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

[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.

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.

You pay child support off your income, not the sale of your house. You are making up stuff. Saying you are a single mom who gets child support living in a million dollar house means you are doing far better financially than most, especially if you have 2+ kids in private.

[Anonymous]

Anonymous wrote:

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.

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.

You pay child support off your income, not the sale of your house. You are making up stuff. Saying you are a single mom who gets child support living in a million dollar house means you are doing far better financially than most, especially if you have 2+ kids in private.

Okay. In the state I divorced in it’s true. YMMV.

[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.

I assume that these people told PP their FA status.

[Anonymous]

And yes you do sound like one of the grifters - trying to pressure people into not questioning what you’re doing.

[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.

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.

All this means is you lived here and had money when a house could be bought for 400k. People who moved later, couldn't buy then, divorced later, etc are just SOL in your world?

If you think people are lying about their assets, say that. My school knows my income and where I live. They use that information to decide who gets aid and they decided to give me some. Sorry you don't like the informed decision somebody else made.

[Anonymous]

Anonymous wrote:

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.

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.

You pay child support off your income, not the sale of your house. You are making up stuff. Saying you are a single mom who gets child support living in a million dollar house means you are doing far better financially than most, especially if you have 2+ kids in private.

Financially, she lives in a 500k house.

[Anonymous]

Don't hate the player, hate the game.

[Anonymous]

Anonymous wrote:

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.

DP
Do you hear yourself?!

I had the same thought as PP. You're full of it.

[Anonymous]

Wow, I had no idea that so many rich people could be so stingy. But I guess you aren’t that rich of the thought of someone poorer than you getting aid is so triggering.

I live in a 500K house in an exurb and send my kids to public school at the moment. I am debating private if we can afford it. There is really no heartache for me if someone living in a bigger home gets aid. For all I know, they inherited it and only pay the taxes. And y’all are whining about them driving a Tesla? Some Teslas cost around the same as a Toyota.

[Anonymous]

This makes more sense.

Anonymous wrote: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]

Those kids have already graduated.

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.

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.

All this means is you lived here and had money when a house could be bought for 400k. People who moved later, couldn't buy then, divorced later, etc are just SOL in your world?

If you think people are lying about their assets, say that. My school knows my income and where I live. They use that information to decide who gets aid and they decided to give me some. Sorry you don't like the informed decision somebody else made.

[Anonymous]

Anonymous wrote:This makes more sense.

Anonymous wrote: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.

+1

[Anonymous]

Anonymous wrote:If they are at Stone Ridge I want to know about it. WTF?

In our experience, SR was not remotely generous when it came to aid. DH got sick and took a massive paycut. We had multiple girls at the school (all on the lifer track) and they were unwilling to even give us a payment plan. We struggled through but it was rough. Will never give them another cent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is 100% happening

How? I was dirt poor making $600 a month and my rent was $700 i got next to nothing literally to go to nova community college in the 90s.

Your info is not remotely on point.

[Anonymous]

Finaid formulas at Ivy League colleges can easily generate 100% grant aid for people in $1MM+ homes — it’s highly focused on income and generous with primary home values and 401k balances. So why are you expecting these secondary schools to view things so differently?