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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]NP here. I agree that FA should go to people who actually would not otherwise be able to attend school - as opposed to it being more inconvenient. But I have a question about this home equity assumption: If you bought a home that appreciated dramatically, but you otherwise have a lower paying job, how in the world could you afford the mortgage if you tried to draw down the equity? For instance, I know that the person whom I bought my home from paid in the $200-250K range (several years ago) as did many other folks living in this area. As it happened, through some quirks of real estate development, home values tripled and in some cases quadrupled. Some people who did not sell but still live in their original homes with their original $250K mortgage could probably not afford a larger mortgage. [/quote]
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