Reply to People with $1.2M+ homes and getting significant financial aid

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We get aid for 2 kids in HS and our house is worth $1.5M.  I'll tell you why.

Just having our house worth this much goes not mean we're loaded as we brought our house for less than $1M.  Also, are we supposed to sell our house and move where? Our mortgage is low but property tax high.  We could move far far away and pay the same mortgage with current rates and it would not mean anything as our current house is prob less in mortgage.  The fact our house is worth a certain amount does not mean it's liquid assets. We still need a home!

Thankfully, FA takes into consideration logical and practical reality.  It's not like we own 2 homes, drive new cars or go on fancy vacations.  We can't help that our home tripled in value since owning it but it's our big savings and investment. And FA does not mean a free ride to school, it means that we pay what we can per our income. [/quote]

It’s called a home equity loan. Or line of credit. Or tap 10k of your student’s 529. Do these things before asking strangers to pay your way.[/quote]

Terrible financial advice to use a home equity loan to pay for tuition. Do not heed this![/quote]

If you put all your money into a house, its an option.[/quote]

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