Financial Aid Report by SSS

[Anonymous]

I finally got my report back from SSS and it is a JOKE. It says that we could afford to contribute $ 24,000 when on the same sheet it said that are Net Worth was (13,000).. Our combined income is $ 150,000 with one child. That is a whole lot of money to come up with for school. I guess I can be counted out from attending unless the schools look at it differently? Has anyone gotten more than what the SSS from reported? I don't want to tell any of the schools to withdraw my application as maybe there is a chance we could get what we think we can afford ($ 16,000). When the SSS application asked that is what we told them. Maybe we should have said NOTHING. Discouraged.

[Anonymous]

I'm going to guess that you won't get much aid, but maybe some, depending on the school. Some schools adjust the SSS formula to account for the high cost of living in this area. We receive aid but make a little less than you and have 2 children in school. It's not easy, but we find that it's worth it.

[Anonymous]

Do you have a lot of equity in your house, investments, cash in your bank account? This could account for the high amount. The calculation is not just based on income.

[Anonymous]

We have NOTHING. It even said net worth negative
$ 13,000. We bought a house this year in SW DC for
$ 500K (with the low interest rates our monthly payment is $ 2700). We have NO equity. I'm thinking maybe they think we have a hidden bank account??? LOL. We disclosed that we had to pay closing cost of $ 35,000 but what they don't realize is that was our entire life savings! We were tired of renting and felt atleast we can get some tax writeoffs. I'm really disappointed and now convinced that public is our only option. However, our public school is terrible. We have put in for Out of bounds at a few schools. I know the value of a great education but realistically $ 15,000 is all we could comfortably afford without going into debt. Another thing..we don't have that much debt which maybe is hurting us? We have student loans which total $ 25,000 total and one car with a loan of $ 20,000.

[Anonymous]

I got my report and I'm at the other extreme. They said I cannot afford anything (which is pretty much the truth) as I make maybe $35K a year. But I wrote that I could afford about $2000 since that is what I pay for preschool. I'm interested if any of the private schools will give me anything since I need so much. I am doubtful.

[Anonymous]

I think you will be pleasantly surprised.

[Anonymous]

No you will get almost full tuition paid! If you look at the different school's websites they say they give in financial aid assistance anywhere from $ 1,000 to full tuition. They want economic diversity at the schools and I think you deserve it! Everyone should have the same opportunites. I just wish that they understood that
$ 150k a year in DC is really not that much for a family of three (or in our case is actually four but my husband doesn't have custody of his other child but does pay child support).

[Anonymous]

I'm worried that the schools will see I need nearly all of the tuition and instead decide to give that $20,000 to 2-3 families instead of just me.

[Anonymous]

Just did our taxes. AGI 57K with one child. What do you think our chances are for FA?

[Anonymous]

You have a great shot at aid. Both the last poster and the one before. My friend who is a single mom has a daughter at Sidwell and she gets fully paid tuition. She makes around $ 40,000 a year (and doesn't get child support). Her daughter is really bright and I guess they felt why should she not have the same opportunites just because her family situation is different! My sister and her husband live in NYC and they make $ 130 combined (POOR in NYC --they both work in non profit world) and their son goes to private and after I got my SSS report yesterday I called her. She said that the report showed they couldn't afford anything (well basically nothing which was $ 6,000) and that their son's school gave them 80% of the tuition costs. They may make you pay something...like the previous poster mentioned she put she could afford $ 2,000. They want to see some effort. I believe they look at education level and age and determine if you the parents are at full potential. So if you have a Masters degree and making $ 35,000 they may look at you differently than someone with a high school degree making that kind of money. I'm not tryiing to be mean but I'm actually trying to figure out how come they say we at $ 150k can afford $ 24k. I'm now thinking its becuse my husband makes only $ 40,000 and he has a degree (the problem is he could never get a job in his field --communications). Anyway, both of you should not worry the school's will work with you!

[Anonymous]

I wish I could use my education to make more money but in this economy, I feel happy to have any job at all that pays the bills. I have Master's in education but was put on the excess list for next year. Hopefully the schools will get that I should be making around $45K a year if I can actually get another teaching job.

[Anonymous]

OP - did you include your husband's Child Support on your form? That should make a difference as well (depending on how much it is)

[Anonymous]

Since he only makes $ 45k he is only required by the courts to pay $ 400 a month (although he pays more because he pays health insurance and helps with school and other things) we didn't have to include it because they say if you pay over $ 5,000 a year in child support. But, now you have me thinking! I really should have added up all the documented costs like the $ 175 he pays a month to add his son to his insurance at work and the other money he gives. Ughhh...I wish I hit the lottery...LOL

[Anonymous]

Anonymous wrote:I got my report and I'm at the other extreme. They said I cannot afford anything (which is pretty much the truth) as I make maybe $35K a year. But I wrote that I could afford about $2000 since that is what I pay for preschool. I'm interested if any of the private schools will give me anything since I need so much. I am doubtful.

Keep your head up my friend. I was in your position at one time, and you actually made 17,000 more than me. I cried when I received my admission packet and financial aid letter. I wanted this soo bad for my DC, and low and behold my dreams came true. I knew my DC was a diamond in the rough, and I was elated to know that the schools thought so as well. Good luck!

[Anonymous]

We make $170,000 a year. 3 kids (all under 5). No equity in our home, little money in the bank and was told by the SSS that we can afford $17,000 per year, per child. That is almost 1/3 of our gross salary. In reality close to 1/2 of our take home pay. Hopefully, the schools will see things differently and expect us to pay around $13,000 (which is what we pay now for private preschool year round).