Anonymous wrote:I am also interested in this. Is there a formula to it? I would love to see it. We might go private at some point if Arlington can't figure stuff out.

Our HHI is 220K, we work full time, modest home with 2nd mortgage, 2 kids that we need school, no debt outside home.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Sounds like you are overspending.

No, we're currently saving.
But let's say a tuition bill of $126k a year.

$350K
-$36K (401K)
-105K (taxes we pay between federal and state)
-$48K ($3150 total house payment plus I'm rounding up all house-related expenses to $4K a month--expected repairs/utilities--etc).
-126K tuition.
-$5K health insurance premium.

$2500 a month. Could you raise 3 kids in DC on that? (ALL expenses either than housing. Yes, of course it could be done... It's done by MANY people in DC all the time). But that $2500 would cover ALL food, cleaning supplies, clothing, any school or after school/sports activities for 3 high school kids, college savings, travel, medical copays and costs, gas, life insurance, cell phones, TV, car insurance, etc.
You have to admit it would be tight.

In addition to your equity, you must be building quite a nice savings account. Schools will want you to use some of that savings.

Yes, $2500 a month for all those things you describe is tight, but a number of those things are going to be viewed as discretionary from a financial aid perspective (college savings, travel, phones, tv, after school activities).

Given the financial situation you've described, I can't see schools giving you much, if any, aid.

Anonymous wrote:OP here.
$350K is 2 full time incomes. One fed, one not.
No debt outside of mortgage.
$700K equity (we scrimped and saved for a very large ~$400k downpayment out of grad school--I'm talking we saved $100K a year while making $160K.... for 4 years we lived in an efficiency, never ate out and never traveled while making $170K while saving every spare dime. The rest of our equity is appreciation.
One car--a 2011 Honda van.
$350k income is only past 2 years.

I'm guessing the equity will kill us. Which sucks because we have it because we saved it with blood, sweat and tears. And who in their right mind would pull equity out of their house to pay for tuition? (baring some situation with a special needs kid or similar who REALLY needs private school in which case I would probably re-mortgage my house or do whatever it took) But I totally get that's it's not fair to ask others to pay for our kids if we have the equity...
We're definitely in the "donut hole". $126K post-tax income is an insane expense for school on $350K. Our local public high school is going down the tubes (we use the elementary and middle schools). This is not some "we only want our children to have the very best and we deserve private school" situation--rather, I'm just trying to get my kids a decent high school education. I also realize that there are cheaper options (like Catholic schools).
Again, just wondering what the facts are for the big DC privates.
Thx.

Anonymous wrote:OP here.
$350K is 2 full time incomes. One fed, one not.
No debt outside of mortgage.
$700K equity (we scrimped and saved for a very large ~$400k downpayment out of grad school--I'm talking we saved $100K a year while making $160K.... for 4 years we lived in an efficiency, never ate out and never traveled while making $170K while saving every spare dime. The rest of our equity is appreciation.
One car--a 2011 Honda van.
$350k income is only past 2 years.

I'm guessing the equity will kill us. Which sucks because we have it because we saved it with blood, sweat and tears. And who in their right mind would pull equity out of their house to pay for tuition? (baring some situation with a special needs kid or similar who REALLY needs private school in which case I would probably re-mortgage my house or do whatever it took) But I totally get that's it's not fair to ask others to pay for our kids if we have the equity...
We're definitely in the "donut hole". $126K post-tax income is an insane expense for school on $350K. Our local public high school is going down the tubes (we use the elementary and middle schools). This is not some "we only want our children to have the very best and we deserve private school" situation--rather, I'm just trying to get my kids a decent high school education. I also realize that there are cheaper options (like Catholic schools).
Again, just wondering what the facts are for the big DC privates.
Thx.

$700K in equity??? Yeah, you are definitely NOT getting any FA with that kind of equity...and I am usually one to encourage anyone who things they might qualify to do so. If private school is important to you, why is using your equity to pay for it off the table? I guess, I'm trying to understand what is it that you envision doing with your equity one day? I mean with $700K seems like you can afford private and college.

Anonymous wrote:

Anonymous wrote:Sounds like you are overspending.

No, we're currently saving.
But let's say a tuition bill of $126k a year.

$350K
-$36K (401K)
-105K (taxes we pay between federal and state)
-$48K ($3150 total house payment plus I'm rounding up all house-related expenses to $4K a month--expected repairs/utilities--etc).
-126K tuition.
-$5K health insurance premium.

$2500 a month. Could you raise 3 kids in DC on that? (ALL expenses either than housing. Yes, of course it could be done... It's done by MANY people in DC all the time). But that $2500 would cover ALL food, cleaning supplies, clothing, any school or after school/sports activities for 3 high school kids, college savings, travel, medical copays and costs, gas, life insurance, cell phones, TV, car insurance, etc.
You have to admit it would be tight.

Anonymous wrote:Our HHI is between 300-350k each year, 2 kids, our school costs 28k per kid. We receive 10% in aid.

Anonymous wrote:Ah yes, 350K and need of financial aid. DCUM problems.

Anonymous wrote:OP here.
$350K is 2 full time incomes. One fed, one not.
No debt outside of mortgage.
$700K equity (we scrimped and saved for a very large ~$400k downpayment out of grad school--I'm talking we saved $100K a year while making $160K.... for 4 years we lived in an efficiency, never ate out and never traveled while making $170K while saving every spare dime. The rest of our equity is appreciation.
One car--a 2011 Honda van.
$350k income is only past 2 years.

I'm guessing the equity will kill us. Which sucks because we have it because we saved it with blood, sweat and tears. And who in their right mind would pull equity out of their house to pay for tuition? (baring some situation with a special needs kid or similar who REALLY needs private school in which case I would probably re-mortgage my house or do whatever it took) But I totally get that's it's not fair to ask others to pay for our kids if we have the equity...
We're definitely in the "donut hole". $126K post-tax income is an insane expense for school on $350K. Our local public high school is going down the tubes (we use the elementary and middle schools). This is not some "we only want our children to have the very best and we deserve private school" situation--rather, I'm just trying to get my kids a decent high school education. I also realize that there are cheaper options (like Catholic schools).
Again, just wondering what the facts are for the big DC privates.
Thx.

Anonymous wrote:

Anonymous wrote:Sounds like you are overspending.

No, we're currently saving.
But let's say a tuition bill of $126k a year.

$350K
-$36K (401K)
-105K (taxes we pay between federal and state)
-$48K ($3150 total house payment plus I'm rounding up all house-related expenses to $4K a month--expected repairs/utilities--etc).
-126K tuition.
-$5K health insurance premium.

$2500 a month. Could you raise 3 kids in DC on that? (ALL expenses either than housing. Yes, of course it could be done... It's done by MANY people in DC all the time). But that $2500 would cover ALL food, cleaning supplies, clothing, any school or after school/sports activities for 3 high school kids, college savings, travel, medical copays and costs, gas, life insurance, cell phones, TV, car insurance, etc.
You have to admit it would be tight.

Anonymous wrote:Sounds like you are overspending.