How can I pay for private
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Anonymous
| I am going to apply for my son to attend Maddux next year. I work full time. If I add up Maddux, daycare, and summer camp, I'm looking at around $30k for 12 months. That's like paying for college. My son is 3 now. I have dutifully been putting away money in is 529 but it seems that I need it now. Can I get to the money in the 529 without penalty or is that for higher education only? Can I take out a sallie Mae loan? I would put the annual 529 contribution towards paying off the loan in future years. |
Anonymous
| Does the school offer financial aid and if so do you qualify? |
Anonymous
I have no idea if they do or not. |
Anonymous
|
you cannot touch 529 money prior to college without penalties.
look into pulling equity out of your house and getting loans. |
Anonymous
I took a quick look at the web site and can't tell. Call and ask. |
Anonymous
I purchased the house one year ago. If there is any equity, it would be minimal. |
Anonymous
| Most privates "offer" financial aid. The question will be do you qualify under their rules. I don't know anyone who has ever qualified (but lmpw many who have applied - not to Maddux), but there are many threads on the topic in the archives. You really need to find out what Maddux's real rules are (not just what they say). Much will turn on your income, the home equity, race, any other diversity elements you bring to the school - but every private has its own set of rules/cut-offs and size of pool in which they can reach. Unless you can find a Maddux parent here who can tell you that, the rest of us won't be of much help. And I think I can safely say that even if you jump through the hoop of getting some, you most likely won't get a full scholarship. BTW I've known quite a few single and divorcing moms who have gone through this. They didn't get a penny - but every private is different. |
Anonymous
| Remember you are paying for all of this with post-tax money, too. And factor in whatever your health plan situation is or may be since all of that is in flux. |
Anonymous
| Everyone I know gets family help. I'm sorry. |
Anonymous
Sadly, I do not have that as an option. |
Anonymous
| If you have a financial adviser, you may want to consult with him/her. But, you should also inquire with the school. If they provide grants, it is unlikely they will cover 100% because it cuts into their ability to provide financial assistance to other needs based families. Also, the philosophy is they would rather provide some financial aid to a family that can cover most of the cost than full financial aid to a family who cannot cover any of the cost. And, the tuition is paid over 10 months and not 12. |
Anonymous
| You can't afford it. It's a bad idea. Find another option. |
Anonymous
| Don't go broke paying for private school! |
Anonymous
| Have you thought about taking a loan against your 401k? |
Anonymous
I'd have to look into that. I don't know if this constitutes a hardship or not. |