Reply to What money is fair game for financial aid?

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[quote=Anonymous]"One reason home equity is included by many private schools is that it is not fair to renters not to include it. If Family A has $500,000 in a retirement account and Family B has the same amount PLUS $1million in equity in their home they really aren't in the same financial situation. When the kids finish college and parents finish working, Family A can sell their home. The renter doesn't have this capital for retirement."

You seem to not realize that many people own a house instead of maxing out their retirement because no matter what, they need a place to live. You can either pay a landlord or buy a house with a mortgage, in which case you might get lucky and build equity. But at least you're guaranteed that you won't get priced out with rent increases.  My modest house in PG County is not going to ever have $1M in equity in this century, so let's get real. And I definitely don't have $500K sitting in a retirement account. Do you know of a cheaper place that PG County where I could live and still get to work downtown within an hour?!  I'll wait for your answer. [/quote]

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