Reply to Brown eliminates tuition for families up to $125K and removes home equity in the FA equation

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Home equity should be included over $400-500k.   If a family has a million dollar house it should be included.  [/quote]

I disagree - no one should have to sell their house or take out a second mortgage (and risk losing their home) to pay for a child's college.  Further, just because a house is owned and paid for doesn't mean that the persons living in the house haven't fallen on harder times and/or make less than they did when they bought the house - AND with home prices and "equity" increasing because of the housing shortage - it's really speculative whether that equity will materialize should the house be sold one day - and then what do you do with a second mortgage that can't be paid off by the sale of the house?

Good for Brown - my kid has no interest and/or couldn't get in - but it's a good first step.    I personally wish that the Ivies would increase enrollment by 25-50% for those who wish to go to an Ivy - they know that there are enough smart/interesting kids to fill the seats - and they have the endowments to expand.  They are just creating artificial scarcity for the sake of exclusivity.  [/quote]

If you make a choice to spend one mil,ion on a house vs 600k then yes.   A reasonably priced house, no.  But when you overspend and choose not to save you should not be rewarded vs another family who saved with the same income.  [/quote]

Agreed...no one should be able to like in a mansion and collect financial aid!  In terms of increasing enrollment, it is hard in terms of space on campus.  There has to be more housing/dining halls/study spaces/class rooms/offices/parking.  How many schools even have enough space to increase 50%?[/quote]

Hilarious that you think million dollar home in this area is a mansion.[/quote]

Life is about choices.  There are homes in the area for $350-600K.  You choose a million dollar house, then that is ok but don't expect others to fund your child's college.[/quote]

You must realize that the people who live in million dollar houses right now did not pay a million dollars to buy it right? They didn't choose a million dollar house; they chose a $500K house that is now worth a million. Most of my neighbors couldn't afford to buy their own houses right now. But sure, they may have enough equity to use a home equity loan to pay for college. Its what my parents had to do, but it does put them at risk of losing the home.[/quote]

Some people bought at that price, others didn't.  But, at the time they probably couldn't afford the $500K either.  Life is about choices.  You forgo things like fancy vacations, new cars, etc. and put that money away to college if you can afford a $500K house.  $500K, 10-20 years ago is equal to a million now.  So, you screaming poverty is silly.  And, one would assume some of their incomes have gone up so instead of increasing spending, you save for college.  We managed to save on very little income.  We bought a horrible little house and DIY (or just live with it).  And, yet, our kids have good college funds to pay for a state school and state graduate school. I'd love a bigger house but I love even more I can pay for college and graduate school and they'll be debt free.[/quote]

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