Can we afford private?

[Anonymous]

I honestly cannot figure this out. Our gross hh income is $245k. We have a $2000/month house payment (including property taxes). Car paid off (not fancy, getting old so might need to replace in the next year or two). Student loan payment of $700/month.
We don't take vacations except camping. I am the least fashionable person you'll ever meet, so not much in clothing expenses. We both WOH, so we have a cleaning person come a couple times per month ($250 monthly). Cable, phone, regular utilities. I do occasionally get classes or lessons for the kids as "extras", and piano lessons. So, we don't live extravagently, but we do live very comfortably. We sock away a moderate amount into our TSP, but we haven't started saving for college (though the grandparents have).
We have 2 kids, and live in a good MCPS district, so planned to send our older to public. But now DC seems to be both super bright and also quite shy and sensitive, so we think public might not be a good fit. If we send one to private, I think we will want to send the other as well.
Anyone in similar circumstances? I would hate to start at private and then have to pull DC for financial reasons. But I would hate to have her not like school because of a bad experience in public ES.

[Anonymous]

Why don't you start in public and see how it goes before freaking out?

[Anonymous]

OP here. Not freaking out. Quite rational, thanks. We are definitely considering starting in public, but I also know that transferring mid-elementary and being the new kid is not fun, especially for a shy kid. (Did it myself as a military brat many times.) So, certainly not counting out that possibility, but it's not a great one either.

[Anonymous]

We have an HHI about $50k more than you with one kid in private elementary. Our mortgage payment is notably higher than yours, but in any case, we are finding doling out $30k for one to be tight. Two at your HHI would be very tough and you are unlikely to qualify for aid.

Our neighborhood school is not so great, otherwise we would definitely switch to public for elementary, and maybe opt back into private for HS.

[Anonymous]

We are at $300K and have a slightly higher mortgage by a few hundred/mo, but no debt and newer cars. We decided sending 2 to expensive privates was too much money. Parochial is more reasonable and do-able.

[Anonymous]

OP here, thanks PP's. Both of your information and comparisons are very useful. Sounds like we can't swing it (unless something changes), which was my inclination. Parochial seems like a good option in some ways.

[Anonymous]

Check out some open houses OP and see for yourself. I think you could afford it with your low payments on everything and also since you mentioned the grandparents would help pay for college.

[Anonymous]

We are in basically the same boat as Op and are no at all concerned about making private work.

[Anonymous]

Anonymous wrote:We are in basically the same boat as Op and are no at all concerned about making private work.

Similar here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are in basically the same boat as Op and are no at all concerned about making private work.

Similar here.

OP here, how do you mean? Because you don't intend to do private? Or are we talking about parochial private? If you mean the $26-$30k privates, how do you do it? What am I missing? We shell out for preschool/daycare for 2 now, which amounts to roughly $3k/month total. We certainly aren't finding we have "extra" with that, and that would be only enough to cover one big private tuition. Tell me your tricks!

[Anonymous]

Apply for FA.

[Anonymous]

I am completely, 100% certain that your child would not be the only shy, sensitive, bright child in her public school kindergarten class.

[Anonymous]

We are in a similar situation. DH, who is good at financial planning, said we could afford to send one to private, so I think you'll be fine.

I have heard it's a good idea if you are unsure if you can swing it, to take whatever your monthly tuition bill will be and put it in a savings account each month, and then see how life goes for a while.

But just know that private does not necessarily mean better academics or kinder, more sensitive peers. It can also mean rich, entitled families and cruel, ignored kids. Not saying that it does of course, but it can. I would start checking out some privates now, not just the tours, but see if you can get some good info. I had a friend of a college friend who worked at one school, and I learned a lot that way -- not going to that school. Also, I did a summer camp at another school so I got to see what some of the parents were like -- that one was better and we are probably going to apply for the next entrance year.

[Anonymous]

Anonymous wrote:I am completely, 100% certain that your child would not be the only shy, sensitive, bright child in her public school kindergarten class.

Obviously true, but doesn't answer the question of whether it's the best choice.

[Anonymous]

Anonymous wrote:Apply for FA.

For real? Is it even possible? I feel like we're in the middle where we can't really afford it (at least not for more than one kid) but we make too much to get FA.