Would he qualify for financial aid with his father’s $250,000 salary plus two rental properties? Even with his sister already in college?
At the end of the article there’s an interesting list of political offspring who went to Brown.
I just read this, too. I think it’s possible Dante might have gotten financial aid if it was just based on his dad’s salary. But given the two rental properties worth $2.8 million generating $100,000+/year in rent, I doubt it.
No way! FA money is not political campaign money.
@janesmith - The NYT article says he earns $225,000/year as mayor, and it’s not clear he is deriving any income at all from the rental properties - rental income received is not the same as profit, and the article clearly states they had a net loss on one of the properties.
Most of the top colleges will give financial aid, even substantial financial aid, to a family in their situation. I ran the Harvard NPC (because it’s simple and I’m familiar with it), and assuming they derived no income from the rental properties, have $50,000 in cash and investments, and $250,000 of equity in the rental properties, Harvard shows them as receiving about $15,000/year in aid. I would imagine Yale and Brown would offer somewhat less. Of course this is just speculation - without knowing their full financial situation, there is no way to know how much aid they would receive.
@fireandrain - we don’t know the net income from those properties - one could receive a million dollars a year in rental income and not make a cent, if costs exceed income. We also don’t know how much equity they have, and it’s the equity that counts, not the value.
The house where they used to live, described as a “duplex,” is very small and non-luxurious–only one bathroom! In a wonderful neighborhood but real estate prices there are totally crazy.
This mayor is not like his predecessor, who was a multimillionaire. He was NYC public advocate, salary $165k, and his wife worked mostly for nonprofits.
Is that considered non-cash income?
We can agree that he’d qualify for the unsub fed loan. I agree that we don’t know all the details, but if they own two properties it’s hard to imagine that there’s not some equity to tap into.
It would be amusing if the offspring of deBlasio, Cuomo and Obama all end up at the same school at the same time. The kid of Vernont’s governor is at Brown now, too.
250k? That’s considered downright poor by several on CC.
$225k!
^ Poverty! Poverty I tell ya!
Can you live in NYC on only 250k?
Some interesting tidbits in that article.
Did not know that Amy Carter flunked out of Brown.
Malia Obama touring Columbia, Brown, Yale and Wesleyan. If I were Secret Service, and she wanted to go LAC, I’d vote for Williams. Easy to keep on eye on everyone entering the middle of nowhere. Plus my son could meet her and I could meet the parents at family weekend, and I could play HORSE with Barack.
Depends a lot on what’s in the bank, in monetary investments, or home equity. I just ran the calculator on the generous school my kid goes to and for the same income, but more equity and investments (but not outrageous amounts say equity of 700k and investments of 1M), there would be no financial aid. So it depends on what he’s got “in the bank”.
Does anyone doubt that next year, Malia will be getting fat envelopes from Columbia, Brown, Yale and Wesleyan? I’d say she has a bit of a hook, wouldn’t you?
I can’t believe Malia is already a junior in high school.
Of course Malia Obama has a hook being the child of the POTUS (she and every other child of the POTUS, who applied to college).
She is also a legacy at Columbia, Princeton and Harvard
That’s what I mean. Her father is the President of the United States. That’s a bit of a hook.
^^And he hasn’t announced where his library is going yet.
Isn’t she a legacy at Princeton, too?