Reply to FA Question: Inherited house, now worth $1M, now what?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This looks like a loop hole. Completely ridiculous that if someone inherits a million dollars vs a million dollar house they would get aid. The system is broken.[/quote]

Again, this attitude demonstrates both a lack of knowledge about how FA works and a fair bit of hypocrisy. Do you own a house? Are you selling it to pay for college?

Also, the OP did not inherit a $1m home. [b]She inherited a home worth much less than that. [/b]If it were in southern CA, it might be worth less now than it was when she inherited it. Assuming you own a home in the DC area, the same housing market that has pushed the value of her home so high gas also benefitted you.[/quote]

possibly. but if the home is worth 1M now it means that it is larger, closer in/shorter commute with better schools than most homes where the rest of us live. OP and her family have had it better than vast majority of others, including many who earn more (and arguably, deserve it more). it seems unfair that she should get so much aid.[/quote]

So what you are saying is you are resentful because someone with a lower income hasn't suffered enough?[/quote]

financial aid is a limited resource and should be distributed based on need. it is ridiculous to argue that those who have all their (substantial) wealth tied in real estate are somehow more needy than others who have less wealth.[/quote]

You talk like FA is a public good. It is not. Colleges give out aid any way they see fit. You may think it should be distributed based on your own definition of need, but you don't make the decisions, or even get any say. It is not your money, it belongs to the college. Nothing governs their distribution of aid beyond their own internal guidelines.

Reasonable people can disagree about how to define need. You think it should be based more on wealth than income, but that has it's own potentially "ridiculous" outcomes.

[/quote]

It's amazing that there is so much outrage about this rare instance of a lower income family somehow getting an edge, when the vast majority of the time, it is high income families who get the advantage. The vast majority of colleges are not need blind, they are "need aware." That's a pretty way of saying that students who need less or no aid are more likely to be admitted. And the vast majority of college do not meet full need, so students needing financial aid typically get much less than they need. It's only an advantage to have a low expected family contribution if you have the credentials to be admitted into the handful of schools that are need blind and pledge to meet full need.

http://en.m.wikipedia.org/wiki/Need-blind_admission#U.S._institutions_that_are_need-blind_for_U.S._applicants_and_meet_full_demonstrated_need

So cheer up. Maybe OP's DD won't get into these schools. Will that make you feel better?

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