Finacial aid at 350K HHI with high mortgages and nanny

[Anonymous]

OP, I believe you will qualify for financial aid to private school because you spend most of your $350k a year. School administrators are paid well and can sympathize with your predicament. Also, you may not be aware of this, but you probably qualify for food stamps as well. You should apply.

[Anonymous]

Anonymous wrote:Looking at potomac school and langley.

Do they take into account your net after mortgages, childcare, credit cards etc...

What would they not consider against our gross/net (car payments, etc...)

My spouse thinks that since we have very little net because of a nanny, 2 cars and a high mortgage (zero down on 980k) that we may be able to qualify.

Is this a freaking joke. Hey Y'all. I'm overextended and living above my means, but really really really want to DC to go to Potomac. My husband thinks we have a shot at financial aid! You and your husband are ridiculous.

[Anonymous]

Anonymous wrote:OP, I believe you will qualify for financial aid to private school because you spend most of your $350k a year. School administrators are paid well and can sympathize with your predicament. Also, you may not be aware of this, but you probably qualify for food stamps as well. You should apply.

Uh, seriously? There is no effing way the OP will be offered aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, I believe you will qualify for financial aid to private school because you spend most of your $350k a year. School administrators are paid well and can sympathize with your predicament. Also, you may not be aware of this, but you probably qualify for food stamps as well. You should apply.

Uh, seriously? There is no effing way the OP will be offered aid.

No, not seriously. I'm pretty sure that PP was being sarcastic.

[Anonymous]

I think you should be more concerned about SAVING money for a potential disaster (loss of jobs, health crisis, college, sick parents) than requesting other families to pay your way into a private school so you can go above your means again.

I am all for helping out people that aren't at the complete bottom of the barrel, but you - wow. Not even close. YOU are the ones that usually supplement the financial aid fund, not deplete it.

[Anonymous]

OP, as parent at one of your target schools with a similar HHI, I would be disgusted if an application like yours even came to my attention.

Those private school familes in the 200k-350k HHI range all feel some stretch and stress to pay tuition, but it's a choice we make and can afford it by trading off on other expenditures. Tough luck if you can't make the trade offs.

[Anonymous]

I don't think it is fair that a family receive any aid unless both parents are working outside of the home full time! I don't think it is fair to calculate what they would be making into the equation. For example, if they had a career that had a low paying job then they made a choice to pursue a career that would not pay enough to send their child to private school. Many people hate their high paying jobs but endure them to pay for private school etc... I think it sends a bad message to those parents struggling to pay full tuition that someone that decides to not work can receive aid but calculating say $25,000 into their financial aid calculations as if they are working but they really are not when there are many of us that are in fact really working full time for that salary. I think Financial Aid needs to rethink this or it is not fair to those of us actually working full time and struggling to do so.

[Anonymous]

Anonymous wrote:(Questions like the OP's are why I keep reading the private school forum.)

+1. Seriously, LMAO.

[Anonymous]

Anonymous wrote:I don't think it is fair that a family receive any aid unless both parents are working outside of the home full time! I don't think it is fair to calculate what they would be making into the equation. For example, if they had a career that had a low paying job then they made a choice to pursue a career that would not pay enough to send their child to private school. Many people hate their high paying jobs but endure them to pay for private school etc... I think it sends a bad message to those parents struggling to pay full tuition that someone that decides to not work can receive aid but calculating say $25,000 into their financial aid calculations as if they are working but they really are not when there are many of us that are in fact really working full time for that salary. I think Financial Aid needs to rethink this or it is not fair to those of us actually working full time and struggling to do so.

I don't think it's fair that someone who writes so poorly earns so much money. But, sad to say, I don't make the rules around here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You're kidding, right?

No, we have very little net

Your net would be before the mortgage, nanny, and cars, because those are luxuries you purchase with your net income.

If you can afford a $980K house you can afford to live in a good public school zone.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Isn't most financial aid for schools like Potomac (with a high school) reserved for high school (or at least middle school) students to bump up diversity or recruit a talented athlete or scholar? Would financial aid be given to say, a Pre-K or K applicant unless the applicant was from an unrepresented minority group?

Yes, most financial aid in the privates is reserved for minority candidates so the school can boost its diversity claims. In some schools, the auction proceeds go into the same pool.

I'm the middle income parent of a URM child (actual middle income, slightly below the area median). My kid was turned away at several private schools, who told me outright that they didn't like to accept kids who would take "too much" financial aid. He was accepted at others without aid. In the meantime, I know a number of white families who did not bring diversity whose kids got partial aid.

My guess is that you think that most of the aid is going to URMs, because it never occurs to you to question whether that Bethesda/McLean mom next to you is getting any.

[Anonymous]

maybe if they got rid of financial aid all together tuition would be more affordable for everyone

[Anonymous]

As a family on the receiving end of FA at a private NOVA school, I can honestly say that OPs situation and question is not as ridiculous as it sounds and yes, there are people like their family receiving aid.

So to the OP, go ahead, fill out the app, submit it and see what happens. No one will laugh at you and no one will say anything to you publicly.

They might not provide anything on the first go around but instead tell you to wait until after their commitment date for when they will find out if anymore aid is freed up.

[Anonymous]

Anonymous wrote:maybe if they got rid of financial aid all together tuition would be more affordable for everyone

Yes!! My DC's school has three full time staff working in the advancement office plus a part time person who helps with the fall festival and auction. Just the salaries and benefits of these folks represents about half of what the school gets from annual giving and auction. Such a waste! Plus tuition is set so that all full paying families are basically contributing 10 percent towards scholarship. Including staff re missions, the school pays about $1 million a year towards FA. Strip all of that out and the tuition becomes much more affordable for all. Add back just annual giving (which requires one part time staff person plus volunteers) and offer very limited FA to truly needy ... Persons such as OP would not qualify. I'm such a dreamer ...

[Anonymous]

OK, so if tuition is $30,000, and 10% goes towards scholarship, then without financial aid, tuition would be $27,000. This would be "much more affordable for all"?