Would you pay to send 2 kids to elite private school if you could BARELY afford it?

[Anonymous]

We are planning ahead for our 2 kids; the cost of sending them to an elite private school (at 20-24K per year per child) is something we can afford, but with very little in savings, and almost no wriggle room for our daily lives, and DH and I would both DEFINITELY have to work. This is assuming our incomes don't increase in the years ahead. Our kids right now are only 2 and 3, but certain pre-schools are feeders and so we have to start thinking about this now.

Would you send your kids to the elite private school? Our alternative are catholic schools which would be around 10K cheaper per child.

(FYI -- we currently live in Texas but I used to live in DC and would love to hear people's thoughts).

[Anonymous]

No.

[Anonymous]

It would completely depend on whether that school is the VERY BEST FIT for my children and family. We sacrifice a lot to send two of our three kids to a private, because that's the environment that they need. Our third is in a public magnet, because that what she needs. "Elite" did not factor into our decision making process at all.

[Anonymous]

Where in Texas? If you lived in Fairfax county I would say no..the schools here are really good and you could go private in HS. That being said, if the schools aren't great, it's worth the sacrifice. I would probably go Catholic though before public schools--they seem to be great at teaching basic skills. Good luck!

[Anonymous]

i am in the same boat and here is my decision. I try to rely on public schools as much as possible. If my kids start doing really poorly in public school, I might then think about private school. Ideally, I would save for retirement first, then to pay for kids undergrad.

Also, think of other opportunity costs. So 2 kids at $40-48K/ yr in education. What if instead you put $20K away for retirement, $15K for college, and that leaves $5k-$13K per year for other educational opportunities like trips to Europe, Africa, etc., expensive summer camps, music lessons, etc. This latter package appeals to me more than stressing out about private school costs. Also, what if your income goes away and you have to pull your kid into public school suddenly.

This is just stuff to think about it. There really is no right answer and you know your situation better that I do. Good luck.

[Anonymous]

I grew up going all private in Fla. Here's what I found over the years: The kids who transferred in from public to private at the end of elementary school did very well -- often better than the kids who had been at the school their whole lives. My school was preschool all the way through high school.

Also, not switching schools meant I never got to recreate myself (at least not till college). That wasn't good. You know all those stupid things you do in elementary school? They still haunt you in high school.

So, depending on where you are and what the elementaries are like, you may want to consider less expensive options for the younger grades and save your money for the elites for the older grades, when it matters more.

[Anonymous]

no -- in this economy it seems like an unwise decision. you say that you both would definitely need to work to make private a reality -- well, what happens if one or both of you are downsized or let go? there are plenty of people in that situation these days. unless you have the means to pay for private (from a trust fund, large savings, etc.) it is a very risky financial proposition. good luck.

[Anonymous]

Absolutely. I would do whatever I could to help my kids get off to a good start.

[Anonymous]

Yes. I can't think of a better thing to give my kid than a superior education.

[Anonymous]

Will you be able to save for retirement? Will you be able to handle emergency costs (something unexpected that you haven't budgetted for) like when you need a new roof or a new car? What if one of you loses a job or gets ill or dies? FWIW, my parents sacrificed a great deal to put a handful of kids through private school and college and now quite frankly they are struggling and will have to rely on their kids if and when they retire. Did I get a great education? Sure -- but I probably would have done just as well had I gone to public school. And FWIW, an elite school isn't a golden ticket to a perfect life.

[Anonymous]

Kids get more attention and "care and feeding" at private schools. Catholic Schools are fine too...if that is all you can afford...there are many great Catholic Schools...the best ones in this area are almost as expensive as the elite privates.

[Anonymous]

Barely affording it means affording it so yes I would do it. There's a lot of stuff I could do without if I knew I was helping my children get a solid foundation.

[Anonymous]

Some "elite" school may not provide a solid foundation, Or, a good start ? ! Do some research on fairfax county public school. They provide enough opportunity for kids education.

[Anonymous]

It depends on the quality of the alternative. Because I live in DC, I will likely send my one child to a private school even though it will be a stretch. If I lived in Arlington, I wouldn't even consider private.

[Anonymous]

I think it depends somewhat on the quality of the alternative choices, but generally my answer to this question would be a resounding "no" because in the end, I don't see that getting an elite private school education makes a whole lot of difference in future happiness and/or success. For such a marginal benefit, it would not be worth the financial strain in my opinion.