What families qualify for financial aid?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm curious that the OP stressed their lack of home equity and savings--are home equity and retirement savings counted in the aid calculation?

Yes.

Thanks for answering. Seems odd/unfair to me that people who have saved prudently would be penalized for that, aid-wise, while people who have lived outside their means and thus have no savings would qualify for aid. Before anyone responds angrily, I of course don't meant that everyone without equity/savings has been living outside their means! Obviously there are those who simply can't afford to save or own a house. But there are certainly *some* people whose lack of savings reflects poor financial management and not life-circumstances--how does the school distinguish between the two?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm curious that the OP stressed their lack of home equity and savings--are home equity and retirement savings counted in the aid calculation?

Yes.

Thanks for answering. Seems odd/unfair to me that people who have saved prudently would be penalized for that, aid-wise, while people who have lived outside their means and thus have no savings would qualify for aid. Before anyone responds angrily, I of course don't meant that everyone without equity/savings has been living outside their means! Obviously there are those who simply can't afford to save or own a house. But there are certainly *some* people whose lack of savings reflects poor financial management and not life-circumstances--how does the school distinguish between the two?

We are one of those "middle class" financial aid recipients. We do have equity in our house, but that's because we bought our home 10 years ago. I think it would be different, if say, we just bought a home in Potomac and put down 300K as a downpayment. As for savings, we have the basic 401K. Frankly, the money we spend on tuition that is not covered by financial aid, which is substantial, would have paid for a house twice as big and much fancier retirement plans. I think most of our friends think that's poor financial management. We see it as valuing education above all. Thankfully, so does our wonderful school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm curious that the OP stressed their lack of home equity and savings--are home equity and retirement savings counted in the aid calculation?

Yes.

Thanks for answering. Seems odd/unfair to me that people who have saved prudently would be penalized for that, aid-wise, while people who have lived outside their means and thus have no savings would qualify for aid. Before anyone responds angrily, I of course don't meant that everyone without equity/savings has been living outside their means! Obviously there are those who simply can't afford to save or own a house. But there are certainly *some* people whose lack of savings reflects poor financial management and not life-circumstances--how does the school distinguish between the two?

It is based on the types of liabilities to assets. For example, if you have a ton of consumer debt, excessive car payments, no savings and some equity in your home then your chances of significant financial aid are slim because the expectation is that you should tap into your HE to invest in your DC's future. If you have reasonable to no car payments, student loan debt, some consumer debt, no savings, etc... you are more likely to get some aid that will make a dent in the cost of tuition. This of course is in relation to the total hhi.

A close friend is a Director of Admissions at an Independent school in another state so she has given us the rundown on how it works. For those of you worried about the people with extravagant lifestyles getting your hard-earned money, don't worry. The financial aid offices are very aware of those people "living high on the hog" looking for an unfair advantage and those who are hard working but truly can't afford the entire tuition.

I believe that the financial aid process is fair.

[Anonymous]

Another middle class family by definition receiving financial aid. But truly we are middle class working poor. We live check to check, have no savings, own a home with little equity and struggle every month to make tuition payments and after - care cost. Our HHI is about 130,000 a year we have two car payments and a significant amount of student loan debt, and consolidation loans to manage consumer debt.

I believe the AD's look at the entire situation when considering families for aid. The amount we were rewarded still wasn't enough but we make it work because we value education. There is probably a secret formula. If you think you may qualify complete the paper work and find out for sure.

