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

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[quote=Anonymous]The firefighter claimed his house was worth $1M not that it was assessed at $1MM so they should be able to sell and make a sizeable profit as I think they originally paid $300k for their home.  I assume they have not refianced over the years as they bragged about living modestly and having a mortgage they could afford.

Private school is a luxury and like any other luxury not everyone can afford it.  I do like that they offer aid to truly needy families and I'm happy to have police officer, the military, fire fighter and many other middle class, poor and upper class families attend.  A needy family or middle class family does not own a $1M asset, if they do they do not deserve financial aid.

If I'm expected to cash out my kids college funds, mutuals or my savings then people should have to cash out their homes.  I could cash all these things out and put it into a mortgage and it would count in my favor.  It would increase my likelihood of getting aid.  I'm rewarded for spending and making my financial situation worse although my assets have not changed.  Some assets are more liquid then others but the day I cash in the value of my assets are essentially the same.  This is the problem with financial aid the calculation is completely wrong.

What is the % of Americans with a networth over $1M?  Personally if I were middle class given the real estate market I would sell and cash out anyway.  I would not cash out to put my kid in private school but I would for future financial security.  Getting aid from a school would make me wait until my kid graduate and then cash out.  Hopefully the market will still be up and I would have saved a ton on tuition.
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