Reply to Trading Retirement Contributions for Private School Tuition

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[quote=Anonymous][quote=Anonymous]I think you're in a position where you make just enough to qualify for only a minimal amount of financial aid, and yet not enough to pay tuition (even if you paused your retirement savings).

DH and I have an HHI of $335,000 (with both of us working full-time).

We pay tuition, and it's $3000 to $4000 per month PER CHILD.  We literally spend $7400 per month on tuition for two kids (grades 6 and 8).  After doing this for many years, we are really wishing we had just waited until middle school to go private.  We definitely know people who found that, after years of paying tuition for elementary school, they needed to take a break from tuition and go to the neighborhood public school.  (Granted, these tuition costs are for 9 out of 12 months of the year, but we budget the other months for summer experiences/camps.)

At least if you look at our house/cars/vacations, it seems like we have a lower income/net worth than most of my kids' peers in their private schools.  (Like you, we are mid-40's and have $1 million saved for retirement, although our kids are older.)  Most of the people we know through the parent community seem to make a bit more -- they have at least slightly better houses/cars/vacations.  And approximately 25% of the kids at the top schools receive financial aid, and that tends to go to people with genuine financial need.

My kids don't seem to feel "poor," but I do get the impression that most full-pay families have a bit more income or net worth than we do.

We love our kids' schools, but trust me, it takes a lot to cover the tuition.

I don't think you can swing it on your HHI even if you paused your retirement, and I suspect the financial aid would only be partial if at all.  (And your kids are very young.  If I were in your shoes, I'd consider moving to MoCo or Fairfax, or waiting until the kids are in middle or high school to contemplate private school tuition.)  Also, it's tricky to save for college while also paying tuition.  One last thought -- getting higher paying jobs.
  [/quote]

Thank you, these are all very good points.[/quote]

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