How can middle class families send their kids to good private school (middle and high)?

[Anonymous]

Back to question. Our HHI is $150K, our private runs @ $35K (don't forget extras) and we pay for it out of savings. (Not 401K but other investments). Soon savings will run out so the parent making a lower income is looking for a higher paying job that will cover the tuition expenses. We definitely feel like we are in the minority being truly "middle class" at an independent school, but as others have said, it is worth it. Our child needed the smaller class sizes and now loves school, whereas before DC hated school and I was afraid of the path DC would end up on in a large public school.

[Anonymous]

Anonymous wrote:Back to question. Our HHI is $150K, our private runs @ $35K (don't forget extras) and we pay for it out of savings. (Not 401K but other investments). Soon savings will run out so the parent making a lower income is looking for a higher paying job that will cover the tuition expenses. We definitely feel like we are in the minority being truly "middle class" at an independent school, but as others have said, it is worth it. Our child needed the smaller class sizes and now loves school, whereas before DC hated school and I was afraid of the path DC would end up on in a large public school.

Yes, a two parent household making 150K with only one kid will likely be expected to pay full freight.

As a single parent ( no 2nd parent ), making 120K , I was offered 40% FA on 28 K of tuition. DC was in PK so still needed to spend about $1,500 / mos for child care after school , whcih got out at 3pm , plkus more for all those holidays and teacher professional days, summer camp while I worked, etc..

So, earning 120K , I paid $3,300 mos on tuition and child care alone ( school was on an 8 mos payment plan)

150K in HHI would have been a nice cushion for me .

[Anonymous]

We have the same HHI. We could probably swing $60k in tuition each year. This would mean no other savings outside our 401ks. We would drive our old cars. And we wouldn't have good vacations. (We currently spend $30k on preschools/nanny and save $3k each month).

If we reviewed a decent inheritance (a few hundred thousand), we woukd consider private schools and use that money towards it. Otherwise, we are staying with public and enjoying the 60k.

[Anonymous]

Boarding school. Top tier New England schools have some great financial aid. For example we paid about $12k per year for Andover..If our kids stayed local we couldn't have afforded private education.

[Anonymous]

This thread suggests a few themes to me.1) if you have a child that really needs private school to learn, be happy, etc. Or risk such a poor start in life that they are set up for failure or to never come close to their potential, DCUM families can and make some sacrifices; 2) How big those sacrifices are cannot be judged solely on income, yet strangely that is what most of think about rather than other key life factors such as a) number of children; b) health expenses including special needs; c) assets.

Persoanlly, I would not send a kid tp private absent a real need (defined above) on an income of 200,000 for a family of four. Saving for rainy day -- health, job loss comes first. Saving for retirement comes next,unless you want your
children to support you. Then saving for college, at least for a good in-state school (I am making the assumption anyone willing to pay for private expects their kids to go to college). Now here is the rub -- that is all very tight on 200,000 unless you intend to live your entire life as if you make much, much less per year OR -- and this may be big onDCUM -- there are well healed grandparents willing to fund college, inheritances expected for retirement, a job that has generous old fashion pensions and great health
benefits etc.

It would be nice if it were not this way. If well healed privates spent less on building funds to have the best facilities and more on financial aid it would be different. Well endowed universities offer partial aid to families with incomes up to 180,000 incomes and average assets. But then again, there is no rule that says the wealthy can't enjoy their with limited access to others. It would be lovely. For different privates to openly adopt different philosophies and see how it shakes out. I would personally be more inclined to send my kids where I thought they would get a great education and be exposed to a smaller concentration of affluent students by more generous aid (or just lower tuition) than a more openly wealthy school with the best facilities. Unfortunately,there are few such choices among independent schools and they are shrinking.

[Anonymous]

A lot of people feel financial aid should go to people who are truly struggling, not to people making 200K a year who could move into a good school district. You will not get full aid, and if you get any aid, it will probably be a fraction of the total bill.

[Anonymous]

OP asked how those of us with $150HHI and pay full freight make it work: its the housing. We live outside the city in a truly working class 'burn where you can buy a small 3 bedroom house for $230,000. Since you are sending the kid to a private school you don't need the neighborhood school to be good, so houses are cheap. Due to our income there is no formula for a fabulous house, fabulous school, and happy commute. So we took the fabulous school and good-enough house and a good-enough commute.

[Anonymous]

We lived in a tiny condo, had one car, used coupons, and never looked back. I hate public schools because I like to live in the city and city public schools generally suck. It shouldn't be just suburban white people who get decent publics.

[Anonymous]

Do some of these private schools sometimes go above and beyond to help under-represented students of color, even if the family earns an income of, lets say, $200,000 a year?

[Anonymous]

Anonymous wrote:Do some of these private schools sometimes go above and beyond to help under-represented students of color, even if the family earns an income of, lets say, $200,000 a year?

I feel like my son's school does go above and beyond to find -- and then fund-- not-UMC African American students.

I am genuinely thrilled about this. I do not know for a fact that the FA transpired behind the scenes. I am just making quick educated guesses (based on the fact that, to name one example, single Mom is a GS-7 (max pay: $55,000 a year) and school costs $36,000 a year.)

But I could be totally wrong. Either way, yes, some schools DO reach out to under-represented racial minority kids whose parents are not in Big Law. Our school has many kids who fit into that category, too, though.

[Anonymous]

Anonymous wrote:Boarding school. Top tier New England schools have some great financial aid. For example we paid about $12k per year for Andover..If our kids stayed local we couldn't have afforded private education.

Can you please share your HHI? We are also hoping for a generous financial aid package from boarding schools next year. Our income is $230k per year and we have 2 kids.

[Anonymous]

We only send one child (we have two), we use savings and work pay bonuses and we live in a place that is about 30% cheaper to rent / pay a mortgage on, than if we were using public schools exclusively.

[Anonymous]

Anonymous wrote:We make 250 and have 2 in independent private upper schools and get a little financial aid. Paid 200,000 per kid for high school. What a waste. Don't do it.

Why did you do it?

[Anonymous]

Median HH income in Washington DC is 90K. These figures generally assume a family of 4.

[Anonymous]

Anonymous wrote:Median HH income in Washington DC is 90K. These figures generally assume a family of 4.

And this figure includes entire Wards where no one in the HH works at all / has "income," let alone two working adults.

So it's not that useful. Neither is mean income, since there are finance-lobbyist types who clear $20 million a year.

I wonder what the mode data point is for DC household income? THAT would be useful for comparison.