Reply to If you have an HHI under 200k and no family money, where do you go for financial advice

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Reply to "If you have an HHI under 200k and no family money, where do you go for financial advice"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Your kid would probably qualify for aid at many schools, given that your net worth is tied up in a home and retirement funds and your income is low for some aid calculators.  Spend some time researching and learning how financial aid works, and how to work it... [/quote]

Income is not low and some schools count the house, which they should.  Someone shouldn't get aid if they have a million dollar house.[/quote]

Again, research.  Some schools do not count home equity or retirement funds in their financial aid calculators, and some do.  Some schools, like Yale, consider $200,000 or less in household income "poor" and meet or exceed tuition  in their aid packages.  At OP's income level, they may even want to strategically keep their income at or below $200,000 and continue funding retirement or paying down their house, in order to qualify for aid.  Research and learn, OP.

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How does it work for divorced families? Are both parents income taken into account, or just the income of the primary custodial parent?[/quote]
For our blended family with 50- 50 custody, it was BOTH divorced parents plus my ex's new wife's salary as well. Ot seemed ridiculous as we have two homes, two sets of bills, etc. Plus, my ex's wife is not a legal guardian but her income was still counted.[/quote]

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