FA possible - 1 child, income $150000, low assets
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Anonymous
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Is it possible to get FA for a one child family who make ~$150000/yr?
We have less than $5k in savings, don't own a home, small retirement account, some minor student loans and higher than average health costs with some chronic issues. I have seen a few posts with similar questions, but they seemed to be mostly about families with 2+ kids. We will apply anyway but I just wanted to get a sense of how we should gauge our expectations. Thanks! |
Anonymous
You say " we" ; do you have two parents in your household ? I can tell you as a single parent with HHI of 120K, DC was given about a 40% FA grant . Since it was just me, I had to spend about $1,000 mos on child care and that was taken into account for why I got what was, at the time, about a 40% discount. I think I paid about $1,900/mos. and , no, I did not won my home, so I also paid about 30K a year in Fed income tax, 10K a year in DC tax. I think I had like $100 to my name at the end of each month. |
Anonymous
| Thanks, PP. Yes, we are a two parent household and our combined income is around $150000. |
Anonymous
| Will largely depend on the school. I would think for some schools, you'll qualify for FA and may receive a small award. Some schools just aren't going to have the FA budget to make you an award. |
Anonymous
| OP, it is more likely that they will not give you admission unless you are a strong diversity case, rather than give you admission with a very large FA package. In any case, it will be nearly impossible to do private school on 150000 (after taxes and deductions I presume you are closer to 100000?) |
Anonymous
They wouldn't receive a very large FA package with this income. OP, apply, but the FA package you'd be offered is likely going to be less than 25% aid unless you find a school that is willing to exceed the EFC needs by a fair amount. At the schools with a large FA budget there is more willingness to make FA available for families who need less than 10K in aid I think, so if your child is a good fit for the school I would apply. At DCs school FA really seems to contribute more to SES diversity than anything else. |
Anonymous
| similar numbers (but higher savings). We got 10% off $30k with diversity. |
Anonymous
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The poster who said you'd not get admission unless you are a diversity case (???) is just...wrong, unless I am misunderstanding their point. Admission and FA are separate processes at most schools, and the admission decision comes before the FA notice. Your kid will get in if they are qualified and lucky, at most schools, not if you are wealthy or "diverse."
My family is in the same boat, and to contradict that previous poster, why no, it is not almost impossible to send one kid to private on a HHI of $150k without FA. It is actually very doable. Old car, small house in PG county, use hand me downs freely. We care more about the school than the other stuff, so it isn't too hard for us. So OP, you may or may not get FA. Your income is just at or just above the line. |
Anonymous
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It's definitely possible. I know a family firsthand that got about a third of tuition paid at a top tier elementary with income in the 200s (although they do have two kids).
I agree, though, it really depends on the school and how much they have to give. And, frankly, on how much they want your kid. |
Anonymous
I think the previous poster is correct. It is delusional to think that admissions decisions actually separate the admission from the financial aid decision (notwithstanding how blue in the face they go putting that in the glossies). GIving a spot to someone who is unlikely to be able to come with the (small) FA is a risk to a school, who will lose a good rich kid while waiting. So, unless the FA applicant has strong diversity or strong something else and is judged as being able to attend with the package being offered, most likely they will not get the spot at all. |
Anonymous
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To be blunt : schools want something back for the money they invest in the child. Your kid has to bring something/ things of great value that they are looking for:
very high IQ/ very high WISC and acing the ERB: possibility of high future SAT scores, strong contribution to academic rep of school. atmosphere of school racial diversity economic diversity Have an average or slightly above average kid, your $$$$ is what you bring, so bring it. Someone who makes 200K a year, or even 150K a year would be a fool to not recognize that , ask for aid and spike their only upside. |
Anonymous
| I disagree pp. A number of kids at my DD's school got financial aid w/o bringing anything that you mentioned. They were white, middle of the road students, with no special athletic or musical or any other ability to make them stand out above the rest. FA really does depend on the school as others have mentioned. People should apply for FA and see what happens. |
Anonymous
| wtf are you spending your money on |
Anonymous
is it possible that their parents are not the bragging kind in terms of their child's gifts. Have you actually seen the ERB scores of these kids getting FA ? |
Anonymous
Perhaps it depends on the school and how long the school has been in the community. Well established DC privates( 70-100 years old) can have plenty of diversity drawing on alumni, for example because there applicants are the grand children of JFK " new generation" of washington elite, ambassadors kids, etc.. newer schools don't have the same draw. I've known all of DC's classmates for 6 years now. I've been to their houses, seen them bid at auctions and heard them talk about their vacations,their summer houses and their work schedule as well as what kind of work they do. Nice people all. But one fact stands out. I do not know a single FA kid who is not either very , very bright or a "diversity" case. Not one. Now, slightly above average child, but full pay , THAT is a dime a dozen. So also is very bright and very rich, buttaking full FA and not contributing academics. THAT does not happen, not for long. |