Reply to Would we qualify for financial AID?

Forum Index » Private & Independent Schools

Reply to "Would we qualify for financial AID?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]I just played around with the SSS form, because my sense was that we make too much to qualify for aid, but we were having a hard time figuring out how to responsibly budget for our favorite school. I have a low-cost house (under 200k) and income at about 200k. One kid. However, student loan debt and consumer debts are high, and we're just a few years out of school so we haven't had a chance to get out in front of these debts. So, our income is high but we're encumbered more than we'd like and just beginning with savings / retirement.

Bad news for me: The SSS analysis came back saying we can pay about 38k in their estimation -- which is a lot more than I feel comfortable budgeting. I have no idea if restructuring the debt would change the SSS analysis (it might give us some more liquidity, to get closer to the mark), or if explaining that the consumer debt is related to projects on the fixer-upper house would meet with some sympathy. But I suspect that the disjuncture between the estimate and what I feel I can wisely pay is simply a sign that we're not financially prepared, at least not yet. We'll probably just go to ground and work on the debt problem for a few years.

But maybe there's good news here for someone else: If you have two kids, or your house costs more, it seems possible that the SSS formula (and the related ones) will see you has having some demonstrated need. [/quote]

You definitely need to restructure the debt. What you described would qualify as an "unusual debt" and not "luxury debt." Of course, the choice is yours but I can say from personal experience it makes a difference. Also, SSS is only a guide the school uses. No way the take what it recommends as iron clad "this is the only thing you can award."[/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