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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Most schools' financial aid applications ask whether anyone else will or can pay tuition.  This is presumably to prevent FA from going to families where grandparents will pay in full anyway.[/quote]

I assume the GP will gift the $$ to the parents/kid which will then be used to pay any residual non FA tuition.[/quote]

You are also obligated to report gifts for most schools.  Level of detail on applications is very high and varies by school.  [/quote]

Gifting above $19k per person is reportable to IRS. Grandparents typically get around this by directly paying tuition to schools, but I can’t imagine that working after the first year if you’re on FA. [/quote]

If OP did not mention the grandparents' point...this wouldn't even be a conversation...same way they can apply for FA and simply not get a gift from grandparents...and it would not be an issue. [/quote]

come on now.  OP mentioned owning a brownstone in Manhattan, having GP pay for schooling and then applying for FA.

Feel like they knew exactly what they were getting with those three pieces of info.[/quote]

A brownstone in upper Manhattan is not a Brownstone on the UES. It is not trivial but you need to re-center your mindset. I don't have the energy to dig into the details but if they put 20% down on a $1.2 million brownstone and have built up a bit more equity by paying down a 30 year mortgage for three years, that is not a huge asset.

To the other point, lots of kids have private school paid for by grandparents. As someone else noted, grandparents typically pay directly as it is a nice way to avoid the gift tax. Ideal world grandparents are paying tuition and giving gifts on top of that. I wish I was so lucky! I know people who run an overnight camp and they have told me that many kids have the bill go straight to grandparents. It is a nice way to accumulate generational wealth - if the family was going to inherit the money anyway, why not have grandparents pay for current expenses.

I agree that that submitting a financial aid application based on your personal assets, having the school give you money, then having grandparents cover your portion is not what the schools want. Pat yourself on the back for gaming the system but it's not cool.[/quote]

it doesn't sound as snarky if you say brownstone in upper manhattan versus just manhattan.

nobody is suggesting grandparents don't pay - many do.  it's not an easy bill for most families.  i just don't think most of those also get handouts from the school.

We donate money to our kids schools partly so they can offer financial aid.   You can see why some/many would find it not cool, it's not the spirit of FA.

[/quote]

I don't think many schools would want to admit a family in which the grandparents can give inheritance for a brownstone, but not help with the tuition.[/quote]

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