Decent income - unsure about private

[Anonymous]

We’re at a great charter where my son is thriving academically. Socially it’s been harder, but he’s been proactive, involved in outside activities, and the school has been helpful with his mild anxiety.

I was fine staying for high school, but he wants to apply to private. I’m a single parent with no financial support, and I’m worried about tuition and the many extra costs I’m probably not prepared for. He’s excited after touring a few schools, and we’ve started applications, but I’m not sure I can manage it financially. I don’t want to limit his opportunities because he works so hard.

My questions: With an income a bit over $100k, what kind of financial aid is typical? And what additional expenses should I expect beyond tuition?

[Anonymous]

I guess the obvious question is, why does he want to go to private school? What does he feel is missing from his charter school and what does he hope will be different at the private school?

[Anonymous]

Anonymous wrote:I’m not sure I can manage it financially. I don’t want to limit his opportunities because he works so hard.

Bottom line: Whatever you decide, don't damage your future financial stability (and his!) to "reward" him for his hard work. If he works hard, he will have opportunities wherever he is in school.

[Anonymous]

Get more cash or go public.

That was simple. 🙄

[Anonymous]

Apply and see what you get in FA and make decisions based on that. There are lots of extra costs

[Anonymous]

Anonymous wrote:Apply and see what you get in FA and make decisions based on that. There are lots of extra costs

This. Apply for FA and see what you get. Also, Catholic schools tend to be a lot less expensive so you might want to look at some of those.

[Anonymous]

Anonymous wrote:Apply and see what you get in FA and make decisions based on that. There are lots of extra costs

+1. You should qualify for FA so it's really just a question of whether they give you enough that you feel like you can do it without harming your financial future. Some schools have more added fees than others so definitely make sure you get those when considering whether or not you can do it after you receive your aid package.

[Anonymous]

I’m in similar boat and found out schools will say they give generous aid but it’s still unreachable. Some max out at 50% so if tuition is 40k youre still on the hook for 20k.
Friend of mine at the McLean school got offered 10k but tuition was over 50k

[Anonymous]

I know you are asking about day schools, but want to point out that your child would get a full, free ride (tuition, books, room, board, sports trips and cultural travel trips) at the top boarding schools, if they are admitted. Exeter, Deerfield, Andover, Groton etc… always worth a look.

(This assumes that the other parent is either low income or not in the picture. If they are high income, then tuition would apply.)

[Anonymous]

We are HHI over $300k and still years away from entry years. I am even worried about funding private school with a few years left to bump up the income. Good luck!

Do schools offer FA strictly based on need or do they offer more to students they find more attractive? Like if they really want a student, will they offer more to that family to help them decide to attend the school?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Apply and see what you get in FA and make decisions based on that. There are lots of extra costs

+1. You should qualify for FA so it's really just a question of whether they give you enough that you feel like you can do it without harming your financial future. Some schools have more added fees than others so definitely make sure you get those when considering whether or not you can do it after you receive your aid package.

+2 You just never know what you might be offered. Friends in their circle told my parents they wouldn't be given any FA, but they applied anyway and only had to pay ~10% for my 4 years of HS.

[Anonymous]

Anonymous wrote:We are HHI over $300k and still years away from entry years. I am even worried about funding private school with a few years left to bump up the income. Good luck!

Do schools offer FA strictly based on need or do they offer more to students they find more attractive? Like if they really want a student, will they offer more to that family to help them decide to attend the school?

Some catholic schools give merit scholarships, but no independent/secular schools do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are HHI over $300k and still years away from entry years. I am even worried about funding private school with a few years left to bump up the income. Good luck!

Do schools offer FA strictly based on need or do they offer more to students they find more attractive? Like if they really want a student, will they offer more to that family to help them decide to attend the school?

Some catholic schools give merit scholarships, but no independent/secular schools do.

This is not true. I know of independent schools in the area that have offered merit-based money. I think it is at the sole discretion of admissions— not based on testing and not advertised as an opportunity to all— and stems from their desire to attract certain types of people.

[Anonymous]

Don’t do it OP unless you can get at least 80% financial aid to cover tuition with some type of a guarantee for future years as well.

Our HHI is $600K, and we realize how blessed we are, but it’s still a stretch for us to have 2 kids in private. We could have had a much nicer lifestyle ( and retired sooner) if we had them in public. Tuition is a good 25-30-% chunk of our after tax income.

I’d also consider moving into an area with better public schools before going private.

[Anonymous]

Do not do this.

Move just move to a better district