So they have home equity. Bowdoin notes families will use it to help pay.
Something seems off. May not be but seems off
So they make $150k, have paid half the mortgage and I’m assuming the home price has grown, etc. and they likely have some money in the bank.
At a school like Bowdoin ED is likely overstated. Yea they have a higher rate but that will include athletes and other hooked kids.
You can ED and break it if needed but I don’t think ED is right in this case.
I could be wrong but the #s seem off.
Good luck.