Financial aid for net HHI of $150K - $200K?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks for this information. Yes, our net income after taxes only is about $200K. Other deductions like retirement contributions, health insurance, etc. account for about $50,000, so our net take-home income is about $150,000.

Do schools adjust the parent contribution amount differently than what is shown on the Family Contribution Report that we see to account for cost of living in high-cost areas, etc.?

If you're maxing out 410ks, schools (and colleges when the kids get older) view that as money you can use for tuition.

no, they don't. the private schools here will not expect you to use retirement savings for school. Colleges night (I'm not there yet).
OP, don't listen to those those who imply that you have to live on ramen and use your home equity and retirement accounts before you are granted aid at the top DC schools.
They have been remarkably generous in recent years to families who make significantly more than you may think.
Apply and see. You will likely be surprised.

They won't expect you to use savings, but they won't exempt that 40k worth of income either.

yes, they will. I have found the schools to be far more generous in "real life" than people make them out to be on this board. If you listen to DCUM, you'd like you have to spend every last available cent on tuition before applying for aid. It certainly isn't the case of what I've observed in real life with friends.
They will allow some families to have significant savings, second homes, club memberships, etc. and still grant aid. (at least some schools---generally the more elite the school, the more generous the aid). Again, it all depends on how much they want your kid or your family. There is not cut-and-dry
formula. They can give aid to people making whatever amount they want to. There is no formal accountability to the the current families, board, government agency, etc and the process is done discretely with only a very few parties in the know. Again, apply. You never know what you will get. Whatever you
do, don't listen to the naysayers on this board. I did and highly regret it. We scrimped and saved and assumed we would never qualify but we applied in a later year and it turns out we were granted significant aid.

Unless the parent is an elected official or cabinet member or the kid is anchoring a team, that isn't happening

Unless you are on every financial aid committee, you have no idea. These schools absolutely do give air to families that you clearly would not fund and I am glad that those in charge are not you. These schools would truly be awful if everyone there was either Scrooge and a few Tiny Tims. There are families all across the income spectrum that receive aid for reasons unknown to all but the committees. I worked in undergrad admissions at a SLAC and it was a very similar financial aid landscape to what I see happening at independent schools. If they like your child and feel that your child will round out whatever they are seeking in a class, they will fund your child. Is this fair? Life isn’t fair. It isn’t fair that there are families rich as Crassus and others unable to feed themselves. Everyone in the middle is pissed at Crassus’ kin and chooses to pretend they are closer to Crassus and co than they are to those at the bottom and do not want anyone to get any perceived leg up over them, when really, they will never be Crassus, no matter how much they scrimp and save. We live in America, and this is not a meritocracy, and once you can admit that to yourself, it gets better.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks for this information. Yes, our net income after taxes only is about $200K. Other deductions like retirement contributions, health insurance, etc. account for about $50,000, so our net take-home income is about $150,000.

Do schools adjust the parent contribution amount differently than what is shown on the Family Contribution Report that we see to account for cost of living in high-cost areas, etc.?

$150, you can comfortably to afford to pay.

I wish we could comfortably afford to pay, but paying $80K - $100K+ for 2 kids out of $150K (or even $200K) net income wouldn't leave much left for living and other expenses in this expensive area unfortunately.

Then it sounds like you either need to reduce your expenses or go public. We make $160-180K and have paid $20-30K for private. We live in a house you'd never consider and only vacation every few years. We also have plenty for activities, retirement and college fund.

[Anonymous]

Whenever I see these posts, all I can think is, "show me the spreadsheet..."

It's ALL hearsay and anecdotal. I don't even know my best friend's full financial situation, much less Joe Schmoe from my kid's class two years ago.

There is zero transparency in any private school financial aid distribution. You have no idea how it works or who gets what unless your name is "financial aid manager of X private."

...and now YOU insert your anecdote or overheard gossip
To prove me wrong...

[Anonymous]

Anonymous wrote:Whenever I see these posts, all I can think is, "show me the spreadsheet..."

