Reply to FA Question: Inherited house, now worth $1M, now what?

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[quote=Anonymous]Sorry you find it "weird snobbishness", but actually it's sorting based on 2 factors:  in that situation looking at need based aid you start with the list of schools that take FAFSA and not Profile.  Then remove the schools that add their own supplement that requests home equity and adjusts for that.  You've now removed a large majority of the top 500 schools in the US where you are unlikely to get financial aid because of the home equity.  Is it "snobbish" to prefer that kid goes to a top 500 school when they have the grades and scores to get in a top 10 school?

Now go the other direction.  Kid has the grades to get into the NESCACs.  If net cost is your main concern I think you will actually do better going the other direction and looking at schools where the scores are so out of line they will give you full tuition + just for the academics.  University of Alabama is one here that is like that and there are others.  Actually think there are more schools in this group than the upper group.  You're just not likely to get something that in the ratings is top 150.  Schools here are looking to move up in rankings and need academic students to improve their scores.

So you can go either of these directions to reduce cost, go to Williams or Amherst and borrow fund $60k a year, or something in between.  It's all just a family decision, snobbish or not.  [/quote]

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