Reply to What kind of income receives financial aid?

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[quote=Anonymous][quote=Anonymous]The financial aid formula is not based solely on income it is also based on "assets" and yes, the equity in your home is an asset and I think that it is reasonabl to take this into account when determing a family's ability to pay.[/quote]

145K here with the NW DC home.  I dont quite agree with this.  The equity in our home is what we used as a down payment, this is not "accessible" cash sitting in a bank account somewhere that I'm choosing to hord rather than pay my fair share of tuition.  Again, my husband specifically asked that question during the financial aid open house and was told in no uncertain terms that people are not expected to sell their home to pay tuition.  Yet, when we applied for financial aid, we were denied everywhere.  So, I guess we were penalized for having equity. Perhaps if we mortgaged ourselves up to our eyeballs we would have received financial aid, or perhaps the previous poster is correct and aid mostly goes to staff/faculty.

I think trying to figure out how the financial aid system works is impossible.[/quote]

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