It's ALL hearsay and anecdotal. I don't even know my best friend's full financial situation, much less Joe Schmoe from my kid's class two years ago.

There is zero transparency in any private school financial aid distribution. You have no idea how it works or who gets what unless your name is "financial aid manager of X private."

...and now YOU insert your anecdote or overheard gossip
To prove me wrong...

Ditto this. We get partial aid for 2 kids (tuition bill >100K) with a HHI north of $350K.
A good friend just got aid for ONE kid with an income >400K. I know their financial situation. They have two homes (rent one) and a country club membership. The school (Big3) REALLY wanted their kid.

A poster above (with SALC experience) put it correctly. You have no idea what goes on at these schools. They can give aid to anyone they want to. It's a very, very small group of administrators who know the situation.
There is absolutely NO rule carved in stone that they can't use financial aid to woo kids they want. I have seen it happen many, many times. Do you really think all the sports players at Sidwell/STA/Landon are 1) paying full tuition OR
2) magically coming from households making less than $150K? LOL. If you believe either I have a bridge to sell you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Whenever I see these posts, all I can think is, "show me the spreadsheet..."

It's ALL hearsay and anecdotal. I don't even know my best friend's full financial situation, much less Joe Schmoe from my kid's class two years ago.

There is zero transparency in any private school financial aid distribution. You have no idea how it works or who gets what unless your name is "financial aid manager of X private."

...and now YOU insert your anecdote or overheard gossip
To prove me wrong...

Ditto this. We get partial aid for 2 kids (tuition bill >100K) with a HHI north of $350K.
A good friend just got aid for ONE kid with an income >400K. I know their financial situation. They have two homes (rent one) and a country club membership. The school (Big3) REALLY wanted their kid.

A poster above (with SALC experience) put it correctly. You have no idea what goes on at these schools. They can give aid to anyone they want to. It's a very, very small group of administrators who know the situation.
There is absolutely NO rule carved in stone that they can't use financial aid to woo kids they want. I have seen it happen many, many times. Do you really think all the sports players at Sidwell/STA/Landon are 1) paying full tuition OR
2) magically coming from households making less than $150K? LOL. If you believe either I have a bridge to sell you.

What situation. Rich people taking advantage?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Whenever I see these posts, all I can think is, "show me the spreadsheet..."

It's ALL hearsay and anecdotal. I don't even know my best friend's full financial situation, much less Joe Schmoe from my kid's class two years ago.

There is zero transparency in any private school financial aid distribution. You have no idea how it works or who gets what unless your name is "financial aid manager of X private."

...and now YOU insert your anecdote or overheard gossip
To prove me wrong...

Ditto this. We get partial aid for 2 kids (tuition bill >100K) with a HHI north of $350K.
A good friend just got aid for ONE kid with an income >400K. I know their financial situation. They have two homes (rent one) and a country club membership. The school (Big3) REALLY wanted their kid.

A poster above (with SALC experience) put it correctly. You have no idea what goes on at these schools. They can give aid to anyone they want to. It's a very, very small group of administrators who know the situation.
There is absolutely NO rule carved in stone that they can't use financial aid to woo kids they want. I have seen it happen many, many times. Do you really think all the sports players at Sidwell/STA/Landon are 1) paying full tuition OR
2) magically coming from households making less than $150K? LOL. If you believe either I have a bridge to sell you.

What situation. Rich people taking advantage?

That's just one of the dozens of scenarios....
Here is another, former head of school (or other high admin) now has grandkids At said school, that family gets an especially lenient "package" so their family can afford to send all three or four kids there.
It's done ALL THE TIME. It's the frisson - unspoken but know perk for the families of well connected.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks for this information. Yes, our net income after taxes only is about $200K. Other deductions like retirement contributions, health insurance, etc. account for about $50,000, so our net take-home income is about $150,000.

Do schools adjust the parent contribution amount differently than what is shown on the Family Contribution Report that we see to account for cost of living in high-cost areas, etc.?

