You will likely get FA but the amount can vary widely depending on school and I personally have no experience with Potomac. I will tell you our experience because perhaps it will be helpful. We had a similar HHI when DS applied 2 years ago for middle school. One school offered a token amount ($1500) and the other 25%. We absolutely couldn't swing school one with the limited FA, but it was our first choice school. When we turned it down with explanation, the admissions office said they would see if they could get us a larger award.. We declined because there was such a huge gap and we worried about future years.. We went with the school with the larger award and it has turned out to be perfect for DS. Things have a way of working out. However, when our income went up a bit last year, our FA was cut in half. Of course, the tuition had gone up and we paid taxes on the increased income so it meant a few thousand more out of pocket. Now we are applying again and expect to have our FA cut based on last year. Fortunately, it will be our final year as the school ends in 8th. We are grateful for any help we receive and know the school owes us nothing, but if we lose aid, it will be a huge hardship. We don't want to pull DS out with one year left so we will raid our savings. In our case public school is not currently a viable option for DS. He had an IEP and we couldn't come to an agreement with the school system so DS's needs are better met at his private. It will be public for HS though.

Are you expecting your income to rise significantly in the next few years? Each year the tuition will go up and while schools try to maintain FA, it's not a guarantee.

Anonymous wrote:What happens if one parent doesn't work by choice? As in a stay at home situation? I have heard this can impact financial aid grants. Schools don't want to subsudize 'lifestyle' choices when that parent cold be contributing to the household income and chooses not to. Is this true?

Obviously as this should count against a parent - especially if kids are in school all day and parent is at home. Also, I hope FA application asks what clubs people belong to and how much they paid to get into the club and also what the yearly dues are. Some clubs in this area have dues of $8-9k per year and that should not be added to the pot as a whole, but I personally think it should be counted as direct money that could be given directly to tuition. Otherwise it wouldn't be fair to people who are paying full fair and could never afford to join a club at the same time. If they want people to donate more and continue to donate to FA, they have to make it as fair as possible.

Anonymous wrote:

Anonymous wrote:So we are thinking of sending our child to the Potomac school. We just bought our first home in DC (so expensive!) We make 140k, have car payments. Have very little savirings (try under 10k).

Would we qualify to get maybe half paid for? Anyone knows if they ever give out to families that are not destitute?

Thanks!

I certainly hope you would get significant financial aid if your child is admitted---otherwise, tuition would eat up more than a third of your post-tax income, not leaving much for other living expenses.

Many people I assume that send kids to privates (especially big 3s that are 40K) spend a third of income on their private school. I know people that have two kids in private and spend $80,000 per year with a salary of $200,000. I don't think they qualify for aid because they own a small business which has value? Maybe they should try?

Anonymous wrote:

Anonymous wrote:PP here, when you fill out the forms for FA, it is like a financial X-ray. You have to list the purchase price of your home, how much you have left to pay, your investments, the make and model of your cars, if you went on vacation, where you went ad how much you spent, if you have any employees in your household (butler, nanny, gardener, etc), if you have any debts and there is a space for notes (i.e., you have an elderly parent, child with special needs, a spouse that just lost their job, etc). I don't know which elements of the application carry more weight. If you have a lot of credit card debt, you may want to explain, "I lost my job and used my credit cards to keep from defaulting on our mortgage." If you have debt because you are a shop-aholic, they aren't going to help you. The schools are looking at the whole picture. When we were offered aid, I specifically asked: assuming our finances don't change drastically from year to year, can we expect to receive the same amount of money? They said yes, they assumed they were making a commitment until our child graduated.

I would sincerely hope that any family receiving financial aid at any school in this area does not employ a household staff of a butler, nanny or gardener.

Signed,

A parent who works hard to pay full freight for two kids and gets tired of the "please donate to financial aid" pitches

Oh here we go. Again with this tired old refrain.... Let the FA bashing begin.
Everyone's circumstance is different (not that you care). Who the eff has a butler, first of all. What is this "Clue"?
A nanny or au pair on the other hand, might be necessary for parents who pull overnight shifts as nurses or cops and need someone to watch their kid after school and in the evenings. People at those salaries are also more likely to need financial aid.
And if you're so tired of the financial aid pitches, tell your school.
In fact, tell your head of school and board, I dare you.
I'm sure your school will think you a gracious member of the community for sharing that sentiment.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:PP here, when you fill out the forms for FA, it is like a financial X-ray. You have to list the purchase price of your home, how much you have left to pay, your investments, the make and model of your cars, if you went on vacation, where you went ad how much you spent, if you have any employees in your household (butler, nanny, gardener, etc), if you have any debts and there is a space for notes (i.e., you have an elderly parent, child with special needs, a spouse that just lost their job, etc). I don't know which elements of the application carry more weight. If you have a lot of credit card debt, you may want to explain, "I lost my job and used my credit cards to keep from defaulting on our mortgage." If you have debt because you are a shop-aholic, they aren't going to help you. The schools are looking at the whole picture. When we were offered aid, I specifically asked: assuming our finances don't change drastically from year to year, can we expect to receive the same amount of money? They said yes, they assumed they were making a commitment until our child graduated.

I would sincerely hope that any family receiving financial aid at any school in this area does not employ a household staff of a butler, nanny or gardener.

