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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't see the issue. I bought my house for 800k and it's worth 1.3 now, for reasons I don't control. I don't make more money than I did when I bought it, cashflow is the same. Am I supposed to sell the house to pay for school? 
If the school has better candidates for financial aid, that's fine: they don't have to give me any. But it's pretty clear we are among the "poor" families, based on donations and vacations we can't afford, and I'm not too proud to apply. We get modest aid, less than 10%.[/quote]
Similar situation here. Bought the house almost 20 years ago for $700k. Assessed at about a million now. We have quite a low mortgage payment due to refinancing a few years after we bought it, but we could never afford this house now.

We do manage as a full-pay family, but only with help from grandparents. No fancy cars and vacations, either, although we just replaced a 20-year-old car that finally died completely. [/quote]

No, a $700k house 20 years ago was a huge amount back then.  You should not get aid on that alone.  You sell the house and move to something cheaper.

Same situation here.  House is worth $1.4 and we get aid.  We bought it for much less 15 years ago. Trust me, we're the "poors" at the school.  Nothing about our lifestyle resembles that of the other families.  [/quote]

Me too. Single mom. I haven’t applied for aid but my home is worth over a million.

I owe 500k on it at 1.75%. If I sold it, I’d pay taxes, lose the minimal child support (sale would be counted as income and I’d owe him child support) , I’d uproot the kids home, and where could I buy? Should I rent? I wish I got tuition assistance. [/quote][/quote]

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