Good Luck to all. Private school tuition is tough whether you may 25,000 and greater or reduced rates. With our financial aid grant we pay about 13,000 a year including after care expenses. The Sidwell calculator is pretty accurate; our award was similiar to the amount indicated by the calculator. We attend what some would refer to as a Big Three School. HTH

[Anonymous]

NP here. I have read this thread and others on this topic but remain really confused by all this. Our HHI is about 250K, from DH. I don't work but have a toddler at home in addition to our school-aged child (and was in the non-profit world before kids and would only earn about 50K if I were to go back to work; I plan to go back to work in any cased when our younger child is in kindergarten but that is several years away). We have no student loans, pay our credit cards in full each month, and have equity of about 500K (I'm guessing) and retirement savings of about 300K, in retirement accounts. Our mortgage, property taxes, etc., all takes about 20% of income. We do not take vacations at all, but we do pay for a lot of lessons/activities, camp, etc. Starting next year we will have preschool costs as well. We pay one private school tuition now, and I've always thought that although we are obviously not poor, there is no way on this income that we could manage two private school tuitions. (We've been planning to move our older child to public after elementary, and/or send our younger child to public.) Now I'm really confused--is there any way we might receive some aid, even if not a lot? How would find this out without filling out everything, which would be onerous if there is no hope. Thanks for any information.

[Anonymous]

PP here--forgot to mention also that we own our (very old, non-luxury) cars outright, if that matters as well.

[Anonymous]

Anonymous wrote:NP here. I have read this thread and others on this topic but remain really confused by all this. Our HHI is about 250K, from DH. I don't work but have a toddler at home in addition to our school-aged child (and was in the non-profit world before kids and would only earn about 50K if I were to go back to work; I plan to go back to work in any cased when our younger child is in kindergarten but that is several years away). We have no student loans, pay our credit cards in full each month, and have equity of about 500K (I'm guessing) and retirement savings of about 300K, in retirement accounts. Our mortgage, property taxes, etc., all takes about 20% of income. We do not take vacations at all, but we do pay for a lot of lessons/activities, camp, etc. Starting next year we will have preschool costs as well. We pay one private school tuition now, and I've always thought that although we are obviously not poor, there is no way on this income that we could manage two private school tuitions. (We've been planning to move our older child to public after elementary, and/or send our younger child to public.) Now I'm really confused--is there any way we might receive some aid, even if not a lot? How would find this out without filling out everything, which would be onerous if there is no hope. Thanks for any information.

On $250K you can't afford tuition for 2? There are schools that don't cost $30K.

I just can't believe (unless this is a joke or unless you feel the need to share details about your very comfortable lifestyle) that you're even posting this question.

financial aid?

I am still in shock.

[Anonymous]

Anonymous wrote:

Anonymous wrote:NP here. I have read this thread and others on this topic but remain really confused by all this. Our HHI is about 250K, from DH. I don't work but have a toddler at home in addition to our school-aged child (and was in the non-profit world before kids and would only earn about 50K if I were to go back to work; I plan to go back to work in any cased when our younger child is in kindergarten but that is several years away). We have no student loans, pay our credit cards in full each month, and have equity of about 500K (I'm guessing) and retirement savings of about 300K, in retirement accounts. Our mortgage, property taxes, etc., all takes about 20% of income. We do not take vacations at all, but we do pay for a lot of lessons/activities, camp, etc. Starting next year we will have preschool costs as well. We pay one private school tuition now, and I've always thought that although we are obviously not poor, there is no way on this income that we could manage two private school tuitions. (We've been planning to move our older child to public after elementary, and/or send our younger child to public.) Now I'm really confused--is there any way we might receive some aid, even if not a lot? How would find this out without filling out everything, which would be onerous if there is no hope. Thanks for any information.

On $250K you can't afford tuition for 2? There are schools that don't cost $30K.

I just can't believe (unless this is a joke or unless you feel the need to share details about your very comfortable lifestyle) that you're even posting this question.

financial aid?

I am still in shock.

That is correct, we can't. The schools we are interested in do cost close to 30K, and no, we cannot afford 55-60K in tuition on our income. We do not live luxuriously *at all* (as I said, we don't even take vacations--I mean that quite literally; we have not been away in a decade--have old cars, etc.) (We do, however, contribute to retirement accounts and college funds, which some might consider a luxury.) It is certainly a comfortable income (did I say it wasn't? I truly don't understand your hostile tone to my simple question), but it is not one that allows us to spend 55-60K on tuition. I asked a simple question--why the hostility? I specifically said I had always thought that we wouldn't qualify for aid and that we were planning on public school, but entries on this thread had led me to think possibly otherwise (entries, for example, that said that need is determined by whether a family can reasonably afford the tuition, and not on whether that family is by definition objectively working-class/low-income), so I was asking an innocent question. Why are you so angry? (Serious question.)

