Reply to What kind of income receives financial aid?

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[quote=Anonymous][quote=Anonymous]We earn 145k and were denied financial aid at all schools. I think it was the equity in our house that did it. When my husband attended the financial aid workshop last Fall, he specifically asked that question - does your equity count against you when applying for financial aid? He was told, absolutely not, you are not expected to sell your home to send your child to school. Well, we were denied and now have our house on the market to downsize and pull some equity out as it's the only way we can afford to send our child to a school that costs a little over 28k with after-care. I have absolutely no idea how financial aid works and why some people are granted aid and others not.

You sound just like us! We just got our SSS back and it said we can afford $ 24,000 and we have a combined income of $ 150,000. We bought a home this year so it has no equity yet BUT I believe they held against us the fact that we had $ 40,000 in savings for closing costs, etc. That was TRULY are like savings though. I'm really bummed because it is very doubtful we will get any aid and we cannot afford the $ 30k in tuition (included after care) if we get in somewhere. I'm just curious  how does one qualify for aid in DC. I mean a couple making $ 150,000 is NOT alot for this area. The SSS said we have negative net worth yet we can somehow afford to pay 
$ 24,000?! Crazy!
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SSS is not always reliable for determining aid.  The last two years SSS has stated we are able to afford 20,000 for tuition and we usually get 15K for aid.  Our combined income is 120K with one child.  No equity in home, no savings, and so many other no's.  We are considering the move from private to public but DC is so happy in private.  We really want to finish what we started but it seems impossible even with the aid.  Hope this helps someone!!! Also, consider writing a letter to the school detailing your true financial picture.  That sometimes is helpful : ) Good luck and I hope everything works out for you and your family. [/quote]

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