Anonymous wrote:On the private school vs. mortgage question, I do believe there are cases where it makes more sense to stay in a cheaper area and pay for private school (though it sounds like you don't like your house and area anyway). For us, it would cost approximately $300K more for a home of our size, yard, and convenience in Bethesda than where we are now in Silver Spring. Our house is now nearly paid off, so taking on a $300k mortgage (and the approx. $300K lifetime interest, plus greatly increased property taxes) starts to look a whole lot like spending $20k a year in private school (plus the benefits some private schools provide like smaller classes). Sure, you don't get the $20k back, but you don't get any of your interest back when you sell a house either, or your property taxes. And you don't get a guarantee that class sizes won't go way up, or your school won't be rezoned, etc.
Anonymous wrote:I am assuming your children will go to college and excel academically. That can be done at any school in MoCo. If it's a certain student body you are interested in, that's another story.
Show your husband the college acceptance rates relative to the applications for the W's , B-CC etc. Each school's career center uses a program called Naviance that shows you these numbers. You can sign in as a guest for any school and see these stats. He might be very surprised by the acceptance rates for the Ivy League schools and other competitive institutions. It might also surprise him that a large percentage of W's/B-CC grads apply and are accepted to UMD at College Park, which is attainable at any MoCo school, so long as you have your child on a certain academic track and has good SAT scores (tutoring is almost essential for every student at any school). He will also clearly see that there is a lot less competition in the DCC.
A friend of mine who is an attorney and UVA grad has her son at Einstein. He's doing great in the IB program. She didn't buy into the status crap. What a win for him!
Anonymous wrote:Anonymous wrote:...
And finally, if you weren't so unhappy with your kitchen/house right now, I'd say consider private school. It is often financially more prudent to live in a lower-cost neighborhood and go to private school than it is to move into a top-performing school cluster with the associated costs. Don't forget that lovely thing called peer pressure. A Whitman or Wootton or BCC crowd is going to bring peer expectations that a DCC crowd may not have. Expensive clothes, trips, travel teams, hobbies, etc. Those have to be factored in, too. High school is expensive. SAT prep alone is insane.
I disagree that it's financially more prudent to live in a small house and send your kids to private school. You might choose this route because your kid needs small classes or for another reason, but financially you would be better off building up equity in a more expensive house and sending your kids to a good public school.
I'm also surprised PP disregards peer pressure, expensive clothes, and SAT prep for private school kids. All these things are equal, if not more of a problem, in private schools. Unless she was comparing Whitman to the DCC and/or making a point about reserving money in your budget for SAT prep, in which case I would agree, but it's unclear.
Anonymous wrote:...
And finally, if you weren't so unhappy with your kitchen/house right now, I'd say consider private school. It is often financially more prudent to live in a lower-cost neighborhood and go to private school than it is to move into a top-performing school cluster with the associated costs. Don't forget that lovely thing called peer pressure. A Whitman or Wootton or BCC crowd is going to bring peer expectations that a DCC crowd may not have. Expensive clothes, trips, travel teams, hobbies, etc. Those have to be factored in, too. High school is expensive. SAT prep alone is insane.