What HHI would you need to have to send 2 kids to private assuming...
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
1. Each school fee is $65k
2. There are no good public options near you and would require moving to access. 3. Moving would then require commuting to work. Assuming you have about $1m in savings. Your answers will help me hugely to make a decision! |
Anonymous
| Just apply and apply for financial aid. With two kids, it's likely you will be paying less than $65k per kid. |
Anonymous
Op - I don’t think I would qualify |
Anonymous
| We make $300k with one kid and live comfortably. To care for an additional child and have $130k/year in tuition, I’d want at least $500k to keep our current standard of living. |
Anonymous
| We make about $500k and have one in college and one in private high school (we only did private for high school and only for one child). We’re paying about $125k/year in tuition and I am looking forward to this period being over. I can’t imagine doing this for K-12. And, our mortgage is relatively cheap - about $3k per month - as we bought our home in 2008. |
Anonymous
We make $350k a year and with one kid in private we got about $3k, and our school isn’t even notoriously generous. It’s a formula, based on who applies. If there are richer people with fewer obligations, you might get a piece of the pie. Anyway, you can’t win if you don’t play. |
Anonymous
| We make $500k and would not feel comfortable with two in private from K-12. Could we swing it if we absolutely had to? Yes but think we’d have a lot of financial stress over it, which is no way to live if you can avoid it. |
Anonymous
Do you own a house? |
Anonymous
| I wouldn't, ever. |
Anonymous
Why? |
Anonymous
|
It's hard OP - but 2 in private will often lead to F/A. One prob less likely but 2+ you could get it. You may not think so but apply and see. You can always decline.
Also, think of school as education not just for college but from a practical perspective. I'm less interested in putting my kids in a school in order they get an Ivy league education than I am in them being well adjusted and educated in the most meaningful way - that they appreciate education. If you aren't confident your public school can deliver that result, you gotta do private or allow your kids a school that might do that. There's a ton of people who might not have gone to some spectacular college yet still saw success, money and achievement. But at 13 or 16 - that's the time to prep. Everyone has to start somewhere but I think MS and HS are super important development times to shape a person. So I think whatever right school for your kids, you should at least try for entry there. |
Anonymous
| I have wondered the same. We have two kids, HHI of $325K, own our home (big mortgage but low interest rate), and $2M in investments. Local public schools are only ok. The private schools we'd consider cost $35-$65k per year. Would we qualify for any financial aid with both kids in private, I wonder? |
Anonymous
| Op - it’s so hard. I recently got a new job which is huge and all encompassing and a giant opportunity. My salary is good but half of it is in options (big tech) that don’t even start to vest till next year. If I move to the burbs then I will never see the kids bc I am working 10-12 hour days, and I also have a lot of business in the city. If I keep them in private I struggle to save. The size of my job doesn’t quite correlate to the col if you take options out of the equation. |
Anonymous
| 65k, per year, per kid? That is insane. We make 7 figures and I would not even consider this. I would homeschool K-6. You would do an equal or better job compared to even the best school for the elementary ages with some research and planning. |
Anonymous
| There are no private schools less than 65k? Surely you can find something less expensive? Are you in NYC? |