Reply to FA Question: Inherited house, now worth $1M, now what?

Forum Index » College and University Discussion

Reply to "FA Question: Inherited house, now worth $1M, now what? "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]"Anonymous wrote:This is stunning. Your net worth is over $1 million, and you want financial aid. What are you doing with your earnings? Just because you could not afford to buy this home does not mean you deserve FA. The sense of entitlement ...

Yes, I do want financial aid. I didn't earn $1M. My house increased in value, but that has nothing to do with me. I have saved what I've been able to save on my income. I think FA should take into consideration an individual's situation. I have been living on a fairly low income for a long time. I lucked into the house, but it's where my family lives. Would you sell your only home just to finance your child's education? I don't think that's reasonable. If I'd inherited stocks that increased in value, well, that's different, because I could sell them without jeopardizing my family. But our house? We're not making any income off of it. We live in it.

I'm not going to convince you. I just want to find out if anyone in a similar situation has dealt with this.

On an income of $104K (pre-tax) do you honestly think we could come up with anything close to $60K for college tuition?

That's insane.  "

Truthfully you will not qualify for much, if any, financial aid. Your best bet is to set realistic expectations for your student. Living in the DC area is expensive and the HHI reflects that. Colleges do not.

If you offer an $$$$ college as an option for your student, you should be prepared for how to pay for whether student loans, home equity loans or lottery winnings.

[/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