Reply to MS Families that Did Not Succeed in the Lottery

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Live on Hill. Didn't get anything in lottery initially, but then did get some options over the summer from the wait lists. We ended up going private for 5th and anticipate staying there through 8th. Will then most likely be at a test-in DCPS.

We were fortunate (?) in that we make little enough money that we got a generous financial aid package. It is still really a stretch, but for 1 kid for 4 years we can make it happen. Other kid is in school that works well and doesn't cost $ for us.[/quote]

Another parent to Hill elementary kids here, also of modest income. :) Do you mind my asking what your HHI is? I've wondered whether this is an option for us, too. I can't really imagine affording private school but if the choice is between that and moving to a more expensive house, we might have to think about it.[/quote]

How about a HELOC?
[/quote]

Private school Hill parent here. Sure. It's hard to say exactly because we each have more than one job, freelancing to make extra money. Our net on our tax returns came out to almost $60K after deductions. We have a lot of deductions because of the freelancing. I think the total gross income this year was almost $110K. We took out a HELOC to pay the remainder of the tuition and consolidate debts, mostly medical and a badly needed newer car. Other car is 18 years old and was a hand-me-down. We are at a substantially less expensive private school and we pay $10K/year. It's hard, but the HELOC makes it doable.

OP -- we have to stay in the city for another unrelated reason. Also, one of us works in a field that basically requires us to stay put. Like I said, with the prospect of just 4 years for 1 kid and then back in public, we feel that's it's a reasonable stretch financially. If we sold our house and bought another it would be far more costly just in real estate transactions. Moving would be costly as well, even if we just rented. This works very well for us so we're making it happen. [/quote]

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