UrbanBaby

06.04.08, 07:52 AM NY Schools
15 replies

Our HHI is $100K but we own our apartment w/o any debt (inherited) and we have about $600K in investments and retirement savings. Will we be eligible for financial aid from private schools? We expect to contribute of course but don't think we can swing the whole tuition. [ Reply | Watch | Flag ]
NY Schools 06.04.08, 07:52 AM Flag

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I don't really know much about fa. I would tend to doubt you'd get much. [ Reply | More

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General Topics 06.04.08, 07:53 AM Flag

I think it depends. If they have two kids and clear about $70K per year after taxes, I'd say they could get financial aid because that would take $50K just for tuition. They have to eat! [ Reply | More

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General Topics 06.04.08, 07:58 AM Flag

maybe theey could eat off some of that equity and investment money? geez. no one owes them a nest egg on top of free tuition [ Reply | More

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General Topics 06.04.08, 08:32 AM Flag

np; I doubt OP can get FA. They own apt (home equity there) and $600k. That is a lot of money. [ Reply | More

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General Topics 06.04.08, 08:34 AM Flag

nnp: I hope not. Seems so wrong to pay these people to invest and save when so many earning more cannot do it because they have to pay for living and even tuition. not to mention all those with real need. [ Reply | More

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General Topics 06.04.08, 08:38 AM Flag

right -- i agree. many families make more money than OP but cut back on savings to swing full tuition. [ Reply | More

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General Topics 06.04.08, 08:45 AM Flag

why do people even ask for aid in this situation. if I were on the admissions team, I would see this as seriously entitled and annoying, and would love to deny them a spot at the school just out of principle [ Reply | More

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General Topics 06.04.08, 08:53 AM Flag

you couldn't swing the whole tuition if you liquidated some investments? I think that is what you should do if you want FA after that [ Reply | More

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General Topics 06.04.08, 08:31 AM Flag

I can't imagaine. But if most of $600k is 401k, you may get FA. If it's not tied to retirement account, I don't know. With home equity, they take a % of it and add to HHI, but non-home equity, I don't know about. Probably not. [ Reply | More

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General Topics 06.04.08, 08:33 AM Flag

With what sounds like at least $1M in assets, I certainly hope not. [ Reply | More

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General Topics 06.04.08, 08:53 AM Flag

I doubt you will get financial aid. If you don't want to use your assets to pay for private school, send your kids to public school and move if you have to. [ Reply | More

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General Topics 06.04.08, 09:28 AM Flag

I assume you did your own calculations and that's why you think you cannot swing the whole tuition. If your kid is in demand you will definitely get some FA your way if you need it (and can prove that you need it). [ Reply | More

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General Topics 06.04.08, 09:31 AM Flag

huh? in nyc, 30% of your income paid towards housing is not unusual. in op's case, that would be $30k. $30k that she doesn't spend because she owns her home outright and that she could then use on tuition. she's not going to get a dime. [ Reply | More

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General Topics 06.04.08, 09:35 AM Flag

Uh, I do not know her detailed situation. Maybe they have family in long term care that they have to pay for? Who knows but OP. [ Reply | More

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General Topics 06.04.08, 09:45 AM Flag

OP probably has to pay maintenance or condo fees even if she owns the apartment outright. [ Reply | More

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General Topics 06.04.08, 09:45 AM Flag