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Private & Independent Schools
Reply to "FA shouldn't go to people with 1 million dollar houses"
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[quote=Anonymous]I'd like to hear from the million dollar house dweller receiving financial aid who says I and others have NO CLUE. Well, please, clue me in. If you're telling me you have a million dollar mortgage, I say, okay, you're an idiot. You can't afford that, clearly. Sell your house (without any equity) and rent something you can afford. If you say there is a tax advantage, that's true. But that doesn't mean you live in a house you can't afford for a tax break. You live in a house you CAN afford for a tax break, or you rent. You don't penalize other children of need because you spent more on housing than you should have. If on the other hand you actually have some substantial equity left in your house, tell me why it's fair that you accumulate wealth while borrowing from others. [/quote]
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