For undergraduate admission, she is only a legacy at Princeton and Columbia. And don’t be too sure that legacy is an shoo-in advantage for the famous. Probably is for a kid from the White House, but remember that reportedly Senator Frist’s son wasn’t a shoo-in for Princeton, despite the fact that at least two generations of Frist’s were alumni, and there is a building on campus with the Frist name inscribed on it. Didn’t old man Joe Kennedy Sr. have to pull strings to get Teddy into Harvard? LOL
I’m wonder if the mayor considers themselves lower middle class or middle class?
I am lost.
Given all the $$ the Frists have given to Princeton, I think they should have a “get in if you aren’t academically qualified” chit to use.
Malia visiting Brown raises the question, Is Brown still the celebrity school? It got that reputation when another president’s child JFK Jr. picked it. I’m assuming that Harvard would have taken him.
Brown Daily Herald on its trendiness: http://www.browndailyherald.com/2010/04/19/is-browns-popularity-a-passing-trend-or-here-to-stay/
With that income ($225K, with negative rental income and 2 kids in college, minimal savings, he’ll receive FA from most of the Ivies. Even with just 1 kid in college, for 225K, maybe few grands from H and P.
Ted Kennedy went to Harvard for a short time and was asked to continue his education elsewhere, so he went to UVA.
He may not have negative rental income if they add back depreciation, as they usually do.
The imputed rent for his city-provided housing is also income.
The rental properties also count as assets, less whatever mortgages are on them. Given how much NYC housing has increased in price in the last five years, he’s likely sitting on some very nice equity.
I’d call foul if that family gets financial aid.
I don’t think we’ll find that out. Fun to speculate though.
Not entirely accurate. Ted Kennedy was afraid his grades would be so low that he would be ineligible to play football. He hired a classmate to take a Spanish exam. He was caught. The standard punishment was to be suspended with the option of being admitted after a year or two. Kennedy enlisted in the US army and served as an enlisted man for almost two years. He then returned to Harvard and graduated. His grades were too low to get into Harvard Law, so he followed his older brother Bobby to UVa Law.
Re: Post # 12 @latichever - I believe that the Shah of Iran sent his son (the exiled claimant to the Iranian throne) to Williams for precisely that reason. I went to college in the 1970s, when a number of global political and business leaders and their families faced heightened kidnapping threats. Williams seemed like a curious choice for some of them, until its strategic situation was explained.
:His free housing would have to be reported as untaxed income. When we lived in parsonages it was valued at 30% of gross income.
The value of his rental homes (“The combined value of the homes will reach an estimated $2.8 million in the upcoming tax year, according to the New York City Department of Finance.”) will kill his chances for aid, even from Harvard.
^as it should. Honestly. I’m tired of clearly very well off people moaning about how they need financial aid just as much as the guy working as a janitor or a nurse’s aid. (I fall into that well-off category and we didn’t moan about being full pay).
@SlackerMomMD - Value and equity are not the same - and it’s equity that counts when applying for financial aid, not value. Are you certain he owns both properties outright?
@BldrDad, are you saying he has NO equity in these properties? From googling, we know the following:
He has two rowhouses in Park Slope
One rowhouse has doubled in value from $700,000 in 2006 to $1.4 million in 2014. (if the two together are worth $2.8 million then, the other one is also worth $1.4 million).
One news article said he had refinanced one rowhouse to a >$500,000 mortgage (http://www.nydailynews.com/new-york/mayor-de-blasio-assets-meager-retirement-fund-report-article-1.1819224)
With a >$500,000 mortgage, he has anywhere between $750K to $1 million equity in one rowhouse.
I repeat, the house he and his family (wife, 2 kids) lived in before he became mayor last year is extremely modest. A single-family house with one bathroom.
The FAFSA excludes the value of a family business. If the rental properties are a wholly owned family business and structured in the appropriate fashion then the FAFSA does not count their value. If the family chooses not to take K1 distributions from the wholly owned family business and rather keep all proceeds in the business…that ‘income’ also doesn’t count.
CSS-PROFILE takes the value of rental property into account. Then again, the Profile takes the value of your gold crowns into account. After all, ya coulda’ gotten stainless steel and those gold thingies can be pulled and sold at a pawn shop.
Yup…it’s a great system. One just has to figure out the loopholes, of which there are plenty.
@SlackerMomMD - You said “The value of his rental homes…will kill his chances for aid”
I have no idea what if he has any mortgages on either property - I only wanted to point it is not possible to conclude someone is not eligible for financial aid based on the value of their rental properties without knowing the full picture - many people owning high-priced properties in this country actually have negative equity.
PG,
I disagree here.
Princeton already has had to overcome some popular NE stereotypes from the recent past for having admission policies based mainly on legacy, athletic, and developmental factors over academic merit well into the 1990’s.
Also, if someone has all the advantages which come from a higher SES background and still isn’t academically qualified, many could reasonably surmise he/she failed to make the most of his/her advantages and thus, his/her place should go to one who is academically qualified and made the most of his/her background situation.