Making $220K - any chance for FA at DC Privates?

[Anonymous]

NP here. Wouldn't the income threshold rise the more children you have in private?

If it were me and I had the rental properties which were clearly a drain, I'd sell. But I bet OP's situation is more complicated.

[Anonymous]

Op here - sorry was sick and just checking in. We have two rental properties that we are planning on holding on to so we can pay for high school. By then they should be paid off and we figure that would be the best use. I can't remember all of the other questions asked. Regarding equity in home - yes we do have some based on current appreciation. Our mortgage is reasonable but all of our free cash has gone to renovating this old house. We did have some nice savings ( around $50k) but that is all gone as we had contractor issues during our renovations and so are having to double pay for work. Not trying to make excuses just stating facts.

Our second child is in daycare. Daycare costs run us $1400/month per child currently. After daycare we are able to save somewhere between $2500-$2800/month usually once this renovation project is done.

Basically without financial aid of some sort we would not be able to afford private school for both kids. Also regarding selling the rentals - one is underwater and the other does have equity.

Let me scroll back to see if I missed anything.

[Anonymous]

Depends on your debt and mortgage, we made more and got sliding scale subsidies

[Anonymous]

Op again - just took a look at the comments to see what I didn't answer. Our mortgage on our primary is about $400k and we have paid cash over the past four years to renovate it. If this is a financial aid qualifying factor then we definitely messed up here as had we taken out debt to do the renovations over the years our mortgage would probably be closer to $550k.

I think that's it. I am a federal employee and my husband works as an office manager.

[Anonymous]

Anonymous wrote:Depends on your debt and mortgage, we made more and got sliding scale subsidies

can you elaborate on that pp? How much did you make and what kind of subsidy did you get?

[Anonymous]

I'd say it's unlikely. We make half of what you make, have some house equity and a share of a family commercial property (1/5th) and we didn't qualify.

[Anonymous]

OP I'm curious to know myself. We are one income and will have one in private this year. Our oldest is in public but struggling and we plan to move her to private for HS the next year. I will go back to work to help pay. My potential income isn't all that high but enough to push us over 200. Yet out of that income we will be adding the expense of childcare for our youngest. And we'll be in a higher tax bracket. DH has figured out we will probably only come out 10,000 ahead after all is said and done. He feels that the higher income will mean no FA. However some schools will only give FA with 2 parents working. Feel like we are stuck because we can't qualify without the job but we won't qualify with it. And both of the kids need private. It's not a preference. Public schools have been a poor fit and there are no charters.

[Anonymous]

8:55 again. Shoukd have added we just own one home with a 300k mortgage and no debt. No fancy cars. We don't travel or even do summer camp.

[Anonymous]

We are similarly situated financially, only one rental, with two in privates. Applied to five schools for the first, accepted to three, no awards from any.

[Anonymous]

250k hhi isn't very high for private, I would think there would be aide depending on how much debt and mortgage

[Anonymous]

No, I do not think so. That is a great HHI for most families.

[Anonymous]

We pay for private by taking out equity on our home. HHI is $160k and we have about $1M in 401k and a rental home. Never would occur to me to ask for FA. We contribute to FA.

OP, if you save $xxxx per month, you pay your tuition out of that instead of saving. We have no new savings as all income left over goes to $30k+ tuition.

[Anonymous]

No and if someone in your situation does, I'm never donating another dime to a private school.

[Anonymous]

Op, life is about choices. If you want private, consider not doing the renovations and limiting your retirement and other expenses. Otherwise, you either find a way to pay or public.

[Anonymous]

Op here - thanks for all the comments and insight everyone. Yes life is about choices that is for sure. We feel (rightly or wrongly) that high school is the most important and so wanted to be sure we could afford private when that comes around. Of course we'll be saving for college as well. I just don't feel comfortable with our savings being so depleted while starting down this path. For folks who spend the vast majority of their income on private school can I ask how much you all have in emergency savings?