drive new cars or go on fancy vacations. We can't help that our home tripled in value since owning it but it's our big savings and investment. And FA does not mean a free ride to school, it means that we pay what we can per our income.

It’s called a home equity loan. Or line of credit. Or tap 10k of your student’s 529. Do these things before asking strangers to pay your way.

Or we can take aid. Given by the private equity dads at our school who work about 20 hours a week (with a SAH wife) and are at every single school and sporting event. While we're working 50 hours a week as high level fed and a non-profit worker.
I'll take the money with no guilt, thank you.

You should have written, “I’ll take other people’s money with no guilt, thank you.” At least be honest and upfront about what you are doing.

Money that they gave voluntarily. For the purpose of giving it to other families at the school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We get aid for 2 kids in HS and our house is worth $1.5M. I'll tell you why.

Just having our house worth this much goes not mean we're loaded as we brought our house for less than $1M. Also, are we supposed to sell our house and move where? Our mortgage is low but property tax high. We could move far far away and pay the same mortgage with current rates and it would not mean anything as our current house is prob less in mortgage. The fact our house is worth a certain amount does not mean it's liquid assets. We still need a home!

Thankfully, FA takes into consideration logical and practical reality. It's not like we own 2 homes, drive new cars or go on fancy vacations. We can't help that our home tripled in value since owning it but it's our big savings and investment. And FA does not mean a free ride to school, it means that we pay what we can per our income.

It’s called a home equity loan. Or line of credit. Or tap 10k of your student’s 529. Do these things before asking strangers to pay your way.

Or we can take aid. Given by the private equity dads at our school who work about 20 hours a week (with a SAH wife) and are at every single school and sporting event. While we're working 50 hours a week as high level fed and a non-profit worker.
I'll take the money with no guilt, thank you.

You should have written, “I’ll take other people’s money with no guilt, thank you.” At least be honest and upfront about what you are doing.

That person is accepting financial aid offered by the school, with resources that now belong to the school. Pretty sure they weren’t being dishonest about anything.

If some of you are so deeply offended by this concept - which you seem to be discovering for the first time - perhaps you should check out of private schools altogether.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We get aid for 2 kids in HS and our house is worth $1.5M. I'll tell you why.

Just having our house worth this much goes not mean we're loaded as we brought our house for less than $1M. Also, are we supposed to sell our house and move where? Our mortgage is low but property tax high. We could move far far away and pay the same mortgage with current rates and it would not mean anything as our current house is prob less in mortgage. The fact our house is worth a certain amount does not mean it's liquid assets. We still need a home!

Thankfully, FA takes into consideration logical and practical reality. It's not like we own 2 homes, drive new cars or go on fancy vacations. We can't help that our home tripled in value since owning it but it's our big savings and investment. And FA does not mean a free ride to school, it means that we pay what we can per our income.

It’s called a home equity loan. Or line of credit. Or tap 10k of your student’s 529. Do these things before asking strangers to pay your way.

Or we can take aid. Given by the private equity dads at our school who work about 20 hours a week (with a SAH wife) and are at every single school and sporting event. While we're working 50 hours a week as high level fed and a non-profit worker.
I'll take the money with no guilt, thank you.

You should have written, “I’ll take other people’s money with no guilt, thank you.” At least be honest and upfront about what you are doing.

It’s the school’s money, actually. You relinquished any say over it when you donated to the school without earmarking for a different purpose. And the school decided to give some of ITS MONEY to pp. The school gets to decide, and there’s no reason for pp to feel guilty about it.

[Anonymous]

Don’t worry about what someone else is getting, worry about what you are getting,

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We get aid for 2 kids in HS and our house is worth $1.5M. I'll tell you why.

Just having our house worth this much goes not mean we're loaded as we brought our house for less than $1M. Also, are we supposed to sell our house and move where? Our mortgage is low but property tax high. We could move far far away and pay the same mortgage with current rates and it would not mean anything as our current house is prob less in mortgage. The fact our house is worth a certain amount does not mean it's liquid assets. We still need a home!

Thankfully, FA takes into consideration logical and practical reality. It's not like we own 2 homes, drive new cars or go on fancy vacations. We can't help that our home tripled in value since owning it but it's our big savings and investment. And FA does not mean a free ride to school, it means that we pay what we can per our income.

It’s called a home equity loan. Or line of credit. Or tap 10k of your student’s 529. Do these things before asking strangers to pay your way.

Terrible financial advice to use a home equity loan to pay for tuition. Do not heed this!

If you put all your money into a house, its an option.

[Anonymous]

Anonymous wrote:Don’t worry about what someone else is getting, worry about what you are getting,

The problem is people with lower incomes and cheaper houses, etc. are not getting it because of greedy wealthy people.

[Anonymous]

Anonymous wrote:I haven’t read the whole thread, but I think it makes a ton of sense for financial aid to be going to families in $1m houses. If you only have wealthy full-pay families and then low income families on FA, you’re going to have a very bifurcated student body. The schools with very high tuition will have the largest and most problematic gap, and I can easily see needing to award FA to some number of $1m home families to not end up hopelessly uneven.

You can private pay if you own a million dollar house. A $300-600K house, ok, but a million?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We get aid for 2 kids in HS and our house is worth $1.5M. I'll tell you why.

Just having our house worth this much goes not mean we're loaded as we brought our house for less than $1M. Also, are we supposed to sell our house and move where? Our mortgage is low but property tax high. We could move far far away and pay the same mortgage with current rates and it would not mean anything as our current house is prob less in mortgage. The fact our house is worth a certain amount does not mean it's liquid assets. We still need a home!

