How much do you make and how much FA do you receive?

[Anonymous]

We are a family of four and make about $200,000 but we also support my aging mother. Any chance of any FA?

[Anonymous]

Depends on your debts and assets.

[Anonymous]

In addition, they will take into account whether both parents work, even if one is taking care of your mom.

[Anonymous]

Yes...you have a chance. As PP said, depends on your debts, other assets, and special circumstances.

[Anonymous]

Family of 4, 1 with SN and attends a special school. Other in a lower-cost regular private school. We make around $115/year with both of working and also do extra things in our fields for add'l money on top of working. We have house equity but otherwise nothing and having a SN child makes the future more uncertain. We get $8K/year for FA. We figure out a way to make the other portion get paid. Grandparents will kick in a little here and there as they can.

[Anonymous]

We have a HHI of $310k and a $500k mortgage. One child. I thought there was no way we would ever qualify for FA and didn't apply, even though it's not like we have an extra $30k lying around each year. I was talking to a friend with two kids in private school at about the same income level as us. She said her family gets FA and that only the ultra rich pay the full sticker price. I find that hard to believe and would have felt ridiculous asking for FA, but I also wonder if she's right.

[Anonymous]

Anonymous wrote:We have a HHI of $310k and a $500k mortgage. One child. I thought there was no way we would ever qualify for FA and didn't apply, even though it's not like we have an extra $30k lying around each year. I was talking to a friend with two kids in private school at about the same income level as us. She said her family gets FA and that only the ultra rich pay the full sticker price. I find that hard to believe and would have felt ridiculous asking for FA, but I also wonder if she's right.

She does have two kids and that could make all the differences.

[Anonymous]

Anonymous wrote:We have a HHI of $310k and a $500k mortgage. One child. I thought there was no way we would ever qualify for FA and didn't apply, even though it's not like we have an extra $30k lying around each year. I was talking to a friend with two kids in private school at about the same income level as us. She said her family gets FA and that only the ultra rich pay the full sticker price. I find that hard to believe and would have felt ridiculous asking for FA, but I also wonder if she's right.

She's wrong. We have a mortgage half your size, income about half yours and have been paying full freight - using assets.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have a HHI of $310k and a $500k mortgage. One child. I thought there was no way we would ever qualify for FA and didn't apply, even though it's not like we have an extra $30k lying around each year. I was talking to a friend with two kids in private school at about the same income level as us. She said her family gets FA and that only the ultra rich pay the full sticker price. I find that hard to believe and would have felt ridiculous asking for FA, but I also wonder if she's right.

She does have two kids and that could make all the differences.

Doubtful. I'm guessing that she is leaving out some information, or her definition of "about the same income level" is very different than yours.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have a HHI of $310k and a $500k mortgage. One child. I thought there was no way we would ever qualify for FA and didn't apply, even though it's not like we have an extra $30k lying around each year. I was talking to a friend with two kids in private school at about the same income level as us. She said her family gets FA and that only the ultra rich pay the full sticker price. I find that hard to believe and would have felt ridiculous asking for FA, but I also wonder if she's right.

She does have two kids and that could make all the differences.

Doubtful. I'm guessing that she is leaving out some information, or her definition of "about the same income level" is very different than yours.

Why would she lie about receiving FA? That would be dumb. Your disbelief is because you didn't think it would be possible. If anything people lie about being full pay moreso than receiving FA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have a HHI of $310k and a $500k mortgage. One child. I thought there was no way we would ever qualify for FA and didn't apply, even though it's not like we have an extra $30k lying around each year. I was talking to a friend with two kids in private school at about the same income level as us. She said her family gets FA and that only the ultra rich pay the full sticker price. I find that hard to believe and would have felt ridiculous asking for FA, but I also wonder if she's right.

She's wrong. We have a mortgage half your size, income about half yours and have been paying full freight - using assets.

Uhh duh...you have assets. Very different picture.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have a HHI of $310k and a $500k mortgage. One child. I thought there was no way we would ever qualify for FA and didn't apply, even though it's not like we have an extra $30k lying around each year. I was talking to a friend with two kids in private school at about the same income level as us. She said her family gets FA and that only the ultra rich pay the full sticker price. I find that hard to believe and would have felt ridiculous asking for FA, but I also wonder if she's right.

She's wrong. We have a mortgage half your size, income about half yours and have been paying full freight - using assets.

Uhh duh...you have assets. Very different picture.

+1 assets = money, you are NOT in the same situation as the family quoted.

[Anonymous]

So the moral of the story is everyone should apply for FA, just in case?

[Anonymous]

$165,000 HHI, $200,000 left on mortgage, no real savings or assets other than 401(k) and 529 funds. 4 kids in private school. We get 50% tuition at the most expensive school. Nothing at the other 2 schools.

[Anonymous]

So $90,000 in tuition on $165k per year?