Reply to What money is fair game for financial aid?

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[quote=Anonymous][quote=Anonymous]""One reason home equity is included by many private schools is that it is not fair to renters not to include it. If Family A has $500,000 in a retirement account and Family B has the same amount PLUS $1million in equity in their home they really aren't in the same financial situation. When the kids finish college and parents finish working, Family A can sell their home. The renter doesn't have this capital for retirement."

You seem to not realize that many people own a house instead of maxing out their retirement because no matter what, they need a place to live. You can either pay a landlord or buy a house with a mortgage, in which case you might get lucky and build equity. But at least you're guaranteed that you won't get priced out with rent increases. My modest house in PG County is not going to ever have $1M in equity in this century, so let's get real. And I definitely don't have $500K sitting in a retirement account. Do you know of a cheaper place that PG County where I could live and still get to work downtown within an hour?! I'll wait for your answer.

That is their choice. You can live in cheaper housing in MoCo and get to downtown in 30 minutes - Kensington, Wheaton, Silver Spring. So, we choose to live in a cheaper house and save for retirement and college. You think because our house was $400K vs. your million dollar house you should get a free pass as you didn't save for retirement and choose to be house poor. No, if anything the aid should go to a family being financially responsible. You can sell your million dollar house and get a cheaper house to pay for college. You no longer need your "good" school district if kids are in college."

So you're saying that MoCo is less expensive than PG County? Huh. I had no idea that was the case. I also didn't know there were many houses there worth $1M, much less full paid for. I also didn't know that PG County had "good" school districts.[/quote]

In some areas, yes, it is cheaper.  And PG does have some good schools and good isn't always based off test scores.  If you "need" a million dollar house and justify it by "good" school district, then that's fine but stop expecting someone else to fund your child's college.  The funny thing is many of our kids will end up in the same colleges and professions without growing up in an overpriced million dollar house.  [/quote]

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