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07.07.08, 05:17 AM General Topics
33 replies
what's the income limit for FA at all these private schools? do they take into consideration if it's 1 or 2 incomes? And how many children are in the family? and whether or not you own or rent? Anyone have some examples of FA you've gotten? [ Reply | Watch | Flag ]
General Topics 07.07.08, 05:17 AM Flag
 

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I'm curious about this, too. And do schools take assets (ie. home value, stock portfolio if any) into account? [ Reply | More
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General Topics 07.07.08, 05:42 AM Flag
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I'm not sure about this, but I thought that if 1 parent is not working, schools typically add to HHI the amount the parent would have earned in the workforce. They do take into account # of dcs and assets. [ Reply | More
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General Topics 07.07.08, 05:49 AM Flag
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So if I (SAHM now) would earn 45K if I were full-time, schools would add that to our HHI? I can see how this makes sense for K and above (when I would have the day available), but do preschools do this? That is, how would I work 9-5 if school is 6 hours a week, without nanny? Thanks for your thoughts. [ Reply | More
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General Topics 07.07.08, 06:00 AM Flag
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I have no idea about preschool. [ Reply | More
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General Topics 07.07.08, 06:01 AM Flag
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OK, thanks. [ Reply | More
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General Topics 07.07.08, 06:01 AM Flag
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I have never heard of them doing this. How would they calculate how much you "should" be making? [ Reply | More
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General Topics 07.07.08, 06:34 AM Flag
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Presumably a SAHM did work at one point in the recent past. It's not that hard to estimate. [ Reply | More
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General Topics 07.07.08, 06:37 AM Flag
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They generally estimate around 50K even if you were formerly a lawyer or banker. [ Reply | More
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General Topics 07.07.08, 06:41 AM Flag
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That's bs. I make 35K currently and when I SAH with dcs I don't want them putting 50K on the application because that is not accurate! [ Reply | More
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General Topics 07.07.08, 10:17 AM Flag
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I said generally. They do try to be fair. [ Reply | More
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General Topics 07.07.08, 10:26 AM Flag
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ok - so my income could be accurately reported? It would suck to have them overstate it and shut us out from FA [ Reply | More
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General Topics 07.07.08, 10:29 AM Flag
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Yes [ Reply | More
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General Topics 07.07.08, 03:01 PM Flag
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how do they estimate what the SAH "would" have made? [ Reply | More
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General Topics 07.07.08, 10:17 AM Flag
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In my area if you own a residence FA is pretty much off the table regardless of income. [ Reply | More
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General Topics 07.07.08, 05:52 AM Flag
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What's your area, if you don't mind saying? [ Reply | More
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General Topics 07.07.08, 05:57 AM Flag
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Massachusetts [ Reply | More
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General Topics 07.07.08, 06:05 AM Flag
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That's very odd. [ Reply | More
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General Topics 07.07.08, 07:22 AM Flag
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np. That's silly. Why? They expect you to sell your house to pay for dc's school? [ Reply | More
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General Topics 07.07.08, 07:32 AM Flag
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well not in NYC. [ Reply | More
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General Topics 07.07.08, 09:13 AM Flag
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It goes up to 250ish with one child - if that is a dual income(you'll only get about 5% at that) and 300ish with two. Yes, they take into account dual v. single. If you have a mortgage home value does not hurt you, stock portfolios are taken into account. They SSS often says you can pay more than you think. Schools do a COLA. If you earn under 150K on a dual income you can get a lot. That said, your chances of gain admission when you need aid greatly decrease. GL [ Reply | More
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General Topics 07.07.08, 06:05 AM Flag
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that does not reflect my experience at all - what are you basing this information on? [ Reply | More
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General Topics 07.07.08, 06:08 AM Flag
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My experience and that of others who I know who receive aid. [ Reply | More
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General Topics 07.07.08, 06:09 AM Flag
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np: I know someone making less than $250K and they did not get any aid. There is a subjective element to it, like with everything. [ Reply | More
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General Topics 07.07.08, 07:13 AM Flag
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np. I think it also depends on the school and the size of its endowment. Schools w/ a lot of money can afford to be more generous. OR's post sounds pretty accurate to me, but my dc's ongoing has one of the larger endowments. I know from friends w/ dc at other schools with smaller endowments the guidelines for FA are stricter than that. [ Reply | More
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General Topics 07.07.08, 07:40 AM Flag
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There is no income limit per se. They look at your entire economic picture, including your assets and expenses, not only your HHI. You might have only 1 dc and a relatively high HHI, but still receive a lot of FA if you're paying off a ton of student loans. [ Reply | More
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General Topics 07.07.08, 07:36 AM Flag
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So might I get FA? HHI is 100K (I'm a SAHM, so single income), our home has a fat mortgage, we have $130K in savings and minimal student loan debt. I wonder if schools would want us to tap our savings. [ Reply | More
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General Topics 07.07.08, 09:40 AM Flag
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What is a fat mortgage? Yes, you will most likely get a lot of aid at that income, but as I have said before asking for aid makes it much harder to get in. [ Reply | More
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General Topics 07.07.08, 09:48 AM Flag
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Admissions is not need blind? That surprises me. [ Reply | More
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General Topics 07.07.08, 09:51 AM Flag
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Not at all. Why would that surprise you? [ Reply | More
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General Topics 07.07.08, 09:55 AM Flag
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Because in higher ed it is and they are so in your face about it. (I don't mean IYF in a negative way.) [ Reply | More
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General Topics 07.07.08, 10:16 AM Flag
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But you can't take loans for K-12 education so if they admit you but don't award the FA you need you can't go anyway so it's cruel. It has happened to someone I know, however. [ Reply | More
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General Topics 07.07.08, 10:26 AM Flag
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Some schools give a lot of FA. Some have no money. There are families making $150k with 80% FA (1 dc and single income). [ Reply | More
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General Topics 07.07.08, 02:58 PM Flag
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There is no way to know without applying. It's all over the map; depends on so many different factors. [ Reply | More
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General Topics 07.07.08, 03:00 PM Flag
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