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Private & Independent Schools
Reply to "FA shouldn't go to people with 1 million dollar houses"
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[quote=Anonymous]I am very much in the “FA should go to those who really need it” camp. But I would NEVER base that on the value of the house that someone lives in. That “value” is often a fiction. Come on now – even if you really think the 300K house that is now “worth” $1M can hold that value in this market, only a fool would borrow significantly against that appreciation equity. It is fool’s gold and a big reason we are in the mortgage mess in the first place. Asking folks to take on a bigger mortgage or sell in a down market to pay tuition is not the solution. What I do not like is folks getting FA and taking expensive vacations and driving expensive cars. Those are consumer items and are a bit more discretionary. Those are the things I think could be sacrificed to pay tuition – not appreciation equity in a home. [/quote]
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