Thankfully, FA takes into consideration logical and practical reality. It's not like we own 2 homes, drive new cars or go on fancy vacations. We can't help that our home tripled in value since owning it but it's our big savings and investment. And FA does not mean a free ride to school, it means that we pay what we can per our income.

You are so tone-death. You can buy a cheaper house, just not where you want to live like the rest of us. Our house is worth $600K, 900 square feet, and in an area you'd consider bad. We paid $350K. You can easily look it up online. Being house-poor doesn't give you a free pass. You need a home, but which home you choose should factor into aid. You select an expensive house. We choose not to be house poor to pay for things. And, you can borrow against the house.

Just wait until college rolls around, and your kids’ friends living in much nicer homes than your 900 square foot home get aid at schools that don’t include home equity. Your head is going to explode.

This is the problem with busying yourself with everyone else and the choices they make. You will never be satisfied.

I fully expect we will get nothing as we saved. But, we are responsible people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We get aid for 2 kids in HS and our house is worth $1.5M. I'll tell you why.

Just having our house worth this much goes not mean we're loaded as we brought our house for less than $1M. Also, are we supposed to sell our house and move where? Our mortgage is low but property tax high. We could move far far away and pay the same mortgage with current rates and it would not mean anything as our current house is prob less in mortgage. The fact our house is worth a certain amount does not mean it's liquid assets. We still need a home!

Thankfully, FA takes into consideration logical and practical reality. It's not like we own 2 homes, drive new cars or go on fancy vacations. We can't help that our home tripled in value since owning it but it's our big savings and investment. And FA does not mean a free ride to school, it means that we pay what we can per our income.

It’s called a home equity loan. Or line of credit. Or tap 10k of your student’s 529. Do these things before asking strangers to pay your way.

Or we can take aid. Given by the private equity dads at our school who work about 20 hours a week (with a SAH wife) and are at every single school and sporting event. While we're working 50 hours a week as high level fed and a non-profit worker.
I'll take the money with no guilt, thank you.

You are entitled. You easily have an HHI of $300-500K.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We get aid for 2 kids in HS and our house is worth $1.5M. I'll tell you why.

Just having our house worth this much goes not mean we're loaded as we brought our house for less than $1M. Also, are we supposed to sell our house and move where? Our mortgage is low but property tax high. We could move far far away and pay the same mortgage with current rates and it would not mean anything as our current house is prob less in mortgage. The fact our house is worth a certain amount does not mean it's liquid assets. We still need a home!

Thankfully, FA takes into consideration logical and practical reality. It's not like we own 2 homes, drive new cars or go on fancy vacations. We can't help that our home tripled in value since owning it but it's our big savings and investment. And FA does not mean a free ride to school, it means that we pay what we can per our income.

You are so tone-death. You can buy a cheaper house, just not where you want to live like the rest of us. Our house is worth $600K, 900 square feet, and in an area you'd consider bad. We paid $350K. You can easily look it up online. Being house-poor doesn't give you a free pass. You need a home, but which home you choose should factor into aid. You select an expensive house. We choose not to be house poor to pay for things. And, you can borrow against the house.

Just wait until college rolls around, and your kids’ friends living in much nicer homes than your 900 square foot home get aid at schools that don’t include home equity. Your head is going to explode.

This is the problem with busying yourself with everyone else and the choices they make. You will never be satisfied.

I fully expect we will get nothing as we saved. But, we are responsible people.

And you’ll still be complaining then because people in much nicer homes get aid while you don’t. But you can pat yourself on your back while sitting in your micro-home for how “responsible” you are, so there’s that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Don’t worry about what someone else is getting, worry about what you are getting,

The problem is people with lower incomes and cheaper houses, etc. are not getting it because of greedy wealthy people.

No. People with lower incomes and cheaper houses are not getting it because of decisions made by the school on who receives it. It’s been said like a dozen times on this thread. The schools could give free rides to people who cannot afford anything instead of partial assistance to people who can pay the remaining balance, yet they don’t. Think about why.

[Anonymous]

It’s no coincidence that lots of people who work in private schools and private colleges are subsidized by family wealth when it comes to lifestyle/housing/vacations. But their incomes aren’t high enough to cash flow the sticker prices of privates. So are you really surprised that the very same people who decide how to distribute finaid dollars have figured out how to steer those dollars to people whose situations mirror their own and those of faculty colleagues? You can’t expect their (often numerous) kids to attend only the institutions where they work (employee discount), can you?

[Anonymous]

A lot of the discounted tuition and financial aid goes to teachers at the schools and I have no issue with that. Some of you need to find more serious issues to be concerned about. This is the system private schools have set up. Don’t like it, don’t be a consumer there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We get aid for 2 kids in HS and our house is worth $1.5M. I'll tell you why.

Just having our house worth this much goes not mean we're loaded as we brought our house for less than $1M. Also, are we supposed to sell our house and move where? Our mortgage is low but property tax high. We could move far far away and pay the same mortgage with current rates and it would not mean anything as our current house is prob less in mortgage. The fact our house is worth a certain amount does not mean it's liquid assets. We still need a home!

Thankfully, FA takes into consideration logical and practical reality. It's not like we own 2 homes, drive new cars or go on fancy vacations. We can't help that our home tripled in value since owning it but it's our big savings and investment. And FA does not mean a free ride to school, it means that we pay what we can per our income.

It’s called a home equity loan. Or line of credit. Or tap 10k of your student’s 529. Do these things before asking strangers to pay your way.

Terrible financial advice to use a home equity loan to pay for tuition. Do not heed this!

Then do not ask for my money. I don’t exist to enable your inability to live according to your means.