+ Reply to Thread
Results 1 to 3 of 3

Thread: Financial Aid

  1. #1

    Financial Aid

    I read somewhere that schools expect you to put 10% of your HHI toward tuition. Does anyone know if that is accurate?

  2. #2
    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.

  3. #3

    Financial Aid Scenarios

    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.

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts