Reply to household income of 250K to send kids to private school

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Parent who transferred kids from private to magnets again.

Make sure you can save for college and retirement.

At $250k you won’t get any FA from colleges unless maybe if your kid gets into Harvard which has the largest endowment. (My kid didn’t qualify for FA at a different top ivy on that income.)

However, your kid may get merit aid  with great grades (at some great non-Ivies because Ivies don’t give merit aid).

At your income you’ll also be able to do maybe $2-3,000 per month on a 10-month college tuition payment plan, just like you’d do for a 10-month private school tuition payment plan. That’s about $30k per year out of income for college out of your income. Bear in mind, though, that many private colleges are $60-70k/year these days (and will be more by the time your kid graduates), and out-of-state publics currently run about $55k/year. So unless you are planning for an in-state public, you will need to save for college.

I haven’t even started on retirement income. The good news isn’t that college FA forms don’t include retirement savings in your assets available for college tuition. (Not that you, or we, qualify for FA at most colleges.)[/quote]

PP once again. I think the new tax bill lets you use your 529 for private school (yet another slap at the publics). Yay?[/quote]

The new tax bill is supposed to let you use 529 but that's $ you won't have for college.[/quote]

Slap at the publics maybe but its tough enough to get into a private with all the competition.  Using 529 or not there isn't going to be space at the privates.  Just a lot more competition because more will be able to pay snd not need FA.[/quote]

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