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bluebird
08-10-2010, 10:57 AM
I read somewhere that schools expect you to put 10% of your HHI toward tuition. Does anyone know if that is accurate?

uwsmom
08-10-2010, 05:01 PM
Yes, 10% is accurate, though does not mean if 10% of your HHI is 1/2 the tuition that they will come up with the other 1/2 for you. Most schools do need blind admissions.

amdawson69
11-24-2010, 08:17 PM
A few of the privates provide sample scenarios to give applying families an idea of how much assistance they might be able to expect. Take a look below (notice that Live Oak shows the amount of aid while San Francisco Day shows actual tuition):

Live Oak (2010-2011 tuition: $22,200)

Family 1
Gross Taxable Income: $90,000
Home Equity: no
Savings/Investments: no
# children in tuition-charging schools: 1
Financial Assistance: $13,500

Family 2
Gross Taxable Income: $199,000
Home Equity: no
Savings/Investments: no
# children in tuition-charging schools: 3
Financial Assistance: $42,000

Family 3
Gross Taxable Income: $128,000
Home Equity: yes
Savings/Investments: yes
# children in tuition-charging schools: 1
Financial Assistance: $7,000

Family 4
Gross Taxable Income: $191,000
Home Equity: yes
Savings/Investments: yes
# children in tuition-charging schools: 2
Financial Assistance: $20,600
San Francisco Day (2010-2011 tuition: $24,720)

Case 1
A family of four with two children attending independent schools with an annual income of $250,000, owning a home with net equity of $225,000 and other investments and assets of $55,000, would qualify for discounted tuition. Assuming no unusual expenses, and no itemized deductions on their taxes, the family would qualify for a discounted tuition of approximately $14,000 per child.

Case 2
A family of four with only one child attending independent school, a net income of $150,000, no net equity in their home, and other investments and assets of $3,200, would qualify for a discounted tuition of approximately $6,000.

Case 3
A family of one parent and one child, living in a rental, with an income of $85,000 and no other significant investments, assuming no itemized deductions on their taxes, would qualify for a discounted tuition of approximately $1,300.
Good luck with the process.