How do you afford tuition?

[Anonymous]

Now that we are facing this, I'm starting to hyperventilate. How do folks pay for $24K per year for more than one kid? What about the years when you still need childcare to cover the hours not in school? We make a nice income, but we probably paid too much for our house, and everything in this area is expensive. Do you stop putting as much away for retirement? Is your mortgage super reasonable or are you stressed, too?

[Anonymous]

Try this thread:
How much do families make in order to afford private school for two children?
http://www.dcurbanmom.com/jforum/posts/list/7733.page#40836

[Anonymous]

It ain't easy!

We have 2 kids in private school (nearly 60k in tuition!) plus maintain a PT nanny (20k) because we need the flexibility of coverage during school breaks, teacher training days, etc. Those 80k do not include the money we spend to clothe, feed, receive health care, etc.

Our household income is over 600k, but we have a big mortgage on top of all those tuition and nanny expenses. To pay 2 tuitions while saving the way we would like, we are relatively frugal, e.g., cleaning lady comes 4x per year instead of weekly, eat out a lot less, pack our own lunches for work, make coffee at home, vacation a lot less, etc. My grandpa worked a second job to pay for my dad to go to college, so my small changes are clearly not in the "noble sacrifice" category, but just small measures to feel like our bank accounts aren't complete sieves.

[Anonymous]

We decided we can't. I mean, yeah, we could, if we really wanted to, but it would be difficult.

I've done some open houses at some of the more expensive schools, and don't see anything that makes me want to half-starve my family to send my one child there. Green Acres was great, as was Sandy Spring Friends. But only marginally so over some less expensive schools. (I have no interest in the schools that people talk about regularly on here. We just don't fit that demographic, so I can't speak to them.) The less expensive schools are around $15,000 a year. I can't justify the cost difference to myself. I need some breathing room in my budget, especially considering how the economy is floundering these days.

[Anonymous]

I laugh when I see "It ain't easy!" and we have a HHI over $600,000 per year. Some people are so out of touch w/ reality.

[Anonymous]

It's all about what you are already spending. We have a good HHI, but we too, have a big mortgage. We love to travel and don't plan on giving that up if possible. We like nice things but not a ton of them. We do like to eat well, fresh food and good wine. I like to buy a book or CD when I feel like it. We worked hard to be able to do these things. We are actively doing the math to determine the "worth" of the private school versus our very good public. At this point, I think we are leaning toward public, knowing we can revisit this decision in the future, and likely will for high school unless our children want to stay public for highschool. The APs and breadth of activities they can be involved in at that level may be a huge draw for them and us, quite frankly. Anyway, a tangent. But on the money front, two kids in private is tough any way you slice it.

[Anonymous]

Thank you for the responses. We live in DC, and we don't live in boundary for any of the good elementary schools, so we have to apply OOB and hope for the best in the lottery or pay for private school and a nanny. And, yes, it is totally crazy to make $400K a year and be this stressed about whether I brought all the right coupons to Giant, but I am b/c every penny counts. I just don't see how we can pay our mortgage and a nanny and have any other luxuries in life - like, say, going out for an ice cream cone. Also, I like giving to charities, and I would hate to stop or reduce my donations b/c of the cost of private school. At the same time, I want the best for my children, and I want them to have all the opportunities in the world. I don't think that private schools guarantee a bright future, but I do worry that DC public schools aren't the best, yet (here's hoping Rhee and Fenty do their jobs). Anyway, I also don't love the idea of moving and losing money on our house, which now I regret buying, even though I love it and our neighborhood. And, yes, I get that these are good problems to have in the grand scheme of things. I just wondered how other people swing the private school cost.

[Anonymous]

Anonymous wrote:I laugh when I see "It ain't easy!" and we have a HHI over $600,000 per year. Some people are so out of touch w/ reality.

And some expect to receive financial aid.

[Anonymous]

Ignore the troll.

[Anonymous]

We only have one child ... what a huge difference that makes! But with HHI of about $125, it is still a significant commitment to make it work. No cable, no internet on my phone, no gym memberships, no Starbucks, etc. Also no financial aid ... darn it! But when we consider that list and compare it to our child's education ... we do it willingly and with a smile on our face. We still squeak in some nice travel as we feel that is important (okay, we also enjoy it!!).

[Anonymous]

hank you for the responses. We live in DC, and we don't live in boundary for any of the good elementary schools, so we have to apply OOB and hope for the best in the lottery or pay for private school and a nanny. And, yes, it is totally crazy to make $400K a year and be this stressed about whether I brought all the right coupons to Giant, but I am b/c every penny counts. I just don't see how we can pay our mortgage and a nanny and have any other luxuries in life - like, say, going out for an ice cream cone. Also, I like giving to charities, and I would hate to stop or reduce my donations b/c of the cost of private school. At the same time, I want the best for my children, and I want them to have all the opportunities in the world. I don't think that private schools guarantee a bright future, but I do worry that DC public schools aren't the best, yet (here's hoping Rhee and Fenty do their jobs). Anyway, I also don't love the idea of moving and losing money on our house, which now I regret buying, even though I love it and our neighborhood. And, yes, I get that these are good problems to have in the grand scheme of things. I just wondered how other people swing the private school cost.

So you make 400K and are worrying about how to afford tuition and ice cream cones? Give me a break! Let's say you spend $100K on tuition/nanny/etc. for 2 private school kids. Make that $150 in pre-tax dollars. You still have an income of $250-300K (pre-tax but post childcare/school obligations) which is incredibly healthy even in this area. Where are you spending your money?? This type of thinking is insane. This must be a troll.

[Anonymous]

Troll? That would be you, 17:30.

[Anonymous]

NPoster here, and I am not a troll. The short answer to the question, How Do You Afford Tuition? for us is: we bought our house 9 years ago. Thus we do not have a $900,000 mortgage like some of our neighbors do.

I have no idea what the payments are for a 1st and 2nd mortgage of that amt., but I can imagine it would make one pause when considering how to find $60K a year for tuition.

[Anonymous]

"So you make 400K and are worrying about how to afford tuition and ice cream cones? Give me a break! Let's say you spend $100K on tuition/nanny/etc. for 2 private school kids. Make that $150 in pre-tax dollars. You still have an income of $250-300K (pre-tax but post childcare/school obligations) which is incredibly healthy even in this area. Where are you spending your money?? This type of thinking is insane. This must be a troll."

The taxes on this income ain't cheap. Roughly 92k on 250k HHI federal taxes alone ... do the math.

[Anonymous]

Anonymous wrote:Ignore the troll.

Why? because the truth hurts? Go find the thread where people with HHIs of $600K are asking for financial aid when applying to these schools.

bottom line
- If the payments scare the crap out of you, you're in over your head - DESPITE what you're bringing in as income.

Remember that many of us are one paycheck away from being homeless. And the smart ones live within their means. God forbid you should have to send your children to public school. Such failures as parents!