How do people afford private schools?

[Anonymous]

WWJC what would Jesus charge for tuition. Happy Easter. Rich people suck and should be shamed.

[Anonymous]

Grandparents pay. We could afford it on our own but it helps with their estate planning.

[Anonymous]

When grandparents pay, do the parents book it as income? Do the grandparents file IRS Form 709? If neither, it’s tax evasion.

[Anonymous]

Anonymous wrote:One kid, low housing costs, old cars, relatively high income but not wealthy and no family help.

This. Plus I started a professional job the Monday after I graduated from college, worked full-time in grad school and law school, and bought a house when I was 25 years old. The combination of saving money since I was 22 and investing in real estate young gave me a good financial base that I can use for my daughter's private. My parents didn't give me a dime.

[Anonymous]

We are HENRY's and will forever be HENRY's because we spend it all without saving a dime in hopes our investment (child) will pay off.

[Anonymous]

250HHI and one child attending private upper school only. We are full pay. Able to do this because we are frugal AF, and because work gives us tuition benefits for college costs.

[Anonymous]

Anonymous wrote:Grandparents pay. We could afford it on our own but it helps with their estate planning.

How?

[Anonymous]

320k HHI w/ 2 kids
One is in parochial (10k) and the other is in an independent where we receive good FA.
Right now we prioritize schooling over retirement because DH qualifies for a generous pension.
We keep household bills low. Bought our SFH for under 400k. It is worth double and we've been tempted to sell and upgrade, but a low mortgage is a saving grace right now.

[Anonymous]

Anonymous wrote:Meanwhile these schools chant DEI lol. It would be more palatable if they just admit to being exclusive trust fund baby havens, but it’s just poor taste to then talk a good talk about inclusion etc. It’s all just BS

My workplace is like this too. DEI is just the latest trend everyone has to pretend to support while they act in different ways. It is what it is.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Grandparents pay. We could afford it on our own but it helps with their estate planning.

How?

Because the grandparents can pay the school directly tax free and it doesn’t count towards the inheritance limit. So if you suspect you will leave behind more then the estate tax exemption, it is a smart way to spend your money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Vent post: after receiving our financial aid determination—less than I'd hoped—the sticker shock of how much this is going to cost is sinking in... How do people afford this?

Oh reality just set in! Should have did the worst case budget before even applying. If you need aid to attend, you can't afford it. That's just the truth. Don't put your family in a hardship position.

+1

Most of the kids that do well from here do well because of THEIR connections (family, family friends, etc, always the generation older, never the kids). Don't think for a second your kid will 'make' connections that enable them to do better. YOUR kid will do the same regardless of their school. If you are 'just' MC, your kid has the same chances as you public or private. They will have better college acceptances from public school too. (Colleges want many schools represented, so they will take the top from your private school and normally it's the connected kids. Public school kids are less likely to be connected, so if your kid is the top, their chances are better). Now when your kid (or you) have the connections through the business they established AND that business is successful, then the 'right' connections will find you family. This is really obvious to the most casual observer. Stop and observe, you'll see.

BTW I send my kids private prek-8 and I'm definitely not a 'connected' family. I do so for child specific reasons and better teachers, smaller classes. My older kids switch to public in HS, when they need to learn to swim in bigger more competitive, ruthless waters (selective publics) - this will be their life and they need to be prepared for it.

[Anonymous]

*Stopped at one kid
*one car
*small townhouse
* live frugally
* no debt/both DH + I went to state schools/ law school
* never buy fast food/ coffee out
* make food from scratch

[Anonymous]

Anonymous wrote:Vent post: after receiving our financial aid determination—less than I'd hoped—the sticker shock of how much this is going to cost is sinking in... How do people afford this?

Having a nearly $3M HHI helps.

[Anonymous]

Anonymous wrote:The stocks I bought four years ago would easily pay for years of private. Private needs my kid more than my kid needs private.
I'd say most have stocks that did well.

Don't fool yourself!

Privates DON'T need your kid.

AND

Your kid DOESN'T need private school.

[Anonymous]

Anonymous wrote:When grandparents pay, do the parents book it as income? Do the grandparents file IRS Form 709? If neither, it’s tax evasion.

Grandparents pay the school directly (in our case).