$150, you can comfortably to afford to pay.

I wish we could comfortably afford to pay, but paying $80K - $100K+ for 2 kids out of $150K (or even $200K) net income wouldn't leave much left for living and other expenses in this expensive area unfortunately.

Then it sounds like you either need to reduce your expenses or go public. We make $160-180K and have paid $20-30K for private. We live in a house you'd never consider and only vacation every few years. We also have plenty for activities, retirement and college fund.

Yes, we could also afford $20K - $30K, but over $80K would be challenging. We are not big spenders at all and we also do not live in a big, fancy house. Our house is small and simple. Staying in public will require us to move, which is also an option.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks for this information. Yes, our net income after taxes only is about $200K. Other deductions like retirement contributions, health insurance, etc. account for about $50,000, so our net take-home income is about $150,000.

Do schools adjust the parent contribution amount differently than what is shown on the Family Contribution Report that we see to account for cost of living in high-cost areas, etc.?

$150, you can comfortably to afford to pay.

I wish we could comfortably afford to pay, but paying $80K - $100K+ for 2 kids out of $150K (or even $200K) net income wouldn't leave much left for living and other expenses in this expensive area unfortunately.

Then it sounds like you either need to reduce your expenses or go public. We make $160-180K and have paid $20-30K for private. We live in a house you'd never consider and only vacation every few years. We also have plenty for activities, retirement and college fund.

Yes, we could also afford $20K - $30K, but over $80K would be challenging. We are not big spenders at all and we also do not live in a big, fancy house. Our house is small and simple. Staying in public will require us to move, which is also an option.

No, we could as we saved for college early on and almost have our house paid off by making it a priority. You don’t have to move for public. You choose to.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Whenever I see these posts, all I can think is, "show me the spreadsheet..."

It's ALL hearsay and anecdotal. I don't even know my best friend's full financial situation, much less Joe Schmoe from my kid's class two years ago.

There is zero transparency in any private school financial aid distribution. You have no idea how it works or who gets what unless your name is "financial aid manager of X private."

...and now YOU insert your anecdote or overheard gossip
To prove me wrong...

Ditto this. We get partial aid for 2 kids (tuition bill >100K) with a HHI north of $350K.
A good friend just got aid for ONE kid with an income >400K. I know their financial situation. They have two homes (rent one) and a country club membership. The school (Big3) REALLY wanted their kid.

A poster above (with SALC experience) put it correctly. You have no idea what goes on at these schools. They can give aid to anyone they want to. It's a very, very small group of administrators who know the situation.
There is absolutely NO rule carved in stone that they can't use financial aid to woo kids they want. I have seen it happen many, many times. Do you really think all the sports players at Sidwell/STA/Landon are 1) paying full tuition OR
2) magically coming from households making less than $150K? LOL. If you believe either I have a bridge to sell you.

What situation. Rich people taking advantage?

That's just one of the dozens of scenarios....
Here is another, former head of school (or other high admin) now has grandkids At said school, that family gets an especially lenient "package" so their family can afford to send all three or four kids there.
It's done ALL THE TIME. It's the frisson - unspoken but know perk for the families of well connected.

If it is by the parents income no grandparents it makes sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks for this information. Yes, our net income after taxes only is about $200K. Other deductions like retirement contributions, health insurance, etc. account for about $50,000, so our net take-home income is about $150,000.

Do schools adjust the parent contribution amount differently than what is shown on the Family Contribution Report that we see to account for cost of living in high-cost areas, etc.?

$150, you can comfortably to afford to pay.

I wish we could comfortably afford to pay, but paying $80K - $100K+ for 2 kids out of $150K (or even $200K) net income wouldn't leave much left for living and other expenses in this expensive area unfortunately.

Then it sounds like you either need to reduce your expenses or go public. We make $160-180K and have paid $20-30K for private. We live in a house you'd never consider and only vacation every few years. We also have plenty for activities, retirement and college fund.

