Anonymous wrote:
Anonymous wrote:I am completely over DC public schools and plan to enroll my son and daughter in private schools. We are in that odd space where we earn too much to be poor but not enough to be wealthy ($240k HHI with family of 4) so we are not counting on financial aid though we will apply. The only way we can swing tuition is to stop contributing to our retirement accounts beyond the match. Are we foolish? We are mid 40s with $1 million in retirement accounts (401k, 403b, and IRAs). Our children will be in K and 3rd grades. Please provide insights if you have made a similar decision and have regretted it or stand by your decision. TIA.
You should apply for financial aid. You may be surprised. For two kids in private school, you will likely get some financial aid and more than you anticipate. Don't stop contributing to your retirement because you cannot borrow for retirement and will not be able to make up for the lost ground. On the other hand, your kids can borrow for their college education and make up for it in later years.
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