Reply to What kind of income receives financial aid?

Forum Index » Private & Independent Schools

Reply to "What kind of income receives financial aid?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Answers to various questions:

Original poster -- why are you so sure that it was your home equity that kept you from qualifying?  I think it's more likely because you have a low mortgage payment and an OK income and only one kid.  Yes, a lot of equity is considered to be able to be tapped, but those other factors weigh in as well.

Stay at home moms -- the school where I work calculates a salary for the mom if all kids are in school.  Moms could work PT if they still need to pick up young ones at school, but if they don't work PT, they get a salary calculated for them.

Single mom -- remember that unless the father has nothing to do with the child and has signed away all rights, he will be expected to submit FA forms as well and his assets will be considered in the formula.

Generally it's all a magic formula between how much you make, how many kids you have and have to pay for and might have to pay for in the future (so takes somewhat into account an older kid in public high school but poised to start college).  Make sure you don't go buy a nice new car right before you do your application.  Even if you need the car (like you're a real estate agent and you need a decent car to drive around clients) it's not going to look good.

Anyway, it stinks when you work your behind of at a private school that you would never be able to afford for your own kids and families you know are on FA (because you are in a position that divulges that info, not because everyone knows) drive a car that costs your yearly salary.  FA is not always fair, though every effort is made to keep it that way.  Thank goodness for tuition breaks for faculty members.[/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