Finacial aid at 350K HHI with high mortgages and nanny
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Anonymous
When you live in suburbia with 2-3 kids and your car dies, if you are on FA, what is an acceptable amount to spend on a new car? New SUVs can range from $25K to $75K. Or do you think that the family that is on FA should not get a new car when the old one has died? |
Anonymous
| Poor little rich girl. Disgusting. |
Anonymous
I'm not PP, but I don't think a family on FA should be buying a new car. We pay full tuition, donate generously to annual giving and buy used cars. If you need help from FA to be able to afford private school tuition, you have no business buying a new car. There are plenty of reliable used cars to choose from that cost less than $20K. |
Anonymous
| Agree with pp ... New cars, vacations, college savings, and even retirement savings are all optional as is private school tuition. I would place retirement and college savings way ahead in importance, but if another family chooses differently that is their business. But don't ask others to help you pay for something nice but optional like school so that you don't have to make the sacrifices yourself such as a used rather than new car. |
Anonymous
"SUV" is not actually a synonym for "car". |
Anonymous
It's not, but SUV is the new station wagon. There are few cars that can fit a family of 5. 4 absolutely, but 3 kids--- no way, |
Anonymous
Snort. Growing up my family of five took cross country road trips in small volkswagons ... I was the youngest, so I got to sit on the hump part of the back seat. No ac and the back windows didn't roll down. AM radio. Makes a corolla look positively luxurious! |
Anonymous
This is true. Not sure a car seat would fit on the hump though. I wish they still made an old fashioned woody. Those things could haul kids and crap like nothing else. And there was nothing better them finally being old enough to sit in the way back. |
Anonymous
I can imagine circumstances in which a family over $200,000 would and should get financial aid. My father made good money, probably the 1980's equivalent of $200,000. The 3 of us went to Sidwell, and then on to the colleges of our choice, full pay, no financial aid, and though my parents definitely tightened the belt to make it happen we certainly weren't suffering. When I was a Junior in college, both my father and my sister came down with major, life threatening illnesses. My father's fortunately, was covered by insurance, but my sister's wasn't and her medical care that year was astronomically expensive. In addition, both ended up being treated by specialists far from home in different directions, and my mother spent a lot of money flying back and forth between the two. She needed to quit her job to do so, and while it wasn't the primary income, it was still a cut. That year, my parents had 2 kids in colleges that today would be over $50,000 each. For the first time ever, qw applied for aid, and both schools knocked about 50% off the bill. Some of it was loans, and work study, and some was grant money. I can imagine similar circumstances, with a sick child, or other true financial emergencies where aid for a family with a $200,000 income or even more would make sense. But that would be for expenses like bone marrow transplants, like expenses like a bigger house. |
Anonymous
I would also have "very little net" if I bought a house like that with nothing down. So I didn't. |
Anonymous
Give me a break -I have three carseats in the back of my Camry. Excuses are like a$$holes. Everyone has one. |
Anonymous
| Heck, I put three boosters across in my Ford Focus. This thread is just silly. |
Anonymous
| So much about financial aid is unfair. We have always had a relatively modest HHI by DCUM standards (no more than $150-160K), but still have managed to save for retirement and college by not living extravagantly. Thanks to many years of saving (and a few bull markets), we have enough in our accounts that I doubt we'll ever qualify for financial aid. Instead, when the kids get to college, we will be taking a $50-60k a year hit to our savings, while those who had much higher incomes over the years but lived high on the hog will be paying a lot less. I feel more comfortable knowing that we have planned for our future, but I still resent that my tuition has been pushed higher in part to allow for aid to those who have been totally irresponsible with their spending. |
Anonymous
This is interesting. I have been very responsible with spending and have a relatively low HHI (under 100k). I don't know if we will qualify for aid because we have some savings and some equity in our home. And I am not willing to spend down everything to pay for private - it just seems like a very bad financial move. However, I am unclear who is getting aid that has been irresponsible with their spending? Certainly not OP! I just can't believe that someone with that high of a HHI would qualify. |
Anonymous
I totally agree with this and have experienced it many times in life ... for example, when the housing boom went bust, a lot of people who bought houses they never should have were getting sweetheart loan forgiveness deals and so forth. Our family bought a much smaller house, financed it responsibly, and ... gasp ... made payments until we owned it. Now that we own our home, we would never get FA for private or college. But we wouldn't apply for it either ... southern pride would never allow me to ask others to pay for something when I could do it myself. So despite the sneaking feeling of unfairness that occasionally creeps into my mind, I mostly feel comfortable with my own decisions. I also no longer donate to FA because I have seen too many instances of folks who make more than us making different choices. |