Hi! I’m wondering about financial aid for families with high assets but low income- does anyone have a sense of whether aid might be possible in those situations? For example, the Exeter website says “For families with incomes under $75,000, Exeter is free.” That sounds like a pretty definitive, cut and dry statement, but is that really true? If a family makes less than $75k but has $1-2 million in assets would they still get aid?
I’d love to hear from people who have applied to a variety of prep schools about which assets they actually ask about and include in their considerations for aid, and if anyone else has high assets but low income it would be great to know which schools (if any) gave you the largest aid packages. Thanks so much!
That would be a highly unusual situation that probably involves specific individual circumstances. I’m not sure that you can find someone here w an experience from which you could extrapolate.
That said, I’ve known of private day schools who have awarded FA in special circumstances that on the surface may not fit the typical FA profile.
Just like with college, you are responsible for funding your child’s education. So if you want things that cost money and you have money to pay for them, you will be expected to pay it. To a certain extent, they will take note of the asset mix (home equity, lifestyle choices, number of children, interest in candidate, actual retirement accounts vs. brokerage) but do not expect to be remotely in the same class as that Exeter example that is frequently cited. But ultimately, lower income and higher asset mix is the most miserable ratio for both BS and college because you are pinched at both ends. If you have to ask what categories of assets are counted… Schools will give you number you think you can pay and the amount of aid you need. Choose reasonably. Personal friends plus plenty of reports here show that many people with unreasonable requests get automatic rejects.