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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I haven’t read the whole thread, but I think it makes a ton of sense for financial aid to be going to families in $1m houses. If you only have wealthy full-pay families and then low income families on FA, you’re going to have a very bifurcated student body. The schools with very high tuition will have the largest and most problematic gap, and I can easily see needing to award FA to some number of $1m home families to not end up hopelessly uneven. [/quote]

You're right but there is another way.  Lower list price tuition for all and targeted FA to only those that truly need it.[/quote]

Why? I honestly don't see what is wrong with what is happening now.

This is my estimation of the current situation at our "Big3":  Tuition is 55K

Full pay: 70% of the student body. This group has an average income of $800K+. It's a pretty high number--may even be higher than this. 
Partial pay: 20% who get partial aid for incomes up to $400k
Full aid or close to it: 5% 
Full pay on an income under $300k (those who would qualify for aid but don't apply): 5%.

This actually works pretty well.  Having a flat tuition of say $35K doesn't help anyone but the 5% who currently who qualify for aid but don't apply (they will now pay $35K instead of $55K) and it HURTS (i.e. eliminates from the school) the 5% who are currently getting full aid.  The 70% of the school who are currently paying $55k are not going to make decisions either way based on 20K.  Frankly it's a drop in the bucket or even a rounding error for this crowd. 
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