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

Forum Index » Private & Independent Schools

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[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]
Similar situation here. Bought the house almost 20 years ago for $700k. Assessed at about a million now. We have quite a low mortgage payment due to refinancing a few years after we bought it, but we could never afford this house now.

We do manage as a full-pay family, but only with help from grandparents. No fancy cars and vacations, either, although we just replaced a 20-year-old car that finally died completely. [/quote]

As someone who made the wise financial choices along the way (payed off mortgage as soon as we could on a house that was $500K when we bought it, much less than the bank said we could afford, drives older cars, waited to start private until we could afford it), it's a little maddening that we're full pay because we made the careful choices and were responsible. It's not easy to afford, but our assets look good because hey, we worked friggin hard to get here. We could have gone on much nicer vacations, had many more cars along the way, still be paying the mortgage on a nicer house, and the bank account would look a lot thinner and our financial aid case a lot stronger.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics