How much do you spend on private school and what is your HHI?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow. There are a lot of very generous grandparents. My parents are quite comfortable and we have a good relationship with them, but I can't imagine them ever paying for our kids' tuition.

I'm not going to lie, I'm a bit jealous of people with said grandparents. But good for them! I certainly wouldn't refuse such help if it were possible. I sure hope I can be financially conservative enough to help out my own grandkids some day. 200HHI, paying 30K for 1 kid but only for 4 years of high school. Definitely could not manage private from K all the way through 12th grade. We live extremely frugally, have a lot in savings, and value education above everything else.

We comfortably paid $30K on less income than that so not sure why it is such a struggle. Usually people saying they are living extremely frugal are not and have expensive mortgages.

Good for you! I'm glad you're so comfortable and happy with your choices! But keep in mind other people have different savings goals, family needs, long term needs, priorities etc. I see nothing wrong with getting help from grandparents when grandparents offer.

[Anonymous]

$430K HHI. We split the approx $50k tuition for 1 child with grandparents. Parents are not rich but they had a healthy income when working and were good savers. I hope we can do the same for future grandkids. We live a very modest MC lifestyle - both cars over 10 years old, reasonable mortgage, and mostly drive to beach/east coast skiing vacations.

[Anonymous]

We spend about 120 on income of around 750. it's tough but doable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

[Anonymous]

We’re also older parents so I THINK, but I’m not sure, that they take into account that we need to save for retirement.

[Anonymous]

$60k (2 kids $30k each). I think we are around $410k.

It’s going to hurt when older one goes to private university next year ($85-90k/year) It’s going to be $120k/year and then !280-190k/year when younger sibling joins him 2 years later.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

I don’t know of any FA formulas that take mortgage or HELOC into account. Most only look at income and assets and consider living expenses to be part of discretionary spending. If this person is telling the truth, their situation is unusual.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

I don’t know of any FA formulas that take mortgage or HELOC into account. Most only look at income and assets and consider living expenses to be part of discretionary spending. If this person is telling the truth, their situation is unusual.

Yes. I’m telling the truth. What you’re saying makes absolutely no sense. A mortgage is NOT discretionary. They take into account how much equity one has in their house in considering FA. Ours is a relatively new mortgage so not a lot of equity. People we know that are similarly situated get less because they can take money out of their house and pay for an education.

Bottom line, they have to look at how much income is left after you pay all of your bills and if you have a high mortgage with little equity, your ability to pay tuition is significantly limited.

[Anonymous]

420k income. 57k tuition for one child who has special needs. Other child is in public school

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$2.7M. Nearly 60K for private plus $45K for university (about the same as private was for that kid).

What do you do to make that much money? I need a new career!

DP - my guess is two biglaw partners.

One big law partner.

+2 most big law partners in their 50s make $2-3 million.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

I don’t know of any FA formulas that take mortgage or HELOC into account. Most only look at income and assets and consider living expenses to be part of discretionary spending. If this person is telling the truth, their situation is unusual.

Yes. I’m telling the truth. What you’re saying makes absolutely no sense. A mortgage is NOT discretionary. They take into account how much equity one has in their house in considering FA. Ours is a relatively new mortgage so not a lot of equity. People we know that are similarly situated get less because they can take money out of their house and pay for an education.

Bottom line, they have to look at how much income is left after you pay all of your bills and if you have a high mortgage with little equity, your ability to pay tuition is significantly limited.

stop being house poor then and save the FA for kids that actually need it.

[Anonymous]

$300k
Tuition: $50k
We pay: $10k

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

I don’t know of any FA formulas that take mortgage or HELOC into account. Most only look at income and assets and consider living expenses to be part of discretionary spending. If this person is telling the truth, their situation is unusual.

Yes. I’m telling the truth. What you’re saying makes absolutely no sense. A mortgage is NOT discretionary. They take into account how much equity one has in their house in considering FA. Ours is a relatively new mortgage so not a lot of equity. People we know that are similarly situated get less because they can take money out of their house and pay for an education.

Bottom line, they have to look at how much income is left after you pay all of your bills and if you have a high mortgage with little equity, your ability to pay tuition is significantly limited.

Nobody is forcing you to live in a particular home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k HHI- 10k with FA at 59K school.

Why so much FA??

Our mortgage/HELOC extremely high.

I don’t know of any FA formulas that take mortgage or HELOC into account. Most only look at income and assets and consider living expenses to be part of discretionary spending. If this person is telling the truth, their situation is unusual.

Yes. I’m telling the truth. What you’re saying makes absolutely no sense. A mortgage is NOT discretionary. They take into account how much equity one has in their house in considering FA. Ours is a relatively new mortgage so not a lot of equity. People we know that are similarly situated get less because they can take money out of their house and pay for an education.

Bottom line, they have to look at how much income is left after you pay all of your bills and if you have a high mortgage with little equity, your ability to pay tuition is significantly limited.

Nobody is forcing you to live in a particular home.

Nobody is forcing you to go to a school that gives FA for someone like PP if you don't like it. Hate to break it to you but those profiles happen at every school. Deal with it or don't.

[Anonymous]

Anonymous wrote:We spend about 120 on income of around 750. it's tough but doable.

How in the world is this tough? You still have a top 1% income after paying tuition...