Reply to What kind of income receives financial aid?

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[quote=Anonymous][quote=Anonymous]We earn 145k and were denied financial aid at all schools. I think it was the equity in our house that did it. When my husband attended the financial aid workshop last Fall, he specifically asked that question - does your equity count against you when applying for financial aid? He was told, absolutely not, you are not expected to sell your home to send your child to school. Well, we were denied and now have our house on the market to downsize and pull some equity out as it's the only way we can afford to send our child to a school that costs a little over 28k with after-care. I have absolutely no idea how financial aid works and why some people are granted aid and others not.

You sound just like us! We just got our SSS back and it said we can afford $ 24,000 and we have a combined income of $ 150,000. We bought a home this year so it has no equity yet BUT I believe they held against us the fact that we had $ 40,000 in savings for closing costs, etc. That was TRULY are like savings though. I'm really bummed because it is very doubtful we will get any aid and we cannot afford the $ 30k in tuition (included after care) if we get in somewhere. I'm just curious  how does one qualify for aid in DC. I mean a couple making $ 150,000 is NOT alot for this area. The SSS said we have negative net worth yet we can somehow afford to pay 
$ 24,000?! Crazy!
[/quote]

Do you have more than one child?

Down payment for a home can not be counted as income.

Most schools give more FA than the PFS says is warranted, just apply and see. My PFS said full tuition too, but  we got FA from the school that accepted DD. [/quote]

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