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Private & Independent Schools
Reply to "How rich are private school parents?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You could still receive financial aid at 200k HHI?[/quote] We went to a big-3 admissions open house @3 years ago and were told the cut-off for being considered for financial aid was something like $360,000 for a 2-spouse family. At many of the top privates in the area, the number of kids on FI is right around 25% (Maret, GDS, Sidwell, STA/Cathedral, and probably some others too), so being on FI is extremely common! That said, of the 75% of kids who are full pay, the median wealth level isn't particular high, people still have mortgages, buy on sale, keep cars for 100k+ miles, and care about not wasting money. I'd guess the median annual HHI of the full-pay families is somewhere in the $275-$400k for families with lower schoolers; $375-$550k for middle schoolers; and $450-$600k for families with upper schoolers. Yes, there are a handful (2-4) of rich, out of sight families with $100 million in wealth (not sure of HHI), but they're by far the exception and they generally do their best not to flaunt it. In sum, "most" private school parents are upper-middle class by DC metro standards.[/quote] I am surprised to read that the cut-off is $360,000. We're just above that (about $380,000), and are spending $82,000/per year on tuition. I guess I will swallow my pride, and apply for FA for next year.[/quote]
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