What kind of income do you need to put 3+ kids in top privates from k-12?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I went to private school my whole life, pre-k through college. My wife and I are really struggling to see the value in it. DW is a public school grad so we both slightly differ but when we compare out core friend group, mine are all exceptionally successful; while hers are doing fine, but her top end is probably the low end for my friend group. There were far more "outliers" at her school that are still bussing tables, part time gigs, etc; whereas, most of the kids from my high school are gainfully employed in the professional world.

We get that going to a high level private school surrounds yourself with like minded people, and naturally creates a group of highly driven, educated, friends. Outside of that benefit, it is VERY hard to justify the cost of these school. Can I really look in the mirror and say that if I sent my kid to public, put 50k a year into a brokerage account for him, and gave him the account at age 18, he would be WORSE off than a STA grad?

We have a newborn and as of right now we decided to do public through third and then most likely go private in 4th or 6th grade.

After that ramble...we make about 550k as 31yos. my target is 750k HHI (upon grade 4) to get two kids through a STA/NCS type of school.

I'll take confounding variables for $400, Alex. If a private school education turned out someone with critical thinking skills THIS lacking, I wouldn't see the value either.

You do you..however, who you hang out with and grow up with up everything. It sets the tone for your entire life. There’s a reason why all my friends are highly successful..and it’s not because we were straight A students. We all were solid B students who valued things outside AP classes…shocker!

Why, then, do you believe you’re more successful?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the financial aid goes to someone....
though it disproportionately goes to upper school, someone in lower school is also getting it.

Probably faculty kids.

Nobody is getting financial aid for three kids in private for 13 years each.

Then I have a lot of questions for someone I know...teacher at the school, husband is also a teacher at another school. HHI can't be more than $140/150

That’s an employee benefit. The average applicant isn’t getting that level of FA.

Financial aid is a benefit?

Private school teacher here. We get tuition for our kids as a perk of employment, but not all schools do. In our case, the school usually increases the class size by one for a faculty kid, so the faculty kid gets free tuition but the school still keeps the same tuition ratio as if the child wasn’t there. The faculty child also doesn’t take another student’s spot. This works because we have a fairly small school and there really aren’t situations where you have multiple faculty kids in each grade. People tend to stay in their jobs a long time so there aren’t that many young faculty members with children at the same time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the financial aid goes to someone....
though it disproportionately goes to upper school, someone in lower school is also getting it.

Probably faculty kids.

Nobody is getting financial aid for three kids in private for 13 years each.

Then I have a lot of questions for someone I know...teacher at the school, husband is also a teacher at another school. HHI can't be more than $140/150

That’s an employee benefit. The average applicant isn’t getting that level of FA.

Financial aid is a benefit?

Keep in mind this is a rare benefit at local schools. More often half off for one child and you can apply for financial aid for more. Many teachers can not afford to send their kids to the schools they teach in.

Free tuition is an employee benefit

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the financial aid goes to someone....
though it disproportionately goes to upper school, someone in lower school is also getting it.

Probably faculty kids.

Nobody is getting financial aid for three kids in private for 13 years each.

Then I have a lot of questions for someone I know...teacher at the school, husband is also a teacher at another school. HHI can't be more than $140/150

That’s an employee benefit. The average applicant isn’t getting that level of FA.

Financial aid is a benefit?

Private school teacher here. We get tuition for our kids as a perk of employment, but not all schools do. In our case, the school usually increases the class size by one for a faculty kid, so the faculty kid gets free tuition but the school still keeps the same tuition ratio as if the child wasn’t there. The faculty child also doesn’t take another student’s spot. This works because we have a fairly small school and there really aren’t situations where you have multiple faculty kids in each grade. People tend to stay in their jobs a long time so there aren’t that many young faculty members with children at the same time.

Does your child have to get admitted to the school? I admittedly would find it strange if a private school rejected a teacher’s child, but I don’t know much about these schools.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the financial aid goes to someone....
though it disproportionately goes to upper school, someone in lower school is also getting it.

