Reply to Do you make $400,000 a year but feel broke?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You are out of your mind. Feel free to drop to $100k and apply for financial aid. Private school isn't a right and no one owes you the ability to send your kids there. Either pay for it (which you can easily do on $400k if it is a priority) or go public. [/quote]
You've kind of conceded the point though when you say "pay for it or go to public."  It's a huge financial burden on someone making $400k HHI (again, coming from no wealth) to afford private school tuition.  There's no reason that the people on $1M HHI shouldn't be subsidizing people in this income range.  Hence, a system where a small amount of need-based aid is provided seems like good policy unless you want private school to become a right only of the very rich and poor.[/quote]

You seem confused. I would tell someone who made $2m/year to pay for it or go public. I would not tell someone who made $65k/year that same thing. You are much more like the $2m person than the $65k person in your ability to pay for private school. If it isn't a priority for you, so be it. Public it is. And no, even wealthier people shouldn't have to subsidize you and your lifestyle. It is not a huge burden when you are making $400k to come up with $35k for public school unless you are just really terrible with money. I know. I have done it and I would be ashamed to ask someone else to foot the bill at that income level. [/quote]
Oh, I'm not saying it can't be done, but it's definitely a burden.  A family with $400k HHI in this market is probably going to save about $100k per year (between retirement and after-tax savings).  A family at $1M is probably going to save about $400k.  So especially if you're talking about more than one child, it's a significant burden on a $400k HHI to pay full freight private - probably about half of what they'd save.  That's why many of them go public in this region.

A person with $65k HHI would never be asked to "pay for it" at that level.  Believe me, I'd know, as need-based aid put me through secondary school, college and graduate school on about that exact HHI income growing up.

Again, I'm not saying everyone on $400k HHI needs aid, but I can see circumstances (especially where families have multiple kids in school and have only had that earning power for a short period of time) where some need-based aid would be appropriate.[/quote]

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