Yes, we could also afford $20K - $30K, but over $80K would be challenging. We are not big spenders at all and we also do not live in a big, fancy house. Our house is small and simple. Staying in public will require us to move, which is also an option.

No, we could as we saved for college early on and almost have our house paid off by making it a priority. You don’t have to move for public. You choose to.

Let's just agree that we all have different life experiences, obligations, priorities, circumstances, etc. and we shouldn't make assumptions about others. We also prioritize saving as much as possible and we do the best we can with what we have. We are comfortable and do not live a fancy life. We also have major medical expenses, so that doesn't help our situation. Yes, many people choose to move for better school options if they are able to do so.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Whenever I see these posts, all I can think is, "show me the spreadsheet..."

It's ALL hearsay and anecdotal. I don't even know my best friend's full financial situation, much less Joe Schmoe from my kid's class two years ago.

There is zero transparency in any private school financial aid distribution. You have no idea how it works or who gets what unless your name is "financial aid manager of X private."

...and now YOU insert your anecdote or overheard gossip
To prove me wrong...

Ditto this. We get partial aid for 2 kids (tuition bill >100K) with a HHI north of $350K.
A good friend just got aid for ONE kid with an income >400K. I know their financial situation. They have two homes (rent one) and a country club membership. The school (Big3) REALLY wanted their kid.

A poster above (with SALC experience) put it correctly. You have no idea what goes on at these schools. They can give aid to anyone they want to. It's a very, very small group of administrators who know the situation.
There is absolutely NO rule carved in stone that they can't use financial aid to woo kids they want. I have seen it happen many, many times. Do you really think all the sports players at Sidwell/STA/Landon are 1) paying full tuition OR
2) magically coming from households making less than $150K? LOL. If you believe either I have a bridge to sell you.

What situation. Rich people taking advantage?

I am the former SLAC counselor. Please stop framing it in this way. You do understand that this mindset is the exact same kind of thinking that wants drug tests as a condition for getting any sort of welfare benefits (when all the data points to those programs being a waste of money bc so few of the working poor are the drug addicts you think them to be) or getting mad if you see someone getting a steak with food stamps. MYOB. In the end, it all works out.

The miser middling rich families who are scrimping and saving every penny and maxing out 401ks, and investing wisely, and have fully funded 529s, while paying private tuition but aren't taking vacations and coupon clipping, you "win" in the end because you have more for retirement than the ones who got aid with an income you deem too high for aid. So they might be getting over by your measure, but their spending in every other category is much higher, so they will work longer than you will and their kids might have to take out some loans for college or grad school. Stop being concerned with how other people make it work and just do you. There is no one right way to do this and each school is able to operate how they see fit. If you have a problem with it, go to another school. Maybe find one that doesn't offer any financial aid so that you can rest easy that not a soul is getting over on you.

Again, the problem here is middling rich people counting all the pennies of the other middling rich people. You will likely never be in the 1%, but you are in the top 5-10% of earners. Which means at least 90% of the people have less than you. Be content with how LUCKY you are and stop being obsessed with the other 8 people ahead of you and how they might have somehow gotten something more than you. And I say LUCKY because your success is mostly determined by factors that have little to do with how hard you think you work and how smart you think you are. Your children are sitting in some of the toniest private schools in the country, with every possible resource being poured into them, and when they are successful one day, they too will think they are so successful because of their own merit. Not because they were given the best possible start compared to 90% of the rest of Americans their age. And they will be you, complaining about someone cheating and getting aid while they work so hard for their money that you passed down to them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks for this information. Yes, our net income after taxes only is about $200K. Other deductions like retirement contributions, health insurance, etc. account for about $50,000, so our net take-home income is about $150,000.

Do schools adjust the parent contribution amount differently than what is shown on the Family Contribution Report that we see to account for cost of living in high-cost areas, etc.?

