If your income is low enough to receive a grant for college, than your children may be eligible for a scholarship to a private school.

But it sounds like you guys have a upper middle class income.

OP, it wouldn't be fair to have the luxury of sending your two children to private school yet receive financial assistance for going to college.
Financial Aid for college is reserved for the needy.
You guys have a very high annual income and you are making a CHOICE by sending your oldest two to a private school.

If going to college is something you really really want, then you must make some changes.
Public school is free of charge and offers just as good as an education as a private one.

Many people grew up attending public schools and have gone on to college and become successful.
If the public school in your area is not up to your standards, there are programs that will enable your children to go to schools in other areas. Look into your options.

If you are adamant about your oldest children attending a private school, then you will have to consider that a luxury and a sacrifice.

Unfortunately it sounds like your family will have to choose which is the most important.
The children's education now or yours now.

I wish you the best.

I agree with the others, OP. You do not have enough in retirement for your age. It doesn't sound like you can afford private as it will leave you with nothing left over (or very little). You don't have much on hand for a security net. I'd work on that first or see what you can do to increase your income.

Anonymous wrote:Thanks for the advice but, we are only 31 and our financial planner says we have enough to retire at our current rate. Also, I'd rather work an extra 5 years andgive my children the education that supports our values.

Get a better financial planner.

People are harsh. Perhaps just answer the question presented?

Thanks for the advice but, we are only 31 and our financial planner says we have enough to retire at our current rate. Also, I'd rather work an extra 5 years andgive my children the education that supports our values.

I am surprised that with your HHI you are applying for financial aid. Our HHI is 100k LESS than yours and I was too ashamed to submit the application since I though it was for people less fortunate than us. We are blessed in other ways. We decided it was better to move somewhere we could afford the school (preschool) rather than financial aid.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Whoa, you only have 20,000 in savings, you have three kids, an hhi of 180, and you are paying for private school? What? Send them to public.
How are you going to save for college and retirement??

We save for retirement, its already in our budget. Parochial school is very important to us and we will use the tuition money towards college when they are ready.

NP here. I still don't think this is a sound financial decision (private school).

It isn't. Shes a moron. $100K in some 401K isnt shit. Blowing $25,000 a year because the person teaching them how to add and subtract happens to also believe in the same fairy in the sky is stupid. OP, hope you enjoy being poor when you retire.

Anonymous wrote:

Anonymous wrote:Whoa, you only have 20,000 in savings, you have three kids, an hhi of 180, and you are paying for private school? What? Send them to public.
How are you going to save for college and retirement??

We save for retirement, its already in our budget. Parochial school is very important to us and we will use the tuition money towards college when they are ready.

NP here. I still don't think this is a sound financial decision (private school).

Anonymous wrote:

Anonymous wrote:Whoa, you only have 20,000 in savings, you have three kids, an hhi of 180, and you are paying for private school? What? Send them to public.
How are you going to save for college and retirement??

We save for retirement, its already in our budget. Parochial school is very important to us and we will use the tuition money towards college when they are ready.

Another reason religion is stupid.

With a HHI of $180k, you should pay $2350. Financial aid is for families sith a low HHI.

Anonymous wrote:Whoa, you only have 20,000 in savings, you have three kids, an hhi of 180, and you are paying for private school? What? Send them to public.
How are you going to save for college and retirement??

We save for retirement, its already in our budget. Parochial school is very important to us and we will use the tuition money towards college when they are ready.

Whoa, you only have 20,000 in savings, you have three kids, an hhi of 180, and you are paying for private school? What? Send them to public.
How are you going to save for college and retirement??

I would put $2000.

I am filling out a financial aid application for private school. There is a section asking me to state what I think I can pay. I have calculated our budget but dont know how much I can/should allocate for emergency savings before making a tuition offer.

Our HHI is $180K We have 3 kids (2 going to private and 1 infant in nanny-share). Currently savings are approx $20K. We also have 401Ks of $100K.

Monthly tuition is $2350 for both and at the end of the month, after our other expenses, we are left with $2200. I am just wondering if its ok to put $2100 so I can add a little bit to savings every month. I want to make a fair offer but dont want to risk everything. Its a parochial school and they are very good about financial aid.