Reply to dont be in the 60th to 99th percentile in income

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So what. This isn’t news.

[b]Where have you been hiding if you are surprised by this[/b]?[/quote]

At work (too busy working to earn enough to pay for private high school tuition).[/quote]

But, come on 60/99% you don’t get aid and can’t demonstrate “need”..

At $150k HHI in the DMV, $85k/year is a major sting!!!  If you were in lower bracket, the kid would go for free.  There is your answer—that percentile will go broke paying for it and not get $$ from the large endowments at these schools.[/quote]

At 150K HHI you will get decent aid at private schools. That is my HHI and my kid received over 50% off 80K tuition. Some merit but mostly "grants". ~40K is still a lot of money for us but the net price is no more expensive than the state flagship.[/quote]

DIng, ding, ding!!!  And if you step down another tier (based on your kid's stats) you could likely find even more merit bringing costs down to $25K or less.  When people say "college is not affordable" they are often only looking at the elite schools who don't give merit.  Step down and your smart kid can attend for reasonable costs.   You just have to decide if it's worth $200-300K in debt or not to attend an elite school.  Personally, If you are that smart, it seems obvious you would choose the affordable choice[/quote]
uh.. ok, but if the kid goes to private school from k-12, then college, that's 17 years of $25K or less per year. That amounts to 325,000 just for k-12, and then another 100,000 for college.  Total $425K. That's a lot for $150K HHI. And that's just one kid.

our HHI is about $300K, and that's crazy to me.  I wouldn't pay $80K/year for college, either.  DC is going to a state flagship with merit, thank goodness.  [/quote]

And why would you pay $25K/year for K-12 if you cannot afford it easily?   People with $150K HHI really cannot afford private K-12.  If they choose to do that, then they are not being financially smart.  Do what the majority of people do---use their public school system.

Choices----it is all about choices.  If you choose to waste money that you do not have, then you have to pay the consequences of paying it all back.  You don't get to spend more than you can afford.  Private schools are a WANT not a need.

My kids attended private colleges, because we had saved enough for them to do so.  They wanted smaller (5-6K undergrads) schools and what those offer.  Without even chasing merit, my so-so kid (26 ACT, 3.5UW) got 35-60% merit offers from 5+ good schools (ranked 65-120), with the 60% coming from the one closer to 120.  My kid attended a school ranked in the 80s, with an all in cost of $60-65K for only $40K per year.  And they had 5 choices of schools that were like this. Had we been chasing merit, they could have stepped down another level and found a place that would offer 75% merit+.  
Now imagine what your 1500+/3.9+UW student could get at those schools.  My 2nd had offer from a T50 with over 60% of tuition merit offer.  Could have attended a T50 school for ~50% off the total $80k/Year cost.  Had several other good merit offers as well.  And we were not chasing merit---we can easily pay full pay so that was not our focus.  But had it been, my excellent student could be attending college for very low costs.  At our state schools, that kid got in and would have only paid $15-20K/year total at several of the schools, including the T50 ranked state flagship.   
It is smart to not overpay for college---if it's not already saved and isn't easy for you to pay, find a solution that is cost effective.  Where you get the degree does not matter, it's getting the degree from a decent school that matters (and anything in the T150 is decent---it matters more what your kid does while at school)[/quote]

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