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

[Anonymous]

I know families on FA at Holton due to legacy status. Probably make $250-$300K and live in a house valued at over $1 million.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I know of multiple kids who get 50% off and they live it 1.5M homes and higher in McLean and Bethesda and are receiving significant financial aid for their kid in a top school. Also worthy of note- these are not top athletes, students, etc.

Anyone else seeing this?

Wow. It’s amazing you have detailed info on these family’s financial status and level of aid. And for multiple families. Usually that’s not so available or people don’t reveal it. But kudos for getting the data. Or just being full of BS.

You sound like one of the grifters.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I know of multiple kids who get 50% off and they live it 1.5M homes and higher in McLean and Bethesda and are receiving significant financial aid for their kid in a top school. Also worthy of note- these are not top athletes, students, etc.

Anyone else seeing this?

Same at my DD school. Financial aid covers things like out of state school trips too. Family lives in 1.5-2.5 mil home, dad drives Tesla, mom does not work. I thought the $ we contribute to scholarships was to cover kids from truly disadvantaged backgrounds. Smart, motivated kids whose single mom works two jobs to make ends meet sort of thing. Not for entitled, advanatged folks who make poor $ choices.

Mind your own beeswax. You really have no idea what each family is coping with.

[Anonymous]

Keep your eyes on your own paper.

[Anonymous]

When we started at a private, we were full pay. Then I lost my job and thank God financial aid was there for us. I’m grateful the school kept a tight lip on who qualified.

[Anonymous]

Anonymous wrote:When we started at a private, we were full pay. Then I lost my job and thank God financial aid was there for us. I’m grateful the school kept a tight lip on who qualified.

How much is your home worth?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't see the issue. I bought my house for 800k and it's worth 1.3 now, for reasons I don't control. I don't make more money than I did when I bought it, cashflow is the same. Am I supposed to sell the house to pay for school?
If the school has better candidates for financial aid, that's fine: they don't have to give me any. But it's pretty clear we are among the "poor" families, based on donations and vacations we can't afford, and I'm not too proud to apply. We get modest aid, less than 10%.

Similar situation here. Bought the house almost 20 years ago for $700k. Assessed at about a million now. We have quite a low mortgage payment due to refinancing a few years after we bought it, but we could never afford this house now.

We do manage as a full-pay family, but only with help from grandparents. No fancy cars and vacations, either, although we just replaced a 20-year-old car that finally died completely.

Same situation here. House is worth $1.4 and we get aid. We bought it for much less 15 years ago. Trust me, we're the "poors" at the school. Nothing about our lifestyle resembles that of the other families.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't see the issue. I bought my house for 800k and it's worth 1.3 now, for reasons I don't control. I don't make more money than I did when I bought it, cashflow is the same. Am I supposed to sell the house to pay for school?
If the school has better candidates for financial aid, that's fine: they don't have to give me any. But it's pretty clear we are among the "poor" families, based on donations and vacations we can't afford, and I'm not too proud to apply. We get modest aid, less than 10%.

Similar situation here. Bought the house almost 20 years ago for $700k. Assessed at about a million now. We have quite a low mortgage payment due to refinancing a few years after we bought it, but we could never afford this house now.

We do manage as a full-pay family, but only with help from grandparents. No fancy cars and vacations, either, although we just replaced a 20-year-old car that finally died completely.

Same situation here. House is worth $1.4 and we get aid. We bought it for much less 15 years ago. Trust me, we're the "poors" at the school. Nothing about our lifestyle resembles that of the other families.

Me too. Single mom. I haven’t applied for aid but my home is worth over a million.

I owe 500k on it at 1.75%. If I sold it, I’d pay taxes, lose the minimal child support (sale would be counted as income and I’d owe him child support) , I’d uproot the kids home, and where could I buy? Should I rent? I wish I got tuition assistance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There shouldn’t be financial aid for private schools to begin with. The problem here (though really 1.2M for a house they may not own isn’t that egregious) illustrates that. If you can’t pay, you can’t go. There’s a free option.

I agree. That's how it worked when I grew up.

Are you sure? I'm 45 and got financial aid in HS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There shouldn’t be financial aid for private schools to begin with. The problem here (though really 1.2M for a house they may not own isn’t that egregious) illustrates that. If you can’t pay, you can’t go. There’s a free option.

I agree. That's how it worked when I grew up.

Are you sure? I'm 45 and got financial aid in HS.

I got financial aid starting in 1988. I needed it

[Anonymous]

Sometimes the parents find the house for their adult kids and also pay part of the private school tuition.

[Anonymous]

Anonymous wrote:I don't see the issue. I bought my house for 800k and it's worth 1.3 now, for reasons I don't control. I don't make more money than I did when I bought it, cashflow is the same. Am I supposed to sell the house to pay for school?
If the school has better candidates for financial aid, that's fine: they don't have to give me any. But it's pretty clear we are among the "poor" families, based on donations and vacations we can't afford, and I'm not too proud to apply. We get modest aid, less than 10%.

Buying a house for $800k is a lot of money. You should not get anything. You are not poor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't see the issue. I bought my house for 800k and it's worth 1.3 now, for reasons I don't control. I don't make more money than I did when I bought it, cashflow is the same. Am I supposed to sell the house to pay for school?
If the school has better candidates for financial aid, that's fine: they don't have to give me any. But it's pretty clear we are among the "poor" families, based on donations and vacations we can't afford, and I'm not too proud to apply. We get modest aid, less than 10%.

Similar situation here. Bought the house almost 20 years ago for $700k. Assessed at about a million now. We have quite a low mortgage payment due to refinancing a few years after we bought it, but we could never afford this house now.

We do manage as a full-pay family, but only with help from grandparents. No fancy cars and vacations, either, although we just replaced a 20-year-old car that finally died completely.

No, a $700k house 20 years ago was a huge amount back then. You should not get aid on that alone. You sell the house and move to something cheaper.


Same situation here. House is worth $1.4 and we get aid. We bought it for much less 15 years ago. Trust me, we're the "poors" at the school. Nothing about our lifestyle resembles that of the other families.

Me too. Single mom. I haven’t applied for aid but my home is worth over a million.

I owe 500k on it at 1.75%. If I sold it, I’d pay taxes, lose the minimal child support (sale would be counted as income and I’d owe him child support) , I’d uproot the kids home, and where could I buy? Should I rent? I wish I got tuition assistance.

[Anonymous]

Anonymous wrote:
We are in a 1200 sq ft, 100 year old house in Bethesda worth 1M+. Our income today would probably qualify us for financial aid at a private school... except that I prefer putting my kids in public.

You don't know other people's circumstances. Judge not, lest ye be judged.

No, you should not get aid.

[Anonymous]

Anonymous wrote:There shouldn’t be financial aid for private schools to begin with. The problem here (though really 1.2M for a house they may not own isn’t that egregious) illustrates that. If you can’t pay, you can’t go. There’s a free option.

It is egregious. Many of us bought houses at $400k or less so we’d have the flexibility. Why should someone overspending be rewarded while those in their means get nothing.