Reply to People with $1.2M+ homes and getting significant financial aid

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't see the issue. I bought my house for 800k and it's worth 1.3 now, for reasons I don't control. I don't make more money than I did when I bought it, cashflow is the same. Am I supposed to sell the house to pay for school? 
If the school has better candidates for financial aid, that's fine: they don't have to give me any. But it's pretty clear we are among the "poor" families, based on donations and vacations we can't afford, and I'm not too proud to apply. We get modest aid, less than 10%.[/quote]

+1. In similar situation as pp.[/quote]

You can sell it, you can take out a home equity loan, you can move to a cheaper place and rent it out - it's entirely up to you.  But the simple fact is, you have a significant asset that you should have to tap into before using *other people's money* to pay for an luxury item.

If you had a stock portfolio, should you have to use that?

Would you like the rest of the parents to buy you a Rolex, too?  [/quote]

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