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I think the $250,000 is the loan and the family is paying cash for the rest. OP never mentions a commercial loan and as we know there is no way they would qualify for one. <<
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Yes, it does now appear that the family has saved $400,000 towards a house and they are going to borrow another $200,000 from relatives and the relatives trust them because this family has lent money to them before.
Right, they couldn’t really show true income to the lenders without exposing themselves to possible tax issues.
So over a period of 15 years, this very low income family has managed to save $400k towards a home.
Sure that sounds believable…not
That would mean saving over $23k per year…yet the family earns less than 25k…hmmmm.
Nobody is that thrifty
Either way, this student is not going to get the desired aid at a prestigious school. These CSS Profile schools have seen enough of these situations…people owning businesses that deal a lot with unreported cash, so income appears very low,
There was another similar case not too long ago. Family claiming very low income, owned a dry cleaner I think or maybe a convenience store. Harvard or MIT wouldn’t give aid because reported info was suspect, too many unanswered questions, suddenly the family withdrew their aid request and paid full freight.