FA shouldn't go to people with 1 million dollar houses

[Anonymous]

and it does. I know someone who is continually crying poor and whose kids get financial aid, and when I zillowed her house, it's worth over $1 million.

In my mind, if you want your kids to go to a private school and you will be a little squeezed doing so on your income, sell the million dollar house and use the half million you have in equity to fund their tuition. Don't take FA away from kids whose parents really need it.

[Anonymous]

How do you know they have any equity in it? Or, for that matter, that they aren't upside down on their mortgage like so many people are right now?

[Anonymous]

The gurus in Princeton look into all that. And, moreover, the FA climate in schools is as tight as it has been in decades. I seriously doubt the million dollar house people are rolling in the dough. You don't and can't know their full financial situation (including what aid, if any, they are receiveing) so it is a waste of time and a promoter of high blood pressure to worry about it.

[Anonymous]

How do you know they actually pay the mortgage? Maybe the house was bought for them?

[Anonymous]

Why are you prying like this?

[Anonymous]

Could it be she does not own the house? I know people who live in housing provided by an employer.

[Anonymous]

We have a $1M+ house that is heavily mortgaged to pay medical bills. We're one of those families that Obama talks abuot when he says "people shouldn't go broke just because they get sick."

We've managed to avoid bankruptcy (but just barely), and are trying to hold onto the house until the market rebounds. If we sell now, any equity will go to the agent as commission.

[Anonymous]

I will happily buy it w/o an agent depending on house and location.

Anonymous wrote:We have a $1M+ house that is heavily mortgaged to pay medical bills. We're one of those families that Obama talks abuot when he says "people shouldn't go broke just because they get sick."

We've managed to avoid bankruptcy (but just barely), and are trying to hold onto the house until the market rebounds. If we sell now, any equity will go to the agent as commission.

[Anonymous]

What about people who get FA and travel every summer -- as in very nice travel? Or send their children to expensive sleepaway camps? The system's wacked.

[Anonymous]

Camps also often give FA. And sometimes grandparents pay for travel. Seriously why stress yourself out over something you can't control?

[Anonymous]

OP...that sort of thing drives ME NUTS!!!!!! The financial system is so out of wack. I just don't understand why we do not qualify. Our AGI was $ 145,000 and we are first time homewowners. In order to even get the house I had to cash out my ENTIRE retirement (about 40k just for closing costs). We are not young either (44). We have one child together and my husband has a child from a previous relationship to whom he pays child support. It is a real strain financially but the public school is just not up to par. We could not afford a home in a good school neighborhood. I just get so mad when I hear about people with alot of assets getting finanical aid. Do you think that fact that we have no debt other than student loan (YES still paying mine off and I only have a BS) and house. I just cant' figure it out.

[Anonymous]

Anonymous wrote:We have a $1M+ house that is heavily mortgaged to pay medical bills. We're one of those families that Obama talks abuot when he says "people shouldn't go broke just because they get sick."

We've managed to avoid bankruptcy (but just barely), and are trying to hold onto the house until the market rebounds. If we sell now, any equity will go to the agent as commission.

I hope you're not pretending that you can afford private school(s) in this situation.

[Anonymous]

Man the OP might be talking about me. Well I have news for you honey -- you have NO CLUE. Do not judge someone else until you walk a mile in their shoes. You have no clue who else I am supporting on my income, what other expenses I have.

I cannot believe you don't have better things to do with your time than value my house (or someone else's). I have to live somewhere. The house costs less than what it would take to rent a place given the tax benefits. Real estate appreciation made my house worth a lot. And I borrowed heavily against it. And used that money to pay tuition among other things.

I am constantly crying poverty and I'm not lying about it. Yeah, we could sell the house (get not that much in this market) and move into a less expensive house. But I would not have enough to pay a deposit on a new house given the leverage on this one. Day of 100% financings are over.

Meanwhile you are a total you know what for worrying about me. Worry less about me, and my financial issues and more about yourself. Don't judge. You have no idea.

[Anonymous]

And more importantly, how do YOU know who gets financial aid and who doesn't?!

[Anonymous]

You can't judge anyone's finances by the $1 million house alone. That's like judging someone solely by the fancy car they drive, when that car could be a rental or a gift.