Again, I would like some information from people who might have knowledge--is there any chance of us getting even a little bit of financial aid? I am asking a serious, innocent question. If anyone would like to provide a helpful answer, I welcome that. If anyone else feels the deep-rooted need to answer with venom, I would be grateful if you would please refrain. Thank you.

[Anonymous]

PP again. I forgot to mention: if the simple answer to my query is "no, you wouldn't get even a penny of aid," then that's just fine as a response, and I welcome such clarity. It's the hostile attitude that I am asking people to please avoid!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I have read this thread and others on this topic but remain really confused by all this. Our HHI is about 250K, from DH. I don't work but have a toddler at home in addition to our school-aged child (and was in the non-profit world before kids and would only earn about 50K if I were to go back to work; I plan to go back to work in any cased when our younger child is in kindergarten but that is several years away). We have no student loans, pay our credit cards in full each month, and have equity of about 500K (I'm guessing) and retirement savings of about 300K, in retirement accounts. Our mortgage, property taxes, etc., all takes about 20% of income. We do not take vacations at all, but we do pay for a lot of lessons/activities, camp, etc. Starting next year we will have preschool costs as well. We pay one private school tuition now, and I've always thought that although we are obviously not poor, there is no way on this income that we could manage two private school tuitions. (We've been planning to move our older child to public after elementary, and/or send our younger child to public.) Now I'm really confused--is there any way we might receive some aid, even if not a lot? How would find this out without filling out everything, which would be onerous if there is no hope. Thanks for any information.

On $250K you can't afford tuition for 2? There are schools that don't cost $30K.

I just can't believe (unless this is a joke or unless you feel the need to share details about your very comfortable lifestyle) that you're even posting this question.

financial aid?

I am still in shock.

That is correct, we can't. The schools we are interested in do cost close to 30K, and no, we cannot afford 55-60K in tuition on our income. We do not live luxuriously *at all* (as I said, we don't even take vacations--I mean that quite literally; we have not been away in a decade--have old cars, etc.) (We do, however, contribute to retirement accounts and college funds, which some might consider a luxury.) It is certainly a comfortable income (did I say it wasn't? I truly don't understand your hostile tone to my simple question), but it is not one that allows us to spend 55-60K on tuition. I asked a simple question--why the hostility? I specifically said I had always thought that we wouldn't qualify for aid and that we were planning on public school, but entries on this thread had led me to think possibly otherwise (entries, for example, that said that need is determined by whether a family can reasonably afford the tuition, and not on whether that family is by definition objectively working-class/low-income), so I was asking an innocent question. Why are you so angry? (Serious question.)

Again, I would like some information from people who might have knowledge--is there any chance of us getting even a little bit of financial aid? I am asking a serious, innocent question. If anyone would like to provide a helpful answer, I welcome that. If anyone else feels the deep-rooted need to answer with venom, I would be grateful if you would please refrain. Thank you.

Poster we have one child an HHI of 125,00 and receive aid. We receive about 14,000 not including aid for after care cost, enrichments, and book fair. I would think if you have two DC's and your income is double ours you would qualify for some aid. Especially if you have two children in tuition charging schools.

[Anonymous]

I agree that a household income of 250K does not necessarily mean that a family could afford tuition at the elite private schools for 2 children. The few families I do know in that category are barely able to make the monthly tuition payments, and are making enormous sacrifices (not saving for college, not saving/investing, no vacations, getting by with one car, living in too-small houses).

PP, I think in your case, the fact that you are not working will be held "against you." They will attribute to you an income, whether actual or not. I also think schools are philosophically more comfortable giving aid to two-working parent families. I've known two-income families who make a fair amount (though I'm not exactly sure how much) who get some aid, which covers a small portion of tution but a good chunk of after-school care, which makes so much sense.

