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Please don't be offended- What should your HHI be around to consider sending DC to private school?
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Anonymous
| I hope y'all don't find this question too offensive but we are debating about sending our child to private school. DH thinks its a waste of money and that we maybe biting off more than we can chew so to speak. But I am curious to know how much parents who send their children to pvt school make per year. We live in NW DC and we are looking at a number of schools in our area. Also, what helped you decide if private school or public school was the right fit for your child. |
Anonymous
| My first question how many children do you have? |
Anonymous
|
If you look in the private school forum, you will see many threads on HHI.
Short answer: 1) Depends on other financial debts (mortgage) 2) Depends on the number of kids 3) Depends on your lifestyle/priorities HHI Range: $70K (with financial aid) to $$$$$ Median Range: Around $200-$500K (guess) |
Anonymous
|
Think about it this way. You need to be able to have an extra $50K of pretax income for the next 14 years to pay for $30K private school. That of course does not account for tuition increases.
Are you generating that today? Are you saving an extra $30K after tax income, after maxing out your 401(k) and college 529? |
Anonymous
| If you have a reasonable mortgage ($3K or less) I'd say $400K. |
Anonymous
As JP Morgan said to someone who asked the price of his yacht, "If you have to ask, you can't afford it." |
Anonymous
| We make around $450K and feel like we could afford to send one child to private school. We do NOT feel like we could afford to send two kids to private school (of the 30,000K+pus per year variety) without feeling incredibly trapped in our jobs. We have made the decision to start both of our children in our very good area public schools and see where it takes us. The cost of tuition at the local area privates has tipped over into "hell no" territory for us. |
Anonymous
| Our HHI is about $200,000 and we are sending our child to a very low-cost private school out in the burbs ($18,000). It makes us watch our money closely. A lot depends on your mortgage, IMO. |
Anonymous
Who on earth has a mortgage under $3k?? You can't have kids in a studio! |
Anonymous
| 14:14, our mortgage is $2804 and we live in Fairfax city. 4 bd colonial with 2 car garage. |
Anonymous
\ Are you joking? We just refinanced and our mortgage is $2150 (down from $2800). We bought our house for $500K. It is three bedrooms, good sized eat-in kitchen (though not originally, the previous owners opened up the house by knocking down a wall and extending the kitchen), two bathrooms, and a finished basement, plus a nice screened in porch, and a good sized yard. It is not big by any means but it is hardly a studio apartment. |
Anonymous
Anyone who bought before the boom. |
Anonymous
|
As others have said, it depends. We want to fully fund or fund as much as possible of our childrens' college, and that means private college too (vs. state school). So we are preparing to save a few hundred thousand in college savings, and would rather do that than pay for private school.
I went to private school, and am a big fan, but I do think some kids benefit more than others. I was shy and an introvert so the small classes helped me, but there are many kids who will thrive in public. Hopefully our kids will fall in this category, since we can't afford private without sacrificing their college fund, and I'm not willing to do that. |
Anonymous
Sorry, thought we were talking about DC. |
Anonymous
| Why did you think we were talking about DC? If you're in DC, private school is a necessity. |