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Reply to "Making $220K - any chance for FA at DC Privates?"
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[quote=Anonymous]OP--you are thinking long term about school. You want to put your children in an environment and know that you can afford to keep them there for the duration. In considering this, you are looking at what you have for retirement and to assist your parents. And I'm sure you're looking at college costs as well. All of these numbers are big black holes that can only be identified at the time they are needed which is not very useful for financial planning purposes. My parents just started looking at putting my grandmother into a nursing home. The costs are astounding. Like your culture, my culture expects the younger generation to care for the older generation. My parents cared for my grandmother for the last 10 years. But now, she cannot walk, see, or hear. Her quality of life is very poor and she wishes to pass away. She is over 100 btw. At this point, my mom can no longer physically care for her. So she needs the nursing home. No one expected her to live this long, but here she is. Will she need nursing home care for 6 months, a yr, 2 yrs, more--no one knows. I'm a planner like you. And my kids are at private. And I'm pretty sure this will be our last. I just can't stomach the unknown tuition increases which somehow do not seem to correlate to my lack of salary increase. For you, I would recommend public. And if that means buying in the suburbs to get into a good school district, that might be a stable option. In answer to your original question, can you get FA---most likely not. You're going to be expected to liquidate your real estate investments. In your mind, they are earmarked for the kids high school, but schools sees it as money you have available now. How you pay for high school is not their problem. It's your choice to spend your money (investments) or save them for something else.[/quote]
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