Can we afford private school?

[Anonymous]

To add additional context, we have about $300k in a retirement savings account, $50k in regular savings, and are in our early 30s.

[Anonymous]

One kid is entering K this fall and was accepted into private. We have to make the decision soon on whether to accept. The other kids are 2 and 0 (a baby).

[Anonymous]

We also have some $400k in home equity.

[Anonymous]

I think it's okay since it's just the one kid.

[Anonymous]

Honestly no.
Because even if you can swing tuition, there are tons of hidden costs!

[Anonymous]

Also I'm not actually sure I want to retire—I work in an academia-type field where many don't. I have colleagues in their 80s who love it.

[Anonymous]

Anonymous wrote:Honestly no.
Because even if you can swing tuition, there are tons of hidden costs!

Like field trips, uniforms?

[Anonymous]

Probably better to spend a few $thousand (or less) on suppplementlal tutoring ad resources to make sure they do homework seriously and effectively.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Honestly no.
Because even if you can swing tuition, there are tons of hidden costs!

Like field trips, uniforms?

Yes, and all the random fees, and donations are expected even if you're on FA.

Tuition will go up 3-5% each year, and your FA may decrease if your income increases. I think you're cutting it pretty close and I'm only ok with it because you have 3 years before your next kid starts K. If you want to start your next kid in private before K, no way.

[Anonymous]

Anonymous wrote:Also I'm not actually sure I want to retire—I work in an academia-type field where many don't. I have colleagues in their 80s who love it.

Not everyone is healthy enough to have that option. Don't count on it.

[Anonymous]

No

[Anonymous]

No, maybe just send your favorite?

[Anonymous]

Anonymous wrote:

Anonymous wrote:There is no way you can afford private school for 3 kids unless grandparents pay for all of the tuition, not just 10k. Private school tuition is 30-50k unless you are thinking Catholic school.

No, the tuition is $10k *after* the grandparents' assistance is factored in. That's the amount they're not paying, that we would pay, per child.

But then 7-12 you stated it would be $20K/kid (and possibly more because costs increase, in 10 years it could easily be 25K+)

if you make $185, you cannot afford $30K/year for private school (K-6), it just doesn't make sense, let alone $60-80K+ for grades 7-12 when all 3 are in that range.
Also, are grandparents paying for college? Because in state college will likely be$50K+ per kid per year, since your kids are all under 5 currently. You need to be directing any savings towards college funds for the kids.

[Anonymous]

We do it. 2 kids at $35K total. HHI less than 200K. We are still able to contribute to 529s and retirement. We simply cut other expenses. (There won’t be any fancy trips and we run our cars into the ground.)

But we find it worth it. The private is much stronger than our public, and our children are progressing well.

[Anonymous]

Anonymous wrote:Thank you for the honesty. What if we sent just one kid to private school, and the other two went to public school at least for K–6th grade?

That seems a bit unfair to the other kids, unless there is a serious learning issue (I mean serious!). The siblings will resent the one that gets the private school.

I'd suggest sending them all to public for K-6. See how it goes. You obviously think your K-6 is good, since you are willing to send 2 of your kids there. SO assuming you are not a troll (I think from this statement you just might be), send all 3 kids to public from K-6 and see where you are financially and with retirement and college savings at that point. Ask grandparents to contribute the $$$ they were willing to put towards private school towards college fund, or at least to save it for possible private MS/HS.