If you're maxing out 410ks, schools (and colleges when the kids get older) view that as money you can use for tuition.

no, they don't. the private schools here will not expect you to use retirement savings for school. Colleges night (I'm not there yet).
OP, don't listen to those those who imply that you have to live on ramen and use your home equity and retirement accounts before you are granted aid at the top DC schools.
They have been remarkably generous in recent years to families who make significantly more than you may think.
Apply and see. You will likely be surprised.

They won't expect you to use savings, but they won't exempt that 40k worth of income either.

yes, they will. I have found the schools to be far more generous in "real life" than people make them out to be on this board. If you listen to DCUM, you'd like you have to spend every last available cent on tuition before applying for aid. It certainly isn't the case of what I've observed in real life with friends.
They will allow some families to have significant savings, second homes, club memberships, etc. and still grant aid. (at least some schools---generally the more elite the school, the more generous the aid). Again, it all depends on how much they want your kid or your family. There is not cut-and-dry
formula. They can give aid to people making whatever amount they want to. There is no formal accountability to the the current families, board, government agency, etc and the process is done discretely with only a very few parties in the know. Again, apply. You never know what you will get. Whatever you
do, don't listen to the naysayers on this board. I did and highly regret it. We scrimped and saved and assumed we would never qualify but we applied in a later year and it turns out we were granted significant aid.

This has been our experience too that schools are more generous than DCUM makes them out to be. They don't expect you to spend every penny of your savings on tuition and do make allowances for reasonable living and other expenses.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At $150 HHI we had an estimated family contribution of about $20K for one child. When we had a job change and bumped up to $200 HHI we decided that we would not apply for aid anymore, and are paying a little over $30K. It’s fine and we’re happy to do it, but if it were more than 30k I don’t think we could swing it very well. I would guess that your EFC would be somewhere in that neighborhood.

Lol. Hang on, I just realized that you’re talking “net”. FA officers don’t care about net, they care about gross, because what you choose to contribute to retirement etc is your personal choice, not your actual financial circumstance.

So if your net is 150, my guess is that your EFC’s probably closer to 30k, and if your net is 200, you ain’t getting aid.

Not true. I know kids who got aid this past season with incomes over $400K. I do not say this to stir the pot but to encourage everyone to apply. If they want your kid badly enough they will find the aid.
The morale is: APPLY!!

Seriously? Which schools? We have a gross HHI of $430K with one kid and didn’t apply for FA anywhere because we assumed admissions officers would laugh us out of the room.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Thanks for this information. Yes, our net income after taxes only is about $200K. Other deductions like retirement contributions, health insurance, etc. account for about $50,000, so our net take-home income is about $150,000.

Do schools adjust the parent contribution amount differently than what is shown on the Family Contribution Report that we see to account for cost of living in high-cost areas, etc.?

If you're maxing out 410ks, schools (and colleges when the kids get older) view that as money you can use for tuition.

This is not true. My children receive financial aid and we’ve been told multiple times that the schools view retirement as off limits. Home equity, on the other hand, is factored into FA awards.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At $150 HHI we had an estimated family contribution of about $20K for one child. When we had a job change and bumped up to $200 HHI we decided that we would not apply for aid anymore, and are paying a little over $30K. It’s fine and we’re happy to do it, but if it were more than 30k I don’t think we could swing it very well. I would guess that your EFC would be somewhere in that neighborhood.

Lol. Hang on, I just realized that you’re talking “net”. FA officers don’t care about net, they care about gross, because what you choose to contribute to retirement etc is your personal choice, not your actual financial circumstance.

So if your net is 150, my guess is that your EFC’s probably closer to 30k, and if your net is 200, you ain’t getting aid.

Not true. I know kids who got aid this past season with incomes over $400K. I do not say this to stir the pot but to encourage everyone to apply. If they want your kid badly enough they will find the aid.
The morale is: APPLY!!

Seriously? Which schools? We have a gross HHI of $430K with one kid and didn’t apply for FA anywhere because we assumed admissions officers would laugh us out of the room.

I know kids who got aid with incomes of 500k. Nope was that 600k? Hold on while I go stir the pot.