Probably faculty kids.

Nobody is getting financial aid for three kids in private for 13 years each.

Then I have a lot of questions for someone I know...teacher at the school, husband is also a teacher at another school. HHI can't be more than $140/150

That’s an employee benefit. The average applicant isn’t getting that level of FA.

Financial aid is a benefit?

Private school teacher here. We get tuition for our kids as a perk of employment, but not all schools do. In our case, the school usually increases the class size by one for a faculty kid, so the faculty kid gets free tuition but the school still keeps the same tuition ratio as if the child wasn’t there. The faculty child also doesn’t take another student’s spot. This works because we have a fairly small school and there really aren’t situations where you have multiple faculty kids in each grade. People tend to stay in their jobs a long time so there aren’t that many young faculty members with children at the same time.

Does your child have to get admitted to the school? I admittedly would find it strange if a private school rejected a teacher’s child, but I don’t know much about these schools.

Also, at which grade level? Without revealing yourself, can you give us a general idea of where this school is? Is it some kind of special focus, like Waldorf or parochial?

[Anonymous]

The faculty kid tuition benefit is available at a wide range of school types in all parts of the country. Some schools offer a full tuition break while for others it’s a discount off the tuition and financial aid (if you are at a private currently you can look at your annual report that development sends out and see if they have a scholarship earmarked for faculty children (mine does.)

As the PP stated it is not that faculty kids “take spots” but
that class size is increased by 1. Teachers in public and private settings are woefully underpaid, I think all privates should offer tuition breaks to their faculty.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the financial aid goes to someone....
though it disproportionately goes to upper school, someone in lower school is also getting it.

Probably faculty kids.

Nobody is getting financial aid for three kids in private for 13 years each.

Then I have a lot of questions for someone I know...teacher at the school, husband is also a teacher at another school. HHI can't be more than $140/150

That’s an employee benefit. The average applicant isn’t getting that level of FA.

Financial aid is a benefit?

Private school teacher here. We get tuition for our kids as a perk of employment, but not all schools do. In our case, the school usually increases the class size by one for a faculty kid, so the faculty kid gets free tuition but the school still keeps the same tuition ratio as if the child wasn’t there. The faculty child also doesn’t take another student’s spot. This works because we have a fairly small school and there really aren’t situations where you have multiple faculty kids in each grade. People tend to stay in their jobs a long time so there aren’t that many young faculty members with children at the same time.

Does your child have to get admitted to the school? I admittedly would find it strange if a private school rejected a teacher’s child, but I don’t know much about these schools.

Also, at which grade level? Without revealing yourself, can you give us a general idea of where this school is? Is it some kind of special focus, like Waldorf or parochial?

PP teacher here. A faculty child does need to meet the entrance requirements and the school has to think that the child can be successful at the school. I have heard of situations where a faculty child is not admitted, but it is generally something that the family expects because there is a clear history of learning disabilities or struggles in school. The admissions team and the head of school addresses it directly with the family and it’s fairly rare. The faculty kid doesn’t need to be a stand out, just be able to manage the work.

I have taught at day schools in several big East Coast cities, a New England boarding school, and now a competitive DC private. They all have a version of these policies for faculty.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the financial aid goes to someone....
though it disproportionately goes to upper school, someone in lower school is also getting it.

Probably faculty kids.

Nobody is getting financial aid for three kids in private for 13 years each.

Then I have a lot of questions for someone I know...teacher at the school, husband is also a teacher at another school. HHI can't be more than $140/150

That’s an employee benefit. The average applicant isn’t getting that level of FA.

Financial aid is a benefit?

Private school teacher here. We get tuition for our kids as a perk of employment, but not all schools do. In our case, the school usually increases the class size by one for a faculty kid, so the faculty kid gets free tuition but the school still keeps the same tuition ratio as if the child wasn’t there. The faculty child also doesn’t take another student’s spot. This works because we have a fairly small school and there really aren’t situations where you have multiple faculty kids in each grade. People tend to stay in their jobs a long time so there aren’t that many young faculty members with children at the same time.

