Reply to UChicago will offer free tuition for families with incomes below $250,000

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Reply to "UChicago will offer free tuition for families with incomes below $250,000"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This is great for people who don't live in places where the property values are really though. I went there years ago with an income that's (adjusting for inflation) under that mark and it would have been huge for it to be free. I could just barely afford it with the aid I did have.[/quote]

Are you saying they counted your residential home value toward assets that could be used for tuition? I'm assuming you only have the one house... [/quote]

Schools that count home equity don’t expect you to sell the house, but they do expect you to borrow against whatever equity you have in it.

529 plans also count against you for these purposes, including 529s designated for other children.

Basically if you’d rented and spent the money on travel instead of college savings, your kids would now be going to college for free. But if you saved, you pay.[/quote]

OK, this worried me so I looked stuff up. Of course a 529 plan for the kid in college should be counted toward assets available for tuition. That's the point, not a penalty for saving. But it doesn't look like 529s for other kids are counted toward available assets for the first, at least for FAFSA: https://www.savingforcollege.com/article/does-a-siblings-529-plan-assets-hurt-financial-aid-eligibility.

Borrowing against home equity is scary (I say as someone who lives in a small, far out townhome and makes well under $250k). But it looks like this is not a FAFSA thing either and schools that use it may base expectations on comparison to income. 
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All of the schools being discussed here are working from the CSS profile, not from FAFSA. [/quote]

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