Anonymous
04/13/2014 18:05
Subject: Cost to fully fund a private education up-front
Anonymous wrote:Anonymous wrote:Boarding school is about $50,000/year right now. Considering how quickly tuition has risen, by the time today's infants are ninth graders, it could easily be $70 or 80 a year.
If you are talking about top flight privates + boarding + private college, it's possible a million might not do it.
OP here. Thanks. We have $400k under management right now designated for education expenses and 17 years till college. The day schools we are most interested in are in the $10-13k range for kindergarten and tuition increases by year to about $16-20k by 8th grade. We are not in a major metro area so $30k elementary tuition isn't something we have to worry about. I am trying to figure out whether we can achieve all we have set out to with the money that has been set aside so far, whether we have designated more than necessary for this purpose, or whether we need to consider adding to it.
Not clear why you want to have fully funded education? Do you not expect to have any earrings the next 17 years that you can use for education? We just paid as we went for private pk-12 (c. $20-25k for Pk-8, $35-38k for 9-12 for 2 kids). We focused our savings on college since it is tax advantaged to do that.
But $400k sounds much too low given that you will be drawing down principal quickly. Why don't you just do a model, or ask your money manager to do one, that shows the outflows relative to the balance, assuming a reasonable rate of return.
Anonymous
04/13/2014 17:54
Subject: Cost to fully fund a private education up-front
Anonymous wrote:Anonymous wrote:Anonymous wrote:Boarding school is about $50,000/year right now. Considering how quickly tuition has risen, by the time today's infants are ninth graders, it could easily be $70 or 80 a year.
If you are talking about top flight privates + boarding + private college, it's possible a million might not do it.
OP here. Thanks. We have $400k under management right now designated for education expenses and 17 years till college. The day schools we are most interested in are in the $10-13k range for kindergarten and tuition increases by year to about $16-20k by 8th grade. We are not in a major metro area so $30k elementary tuition isn't something we have to worry about. I am trying to figure out whether we can achieve all we have set out to with the money that has been set aside so far, whether we have designated more than necessary for this purpose, or whether we need to consider adding to it.
Maybe you should have provided that info up front, since those numbers are pretty atypical for private education. My mom teaches in a private elementary school in a low cost of living area and tuition at her school is nearly $20k/year and will probably be at $20 by next year.
That information was provided in the original post.
Anonymous
04/13/2014 15:31
Subject: Cost to fully fund a private education up-front
Anonymous wrote:Anonymous wrote:Boarding school is about $50,000/year right now. Considering how quickly tuition has risen, by the time today's infants are ninth graders, it could easily be $70 or 80 a year.
If you are talking about top flight privates + boarding + private college, it's possible a million might not do it.
OP here. Thanks. We have $400k under management right now designated for education expenses and 17 years till college. The day schools we are most interested in are in the $10-13k range for kindergarten and tuition increases by year to about $16-20k by 8th grade. We are not in a major metro area so $30k elementary tuition isn't something we have to worry about. I am trying to figure out whether we can achieve all we have set out to with the money that has been set aside so far, whether we have designated more than necessary for this purpose, or whether we need to consider adding to it.
Maybe you should have provided that info up front, since those numbers are pretty atypical for private education. My mom teaches in a private elementary school in a low cost of living area and tuition at her school is nearly $20k/year and will probably be at $20 by next year.
Anonymous
04/13/2014 08:55
Subject: Cost to fully fund a private education up-front
Anonymous wrote:Anonymous wrote:Boarding school is about $50,000/year right now. Considering how quickly tuition has risen, by the time today's infants are ninth graders, it could easily be $70 or 80 a year.
If you are talking about top flight privates + boarding + private college, it's possible a million might not do it.
OP here. Thanks. We have $400k under management right now designated for education expenses and 17 years till college. The day schools we are most interested in are in the $10-13k range for kindergarten and tuition increases by year to about $16-20k by 8th grade. We are not in a major metro area so $30k elementary tuition isn't something we have to worry about. I am trying to figure out whether we can achieve all we have set out to with the money that has been set aside so far, whether we have designated more than necessary for this purpose, or whether we need to consider adding to it.
You are getting DC pricing. Maybe you should give us a region so we can help with your pricing.
Anonymous
04/12/2014 23:36
Subject: Cost to fully fund a private education up-front
Anonymous wrote:Boarding school is about $50,000/year right now. Considering how quickly tuition has risen, by the time today's infants are ninth graders, it could easily be $70 or 80 a year.
If you are talking about top flight privates + boarding + private college, it's possible a million might not do it.
OP here. Thanks. We have $400k under management right now designated for education expenses and 17 years till college. The day schools we are most interested in are in the $10-13k range for kindergarten and tuition increases by year to about $16-20k by 8th grade. We are not in a major metro area so $30k elementary tuition isn't something we have to worry about. I am trying to figure out whether we can achieve all we have set out to with the money that has been set aside so far, whether we have designated more than necessary for this purpose, or whether we need to consider adding to it.