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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]There are forms to fill out where the children's assets are disclosed, including any trust funds.  it would be dishonest to exclude any assets from the FA forms.  They ask about all real estate owned or rented, all vehicles, the price of clubs and vacations, all assets and debts.  And the debts are separated out from mortgage, equity loans, car payments, consumer debts (ie credit card) and other debts (ie student loans from the parent).  All of these inputs also require further clarification.  So the school sees the numbers as well as the explanantions (hypothetically such as $25,000 is in credit card debt, $10,000 alimony owed, $40,000 med school loans, whatnot).

If someone is gaming the system and not disclosing their assets, this is indeed fraud.  You have to sign something, and also submit your tax forms as proof (which means they cheat on their taxes too).  If someone has disclosed their financial data (ie high income, expensive home or car or whatever) and still receive FA it means that they have been deemed needy.

If someone has nice clothes or a nice job or a nice house and still gets FA that means they qualified.  The OP claims she knows details about the original target's house/mortgage, income, and that the kids go to expensive sleepaway camps too (they may get scholarships there as well just to get your knickers in another knot).  Maybe she does, maybe she doesn't.  Maybe the FA recipient is honest and getting FA anyway, maybe not.

But there are honest recipients (like me) that you obviously wouldn't like.  You would say I should move.  You would say that I should sell my 7 year old junky car and get an even junkier one and definitely not a German one no matter what.  You would tell me not to have nice clothes for my kids (though they came for free as hand me downs).  You would say not to eat out ever (though we don't, and when we do it is for a special occassion or with a coupon).  You would say no camps because my DC gets FA and therefore we cannot spend any money during the summer (though they need to be somewhere).  You would say never go on vacation.  Oh yeah, we don't.  Nevertheless, sit there judging others.  It is easy to cast stones.

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The only thing I was saying was that the person who has $700K equity in a $1million house should use some of that equity to pay for tuition.  You have managed to address all the other aspects (camps, clothes, car) but have neglected to address the one critical one.  Why is a person with $700K equity in a house, with a substantial income getting financial aid, or should I say taking financial aid from another family?

I didn't say people who drive Mercedes shouldn't get financial aid.  I was very specific.  A $1 million dollar house.  I stand by my statement.  [/quote]

How do you know that the $700,000 equity in someone else's house can be liquidated for anywhere close to $700,000 in this slow real estate market, or that the equity or can be borrowed against in the current environment of stingy lenders and low-house-value assessments? How do you know that the equity in not legally encumbered in some other way? You simply don't know.[/quote]

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