Does your child have to get admitted to the school? I admittedly would find it strange if a private school rejected a teacher’s child, but I don’t know much about these schools.

Also, at which grade level? Without revealing yourself, can you give us a general idea of where this school is? Is it some kind of special focus, like Waldorf or parochial?

The school is at the corner of 4th and Beech and only has 300 kids. My kid is in 2nd grade and I'm the only teacher with a kid currently at the school..... geez! What kind of question is this?

[Anonymous]

Welp this thread went off the rails and is no longer answering OP's question. To go back to the original question - it depends on a lot of factors, but one is how secure the income is. If you are making $500K as a doctor that is different than if you are making $500K in a field where a lot of people get laid off in their 50s.

[Anonymous]

Anonymous wrote:Welp this thread went off the rails and is no longer answering OP's question. To go back to the original question - it depends on a lot of factors, but one is how secure the income is. If you are making $500K as a doctor that is different than if you are making $500K in a field where a lot of people get laid off in their 50s.

Well, I had my kids at 30 and 31, so I certainly will not be paying for private k-12 past 50... so there's that.

[Anonymous]

A lot. It’s part of the reason we are not having a third kid. We make around 400-450 and our oldest is only in preschool. Putting 2 through private school is going to be a large sum for us if our incomes don’t increase. For three kids I’d think you stop feeling the pinch 700k and up, also depends on other factors like what kind of mortgage you have, savings goals (are both parents maxing out 401ks, 529s, etc.) we are also doing Jewish day schools, so there is more of a distribution of UMC and wealthy families. If you’re going with a regular top tier private, not only will putting three kids through be painful on an objectively large income, but you will feel relatively poor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Welp this thread went off the rails and is no longer answering OP's question. To go back to the original question - it depends on a lot of factors, but one is how secure the income is. If you are making $500K as a doctor that is different than if you are making $500K in a field where a lot of people get laid off in their 50s.

Well, I had my kids at 30 and 31, so I certainly will not be paying for private k-12 past 50... so there's that.

I had my kids young too but I've seen coworkers get laid off who spent crazy amounts on private school tuition and were stressed about money post layoff. presumably they would have had more resources to handle the layoff if they had saved that tuition money instead.

[Anonymous]

Anonymous wrote:

Anonymous wrote:All the financial aid goes to someone....
though it disproportionately goes to upper school, someone in lower school is also getting it.

Probably faculty kids.

Nobody is getting financial aid for three kids in private for 13 years each.

Yes they do. Financial aid is need based and a lot of privates are transitioning to a “stepped tuition” model.
Plus most schools offer a hefty discount for each additional kid. So even if a family was paying full rate, they would not be paying full rate three times over.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Welp this thread went off the rails and is no longer answering OP's question. To go back to the original question - it depends on a lot of factors, but one is how secure the income is. If you are making $500K as a doctor that is different than if you are making $500K in a field where a lot of people get laid off in their 50s.

Well, I had my kids at 30 and 31, so I certainly will not be paying for private k-12 past 50... so there's that.

I had my kids young too but I've seen coworkers get laid off who spent crazy amounts on private school tuition and were stressed about money post layoff. presumably they would have had more resources to handle the layoff if they had saved that tuition money instead.

This is something I never see acknowledged. What happens when one gets laid off especially if there is a stay at home mom. High incomes don’t last forever for the vast majority of people.

[Anonymous]

That comes out to be 10k/mo. I’d say as long as the family is bringing in at least 22k/mo after taxes, 2 max 401k contributions and 15% of net income brokerage contributions.

So in a nutshell, probably 550k bare minimum I have one child in a 40k/yr private and make that and still don’t like the expense. Can’t imagine 3, mainly because we enjoy investing and enjoy spending money