Signed,

A parent who works hard to pay full freight for two kids and gets tired of the "please donate to financial aid" pitches

With the nanny it depends. My child's daycare center is charging 1800/m for infants. With twins, or three small kids in the house, I can imagine the nanny coming out cheaper. Depending on hours needed, etc.

The butler would be surprise I'd think! I hope?

Or, you could not have 3 kids if you want to do private school. Decisions, decisions..

Or, you could simply avoid posting if you have nothing better to offer than suggesting people have fewer than 3 children to pursue private school. Decisions, decisions...

Anonymous wrote:

Anonymous wrote:I love all of you noble fiscally frugal people. What would we do without your judgment of how others are living?

+1.

+2

Yes. We make 165k and get aid.

Anonymous wrote:How much equity do you have in your home?
What kind of cars do you drive?
Do both parents have full-time jobs?
How much do you have in retirement savings?

These are all factors that are part of determining whether or not you qualify for FA.

Exactly - these are the questions you will be asked. If you have substantial equity in your home you will be turned down. And all financial aid offices that I've worked with expect both parents to be working full-time.

OP just fun go back into SSS and restructure the debt and be see what happens. Move the portion of your consumer debt that you incurred from making repairs to your fixer up home to the unusual debt column and explain that the debt is unusual because of this reason. Tell us what the report now says...I bet you will be pleasantly surprised.

Anonymous wrote:Re-reading, I see how comment can be taken that way. My point was simply that I actually don't (right now) have an extra 50k to which I'm setting fire in a back room. We honestly would be stretched too thin, at least with the debts we need to cancel out and the fact we're only just started on retirement savings. I stand by my assertion that in our case, it is better for us to hold off on applying to schools over a certain price point.

As someone on FA I think you may be underestimating if it's possible. Most schools that provide FA also provide assistance for enrichments and after school programs. We also don't have family in the are and so it all falls on us for emergencies, pickups, etc. However, for us choosing private was important and worth the sacrifice. That it what it will need to be for you -- worth it. If it's not, then your choice to not pursue it now is the right one, financial aid or not. Even with FA our monthly payment is someone's mortgage, so it is still a huge financial commitment for us.

Re-reading, I see how comment can be taken that way. My point was simply that I actually don't (right now) have an extra 50k to which I'm setting fire in a back room. We honestly would be stretched too thin, at least with the debts we need to cancel out and the fact we're only just started on retirement savings. I stand by my assertion that in our case, it is better for us to hold off on applying to schools over a certain price point.

Anonymous wrote:I love all of you noble fiscally frugal people. What would we do without your judgment of how others are living?

+1.

I love all of you noble fiscally frugal people. What would we do without your judgment of how others are living?

^ Please forgive my typos.

Anonymous wrote:

Anonymous wrote:I just played around with the SSS form, because my sense was that we make too much to qualify for aid, but we were having a hard time figuring out how to responsibly budget for our favorite school. I have a low-cost house (under 200k) and income at about 200k. One kid. However, student loan debt and consumer debts are high, and we're just a few years out of school so we haven't had a chance to get out in front of these debts. So, our income is high but we're encumbered more than we'd like and just beginning with savings / retirement.

Bad news for me: The SSS analysis came back saying we can pay about 38k in their estimation -- which is a lot more than I feel comfortable budgeting. I have no idea if restructuring the debt would change the SSS analysis (it might give us some more liquidity, to get closer to the mark), or if explaining that the consumer debt is related to projects on the fixer-upper house would meet with some sympathy. But I suspect that the disjuncture between the estimate and what I feel I can wisely pay is simply a sign that we're not financially prepared, at least not yet. We'll probably just go to ground and work on the debt problem for a few years.

But maybe there's good news here for someone else: If you have two kids, or your house costs more, it seems possible that the SSS formula (and the related ones) will see you has having some demonstrated need.

This doesn't surprise me at all. I don't really understand giving FA to people because they have consumer debt. A mortgage is different. We have one in private and 2 in public. Zero debt except for mortgage, $150 income and we get $7000 in FA. We truly can't pay that bill without grandparent help. If we made another $50k, most of that could go towards school and we'd be golden. We don't expect FA to supplement our lifestyle. We expect to make sacrifices to pay our bill. No fancy cars, small house, only very basic vacations (we drive to the beach), etc.

We are so grateful for any FA we receive.

Author of the quoted post here: no, it doesn't surprise me either. The only reason I checked is because we had decided not to apply. But I wanted to check to before making that decision final.

Financial aid aside, the prior poster is correct that we I should roll the debt we acquired fixing up the house into the mortgage. I have some mental resistance to doing so because I like the lien against my house small. But it would be more sensible.

As an aside, I agree about subsidizing "lifestyle." Our situation is parallel to yours: we drive to visit family each year (across the country) on vacation; we have one car for commuting; we bought a very inexpensive house that needed work, and we commute over an hour to work. My parents definitely cannot contribute to tuition; they will probably need our help before very long. Our real problem honestly isn't the tuition bill itself: it's that we all need aftercare, summer programs, and some way to respond to emergencies. We don't have family in the area, so we don't have any backup.

All of this limits what we can do right now. Which is OK. We all size up what our situations are and making trade-offs.