Do many private schools have defined HHI cutoffs for financial aid?
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Anonymous
| I've heard rumors that for some schools if your HHI exceeds $175k you will not qualify for any aid. Is this standard? |
Anonymous
| At ours, 150k with one kid. 175k with 2 or more |
Anonymous
| There's no defined cutoff. Your HHI only tells one piece of your financial picture. |
Anonymous
| Is this taxable income or gross? |
Anonymous
| What happens if you own your home? |
Anonymous
| Determining financial aid takes your entire financial picture into consideration (income, savings, retirement contributions, home, cars, etc....). Every family is different and schools look at each family individually. If you feel that you cannot afford tuition, please have a conversation with the director of financial aid at the school you are interested in. It is the only way to know whether or not you will qualify for aid. |
Anonymous
| If they use the standard FA forms and service, there is a formula that calculates what you can contribute. Most are going by that formula as a cut off. |
Anonymous
aren't you supposed to put in an estimate of what you think you can afford? or does the formula actually calculate this for you? |
Anonymous
Both. Some FA companies do ask you what you think you can afford. But they also include an amount they think you can afford to pay. |