Making $300K and getting financial aid for a first grader

[Anonymous]

Anonymous wrote:Complaining about not being able to afford private school tuition is like complaining about not being able to afford first class airfare on a plane.

I think it's entirely acceptable to complain about the cost of private school tuition. It is rising, and will hit $50K within the next ten years just based on cost of living adjustments for the employees (who make up the most of a school's budget).

What I don't get is why schools with enormous endowments don't find a way to simply hold tuition where it is. My own university has raised over a $1 billion in a recent campaign, and yet they keep hiking tuition and building more facilities and programs?

I wish that 100% of families at our school would apply for aid to send a big message. Then let the schools adjust tuition according to each family's ability to pay.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Complaining about not being able to afford private school tuition is like complaining about not being able to afford first class airfare on a plane.

Why?
Schooling is a necessity

But private school is NOT a necessity. In this country we consider universal public education to be a social good and we provide it. Is it the best education available? Maybe not. But it is supposed to meet basic criteria. Like a bottom of the barrel car meets basic safety criteria.

Private school is a luxury. One that I wish to give to my child for a variety of reasons. The price is one reason why we decided to have only one child. With just one child, the tuition and aftercare are more than our mortgage. If you can't afford it on $200k+ income, rearrange your priorities and either don't send your kid to private, or make other sacrifices to make it work for you.

[Anonymous]

I don't like the tone of PP who is saying private school is a luxury, and I think GOOD schools shouldn't be a luxury, they should be a right, and every child should go to a really good school. But till that day comes...people who have crappy local schools will do their damndest to send their kids to a better schools. But, I do agree that if you have a 200k plus income you have so many options open to you that no one should pity you if you can't scrape together the cash. That is a matter of your priorities, and if education isn't #1 on the list, well, that is your decision. A family with HHI of 300k sending 2 kids to a 40k per year school still has a whole lot more money that I do, sending my kid to private on a HHI of 140k. That is great for them - but it makes me cranky to hear them complain about it.

[Anonymous]

Sorry I know too many families who consider themselves rich, with a 7 series, other luxury cars and plenty of vacations who receive aid. It always amazes me and the school is not that diverse. I would rather see them give aid to increase their ethnic or income diversity.

[Anonymous]

PP, there are threads and threads about this if you care to search for them. I just don't believe there are many truly well-off people scamming the system to get aid. You have to send in your tax forms, declare everything you say is the truth, and sign your name, and then the school has to have the money to give you. Not too many people are willing to blatantly lie that way on their tax forms. Are there some people who do gymnastics to hide their money so they can steal aid from poor kids? I'm sure. Do you really know "many" families who have done that? I doubt it.

[Anonymous]

I think private schools need to be more transparent with their financial aid decisions. Of course it's unfair for schools to award any financial aid to any high houshold income/high networth families, unless they are offering the same for everyone else who may be making sacrifices to pay full tuition. The lack of transparancy and fairness in financial aid decisions brings resentment from families that pay full tuition.

[Anonymous]

Anonymous wrote:Sorry I know too many families who consider themselves rich, with a 7 series, other luxury cars and plenty of vacations who receive aid. It always amazes me and the school is not that diverse. I would rather see them give aid to increase their ethnic or income diversity.

Those same families probably cheated on their taxes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Complaining about not being able to afford private school tuition is like complaining about not being able to afford first class airfare on a plane.

Why?
Schooling is a necessity

But private school is NOT a necessity. In this country we consider universal public education to be a social good and we provide it. Is it the best education available? Maybe not. But it is supposed to meet basic criteria. Like a bottom of the barrel car meets basic safety criteria.

Private school is a luxury. One that I wish to give to my child for a variety of reasons. The price is one reason why we decided to have only one child. With just one child, the tuition and aftercare are more than our mortgage. If you can't afford it on $200k+ income, rearrange your priorities and either don't send your kid to private, or make other sacrifices to make it work for you.

Does not every child deserve the best education?
My view is that the private school is there for all the kids that have succeeded in getting admitted. For those it is not a luxury.
Public school is not the best place for every child. Some of them do not offer even a decent education
Country club is a luxury

[Anonymous]

300k is solid middle class in dc so yes it makes sense

[Anonymous]

Anonymous wrote:300k is solid middle class in dc so yes it makes sense

Here we go again. What dc do you live in?

[Anonymous]

HHI=120K in DC
Offer was 4k off 23K, starting at 6th grade
Answer to school was no thank you.

I think we have too little debt, too much home equity and a SAHM. None of which we are willing to change as it would negative impact on the other members of the family.

It was difficult, but, in the end, probably the best decision for all concerned.

[Anonymous]

Anonymous wrote:

Anonymous wrote:300k is solid middle class in dc so yes it makes sense

Here we go again. What dc do you live in?

For real. In what universe is HHI of 300k middle class? You do realize there are plenty of us around here raising families on HHI of 100-200k, right? And we are still able to shop, buy a home, and occasionally take vacations. Some of us even manage to send kids to private school on that, WITHOUT financial aid.

[Anonymous]

I don't think 300K is truly middle class, but it's all relative, right?

If you have 100K-200K in grad school debt and multiple children that 300K doesn't go as far as if you have 0 educational debt and 1 child. Also, what if you have other family members that need support, like single senior parent in-law, etc. Plus, perhaps you took out the educational debt and selected a job before the economic downturn, believing the line between the private and public/public interest sectors would be more porous than it is now. It doesn't take a ridiculous financial decision--read 700K mortgage or luxury car--to make things very tight. Add to the mix that you realize that your public school is not really equipped or willing to provide your bright child a free and appropriate education.

Just to be clear, I do not have a HHI of 300K, but I also think that people on these boards just make assumptions that if someone applies and receives financial aid at a higher income (say above 100K), that he/she is gaming the system. It is also possible that family just did not have the same foresight and fortune that you do.

[Anonymous]

Anonymous wrote:HHI=120K in DC
Offer was 4k off 23K, starting at 6th grade
Answer to school was no thank you.

I think we have too little debt, too much home equity and a SAHM. None of which we are willing to change as it would negative impact on the other members of the family.

It was difficult, but, in the end, probably the best decision for all concerned.

4K off 23K tuition sounds like a very good offer. What was your expectations of FA amount?

[Anonymous]

Anonymous wrote:I don't think 300K is truly middle class, but it's all relative, right?

If you have 100K-200K in grad school debt and multiple children that 300K doesn't go as far as if you have 0 educational debt and 1 child. Also, what if you have other family members that need support, like single senior parent in-law, etc. Plus, perhaps you took out the educational debt and selected a job before the economic downturn, believing the line between the private and public/public interest sectors would be more porous than it is now. It doesn't take a ridiculous financial decision--read 700K mortgage or luxury car--to make things very tight. Add to the mix that you realize that your public school is not really equipped or willing to provide your bright child a free and appropriate education.

Just to be clear, I do not have a HHI of 300K, but I also think that people on these boards just make assumptions that if someone applies and receives financial aid at a higher income (say above 100K), that he/she is gaming the system. It is also possible that family just did not have the same foresight and fortune that you do.

Well, duh. Obviously some people are going to have more debts than others. However, if you earn $300K but have a lot of debts and financial responsibilities, that doesn't mean you are middle class. It means you are upper class and have a lot of debts and financial responsibilities.

People on this board seem to think they are "middle class" if they are not on a private yacht somewhere sipping champagne and eating caviar. Sorry, if you are making $300K/yr you are wealthy, no matter how you slice it. Whether or not you are able to afford private school, regardless of your income, is a different conversation.