Reply to Financial aid for net HHI of $150K

Forum Index » Private & Independent Schools

Reply to "Financial aid for net HHI of $150K - $200K?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Thanks for this information. Yes, our net income after taxes only is about $200K. [b]Other deductions like retirement contributions, [/b]health insurance, etc. account for about $50,000, so our net take-home income is about $150,000.

Do schools adjust the parent contribution amount differently than what is shown on the Family Contribution Report that we see to account for cost of living in high-cost areas, etc.?[/quote]

If you're maxing out 410ks, schools (and colleges when the kids get older) view that as money you can use for tuition. [/quote]

no, they don't.  the private schools here will not expect you to use retirement savings for school.  Colleges night (I'm not there yet).
OP, don't listen to those those who imply that you have to live on ramen and use your home equity and retirement accounts before you are granted aid at the top DC schools. 
They have been remarkably generous in recent years to families who make significantly more than you may think. 
Apply and see.  You will likely be surprised.  [/quote]

They won't expect you to use savings, but they won't exempt that 40k worth of income either. [/quote]

yes, they will.  I have found the schools to be far more generous in "real life" than people make them out to be on this board.   If you listen to DCUM, you'd like you have to spend every last available cent on tuition before applying for aid.  It certainly isn't the case of what I've observed in real life with friends. 
They will allow some families to have significant savings, second homes, club memberships, etc. and still grant aid.  (at least some schools---generally the more elite the school, the more generous the aid).  Again, it all depends on how much they want your kid or your family.  There is not cut-and-dry 
formula.  They can give aid to people making whatever amount they want to.  There is no formal accountability to the the current families, board, government agency, etc and the process is done discretely with only a very few parties in the know.  Again, apply.  You never know what you will get.  Whatever you 
do, don't listen to the naysayers on this board.  I did and highly regret it.  We scrimped and saved and assumed we would never qualify but we applied in a later year and it turns out we were granted significant aid.  
[/quote]

Unless the parent is an elected official or cabinet member or the kid is anchoring a team, that isn't happening [/quote]

Unless you are on every financial aid committee, you have no idea. These schools absolutely do give air to families that you clearly would not fund and I am glad that those in charge are not you. These schools would truly be awful if everyone there was either Scrooge and a few Tiny Tims. There are families all across the income spectrum that receive aid for reasons unknown to all but the committees. I worked in undergrad admissions at a SLAC and it was a very similar financial aid landscape to what I see happening at independent schools. If they like your child and feel that your child will round out whatever they are seeking in a class, they will fund your child. Is this fair? Life isn’t fair. It isn’t fair that there are families rich as Crassus and others unable to feed themselves. Everyone in the middle is pissed at Crassus’ kin and chooses to pretend they are closer to Crassus and co than they are to those at the bottom and do not want anyone to get any perceived leg up over them, when really, they will never be Crassus, no matter how much they scrimp and save. We live in America, and this is not a meritocracy, and once you can admit that to yourself, it gets better. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics