Reply to Can't afford private - taking out $800k mortgage

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[quote=Anonymous][quote=Anonymous]I think it really depends on your kids, which is of course impossible to plan for their future needs/quirks related to education.

My girlfriend's parents are both doctors outside of Hartford, CT. Most of their colleagues live in tony suburb neighborhoods, such as West Hartford. My girlfriend's parents still live in the same ranch house they bought 30 years ago after they married in a fairly stable middle class 'hood. To this day, other houses in the 'hood  only sell for $350K max. They've been debt free for decades, despite making close to $400-500K per year.

By keeping their overhead low, it enabled her parents to pay for 4 years of elite prep school (TSAO) for her and her brother. It also allowed her parents to pay full freight for NESCAC tuitions for each kid for 4 years. My GF and her brother are both insanely brilliant and received personalized, world class educations. A few things that can be said about these schools is (1.) class sizes are smaller than the best public schools, (2.) the network you have is filled with the wealthiest and most powerful families in the country, and (3.) these private schools truly prepare to enter the "real" world post-college. My girlfriend always says that her prep school was MUCH harder than college and more akin to her current phd STEM program in terms of self-direction, long hours, the need to be efficient/organized, etc. College was a joke for her, despite going to an elite small liberal arts college.

In terms of financial return, you might be better off financing it through the expensive house and going public. But you'll be yoked to that huge mortgage for 30 years. However, if you go probate, your kid needs to go to the best-of-the-best. There's no half-assing it.[/quote]

"Probate" = private. Damn autocorrect.[/quote]

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