My sense is that a school knows when a family is truly sacrificing to send their kids to private schools, and in some cases with incomes in the ballpark of which you speak, with kids and families who are an overall asset to the school, the school will do what it can to help out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:NP here. I have read this thread and others on this topic but remain really confused by all this. Our HHI is about 250K, from DH. I don't work but have a toddler at home in addition to our school-aged child (and was in the non-profit world before kids and would only earn about 50K if I were to go back to work; I plan to go back to work in any cased when our younger child is in kindergarten but that is several years away). We have no student loans, pay our credit cards in full each month, and have equity of about 500K (I'm guessing) and retirement savings of about 300K, in retirement accounts. Our mortgage, property taxes, etc., all takes about 20% of income. We do not take vacations at all, but we do pay for a lot of lessons/activities, camp, etc. Starting next year we will have preschool costs as well. We pay one private school tuition now, and I've always thought that although we are obviously not poor, there is no way on this income that we could manage two private school tuitions. (We've been planning to move our older child to public after elementary, and/or send our younger child to public.) Now I'm really confused--is there any way we might receive some aid, even if not a lot? How would find this out without filling out everything, which would be onerous if there is no hope. Thanks for any information.

On $250K you can't afford tuition for 2? There are schools that don't cost $30K.

I just can't believe (unless this is a joke or unless you feel the need to share details about your very comfortable lifestyle) that you're even posting this question.

financial aid?

I am still in shock.

That is correct, we can't. The schools we are interested in do cost close to 30K, and no, we cannot afford 55-60K in tuition on our income. We do not live luxuriously *at all* (as I said, we don't even take vacations--I mean that quite literally; we have not been away in a decade--have old cars, etc.) (We do, however, contribute to retirement accounts and college funds, which some might consider a luxury.) It is certainly a comfortable income (did I say it wasn't? I truly don't understand your hostile tone to my simple question), but it is not one that allows us to spend 55-60K on tuition. I asked a simple question--why the hostility? I specifically said I had always thought that we wouldn't qualify for aid and that we were planning on public school, but entries on this thread had led me to think possibly otherwise (entries, for example, that said that need is determined by whether a family can reasonably afford the tuition, and not on whether that family is by definition objectively working-class/low-income), so I was asking an innocent question. Why are you so angry? (Serious question.)

Again, I would like some information from people who might have knowledge--is there any chance of us getting even a little bit of financial aid? I am asking a serious, innocent question. If anyone would like to provide a helpful answer, I welcome that. If anyone else feels the deep-rooted need to answer with venom, I would be grateful if you would please refrain. Thank you.

Poster we have one child an HHI of 125,00 and receive aid. We receive about 14,000 not including aid for after care cost, enrichments, and book fair. I would think if you have two DC's and your income is double ours you would qualify for some aid. Especially if you have two children in tuition charging schools.

I should have stated that my DH and I both work full time.

[Anonymous]

We have -- in the past -- made $200K and qualified for some financial aid. That $200K is about $130K once you take out taxes and retirement contributions. We have a small mortgage ($3000/month), two kids in private ($5000/month), and we partially support two of our parents ($700/month). That leaves $1300 month for all living expenses. We do not take fancy vacations, drive new cars, or go out to dinner. It is a lot of $$, but $200K does not go as far as you would think once you have two children in private.

Anonymous wrote:If your HHI is $200K, don't you think asking for financial aid is embarrassing? Unless you're living high on the hog, how can a household income of $200K qualify anyone for financial aid?

Shouldn't aid be given only to those truly in need?

BTW - This is a sincere question.

[Anonymous]

I guess everything is relative. $3000 is not a small mortgage to me. at all. Retirement contributions also seem like a luxury.

[Anonymous]

Anonymous wrote:I guess everything is relative. $3000 is not a small mortgage to me. at all. Retirement contributions also seem like a luxury.

I really don't think you should be sending your children to private school if you cannot make any contributions to your retirement. I don't think there's a financial planner out there who would say this is a good idea.